5 applications for blockchain in your business

Since Satoshi Nakamoto published what he called bitcoin in 2009, cryptocurrency has had its ups and downs. More recently, however, people have been looking beyond bitcoin as a competitive currency used for the poor performance of black markets and the endless opportunities it offers. At the forefront is a public document that records all bitcoin transactions known as blockchain.

The blockchain is now an exciting new form of traditional currency, central banking methods, and trading methods that not only change the way we handle financial transactions, but also other ways that will change the world. In short, a blockchain is a distributed book that keeps a growing list of all the activities across the network distributed over tens of thousands of computers. This makes it difficult to hack, changing the way banking is done.

In my opinion, it will also change the way you run your day-to-day business including the following five applications.

1. Wise Agreements
The term ‘smart contract’ was first introduced in 1993, but has recently become a buzzworthy name due to the release of the Ethereum Project in 2013. Project "is a low-level platform that drives smart contracts: applications that work in a structured way without having time to rest, block, fraud or third party interference."

Chris DeRose goes on to describe American Banker as "smart contractors" "self-made computer programs that can fulfill the terms of any agreement." In short, "financial security stored escrow through a network delivered to recipients according to future events, as well as computer code." Businesses will be able to use 'smart contracts' beyond the rules and "reduce the cost of a small chapter of our normal financial operations." Best of all? These contracts will not be lost.

2. Cloud Storage
Cloud storage will be another application that businesses can use. Storj, which is the subject of a beta-tested article, is one such company that offers secure cloud storage while reducing dependency.

3. Chain-Chain transactions and Provenance proof
Phil Gomes tells Edelman Digital "Most of the things we buy are not made by one business, but by a chain of suppliers who sell their products (e.g., graphite pencils) to a company that assembles and sells the final product. The problem with this system is that if one of these components fails the difficulty of going back. ' "Using blockchain technology" will provide long-term, comprehensive, auditing records of participants' product status at each additional step. ”

4. Remuneration of Staff
Since blockchain has its roots in cryptocurrency, it only makes sense that it could be used as a compensation system for employees. Geoff Weiss adds in an Entrepreneur that "If your company regularly pays international workers' salaries, then adding Bitcoin to the payment system can save you a lot of money."

5. Electronic voting
BitShares, a global distributed database, states that "Delegated Proof of Stake (DPOS) is the fastest, most efficient, medium-sized, and flexible model available." BitShares goes on to say:

“DPOS uses the power of stakeholder voting to resolve issues of fair and democratic consensus. All network parameters, from currency schedules to block transactions and transaction sizes, can be set via selected messengers. The decision-makers of blockchain manufacturers allow transactions to be guaranteed in just one second. Perhaps most importantly, the consensus process is designed to protect all participants from unwanted regulatory disruptions. ”