Connect with us

#Blockchain

Blockchain for business. When to use blockchain explained

Published

on

Blockchain has opened up opportunities for businesses in many ways. There is no specific time if one asks when to use blockchain for businesses?

Comprehending the situations as when to use Blockchain.

Introduction

The Blockchain technology is highly revolutionary in nature as it is already self-evident from the current statistics.  It is estimated that the blockchain technology is being tried and tested on the various other techniques as well as nontechnical domain, in order to eliminate all the all kinds of intermediaries or third parties which are required to run the system. For instance, the blockchain technology is effectively being tested in order to conduct elections in a fair manner. In fact, some of the countries have even successfully conducted elections using the blockchain technology. Let us see when to use Blockchain Technology?

 

When to use Blockchain?

Blockchain has opened up opportunities for businesses in many ways. It has enabled the entrepreneurs to come forward with their innovative ideas and with the blockchain based Initial Coin Offerings they would be enabled to raise huge amounts of funds in an unbiased manner throughout the world. There is no specific time that needs to be followed if one asks when to use blockchain for businesses? The cryptocurrency and blockchain Technology is open for each and every individual at any point of time for their service.

 

When to use Blockchain? When the business company needs a third party

The users or business corporations can effectively use the Blockchain technology,  in order to incentivize their business operations and optimize the efficiency of the output. The business companies may use the blockchain technology in the areas of the domain within their operations which require any third party intermediaries in order to undertake a process. as the Blockchain Technology was inherently designed to remove all the third party intermediaries within the system.

When to use Blockchain? When the organization lacks trust

When to use blockchain for businesses? The business operations of a company can use the blockchain technology within their working paradigm when they realize that there is a lack of Trust within their ecosystem which needs to be worked on or concentrated upon. The blockchain for business businesses was also designed in order to reduce the trust gap between citizens of this generation.

 

When to use Blockchain? When Database is involved

The business organizations can also incorporate the Blockchain Technology instead of the traditional Relational Database Management System. One must keep in mind that Blockchain technology is nothing but a combination of the distributed ledger as well as amazing Consensus mechanisms. The Distributed Ledger can store the information that the business corporation needs to store in a highly secure manner and the Consensus algorithms could be incorporated by the business corporations in order to keep track of the authenticity of the information on the blockchain, even though the ledger would be distributed among all the individuals of the company.

 

When to use Blockchain? It depends on the situation

Blockchain for businesses is the dead opposite when compared to the traditional cryptocurrencies. In case of Bitcoin, for example, anonymity is the highest priority where all the transactions are connecting to strings of alphanumeric characters but when it comes to the businesses the accounts are most often verified by the KYC and AML procedures, which is nothing but the complete revelation of the identity. Hence if the business needs to incorporate the Blockchain Technology for the financial transactions, then the speed, reliability, as well as the lesser transaction fees are the attributes which would be dominating. But if the business corporation needs to incorporate the Blockchain technology for the storage of information or database in a highly secured manner then its consensus algorithms and Distributed Ledger nature would be highly useful.

 

When to use Blockchain? When security is crucial

The Blockchain for businesses is any secure as well as a profitable option as the company would also be saving huge amounts of funds, which they would otherwise be spending, in order to incorporate security into their relational database management systems. When to use blockchain Technology? when security is the at most priority for the data, as the Blockchain Technology proves to highly fault tolerant when it comes to data management.  

 

Closing thoughts

It is also said that the Blockchain technology would be prevailing in the industry forever even if the cryptocurrencies fall. The Blockchain technology is being tested and also dedicated Research and Development Arena has been developed by the governments of various Countries, in order to explore the Blockchain potentials in the other unexplored real-world domains. This is precisely being done in order to effectively solve the practical issues of the society.

#Blockchain

Group of US Advocacy Calls for National Action Plan on Blockchain

Published

on

A blockchain advocacy group of The Chamber of Digital Commerce has asked the U.S. government to apply a national strategy for blockchain technology.

A blockchain advocacy group of The Chamber of Digital Commerce has asked the U.S. government to apply a national strategy for blockchain technology.

 

On Wednesday, the recommendations for the plan was released by the organization. The organization has also requested the government to promote and support the blockchain industry through clear and supportive public statements.

 

According to the Chamber, until now most of the public statements from the U.S. government on cryptocurrencies were in the form of warnings and enforcement actions. Instead, there is a need for “clearly effective and expressive statement of support for the private sector” on blockchain for the benefit of the government, business and consumers.

 

The group further added that the U.S. government agencies should also coordinate with each other to develop blockchain policies, guidance, rules, and regulations. There should be a “light-touch regulatory approach” and the industry must have clarity on what laws apply to blockchain-based applications and digital tokens.

 

Chamber of Digital Commerce founder and president Perianne Boring said that the other developed nations are promoting the adoption of blockchain and digital assets. It is imperative that the U.S. should also recognize the power and potential of blockchain technology.

 

The U.S. government should also create an office to coordinate on blockchain strategy,  the chamber recommended.

 

The chamber further argued that blockchain technology has the potential to streamline processes across industries, including cybersecurity, financial services, healthcare, supply chain, and more. The lawmakers should reach out and cooperate with entrepreneurs in order to develop the national blockchain strategy.

 

Some U.S. lawmakers have already been making legislative efforts in the crypto and blockchain space. Back in October, a bipartisan bill was introduced, proposing the creation of a “consensus-based definition of blockchain.”

 

In December, two more bipartisan bills were introduced aimed to prevent crypto price manipulation and to boost acceptance of blockchain technology.

 

And, just last week, lawmakers in the U.S. state passed three bills related to blockchain and cryptos.

 

One bill is designed to recognize digital assets like property and clears the way for banks to act as crypto custodians, the others aim to enable securities to be issued in the form of a token and create “special purpose depository institutions” to enable blockchain businesses to access traditional banking services. All three are now awaiting signature by the state governor to officially become law.

Continue Reading

#Blockchain

Guide: How to start a blockchain company?

Published

on

The blockchain is one of the powerful buzzwords in the recent scenario and there are several tangible reasons to use this technology.

Whenever mankind has found something new, creative minds have had the urge to explore more. With one relatable chain, all you get is a unified and unique product. And, what we do with that product? Let’s find out!

Blockchain Technology

Creativity is the mother of all innovation is a line we have heard since we were kids. However, in today’s date simply innovation does not help. You need something full proof and that’s what went in the mind of the developers of the blockchain technology.

The multi-faceted technology has not only created ripples but also came as a blessing for numerous organizations. It has stimulated sums of businesspeople throughout the world to commence their individual firms.

 

Considerations before commencing a Blockchain Business

Vast aggregates of companies have recently started to develop blockchain-powered businesses. However, there are floating delusions around what the method actually looks like.  As a businessman, you must know what is unique and what kinds of mindsets are expected.

It is further essential to have a clear idea because mistaken expectations have the power to doom your business before it surfaces.  Considering developing an innovative trade with blockchain? Pick on these few points.

The conditions of the cryptomarket will profoundly affect your fundraising endeavors:

It means that the market value of the cryptocurrency is a determining factor behind fundraising agendas for projects. Hot markets attract investors and vice-versa.  

Business with blockchain is fast than any other technology:

Some of the companies assume that starting a business with blockchain is something unconventional. However, the only exception to blockchain and other technologies is the speed. The principle values remain the same as to concentrate the efforts on developing a marketable product, accumulating a skilled crew, and creating engaging contents.

Founding team must have high technical prowess:

Your proposed entrepreneurial process demands pressing attention to the synchronicity of the originating unit. If one side is yielding to face the customers, the other side has to hold skilled technical knowledge. Your business must be able to collaborate with cross-functional specialties.

 

Why your company should practice Blockchain?

The quick and naive objective is to get extra funding. The blockchain is one of the powerful buzzwords in the recent scenario and there are several tangible reasons to use this technology.

The blockchain is kind of a public ledger that helps to store and maintain all kinds of businesses selling and buying. These transactions are secure inside “blocks” that are linked with each other individually and time-stamped  Tampering with any data in a block would affect the entire chain, making it impossible to meddle with and more secure.

Facebook’s current travails are evidence that any business, no matter how big it is, is susceptive to decaying public support if it is unable to maintain user data and protect it. Stabilized businesses similar to Facebook will apparently endure and be fine. Whereas, new companies or Startups staring to get supported might face consequences. Therefore, the use of blockchain is beneficial to a great extent.

 

A glance at the Importance of Brand name

An innovative idea, structure, and marketing all are necessary to build a company, But can a company run without a name? The major role of a company’s success is often attached to its brand name.

A good brand name will not only attract customers but also make way for influential online visibility among the sea of other competitors. The name must not be a tongue twister and customers can easily decipher.

It should be crisp and easy to remember. Brands names that are long is not much solicited by the consumers, they start looking for shorter alternatives. Convenience is the key, be it services or name. Moreover, a brand name must be unique, imagine using blockchain technology but the name deals with Instagram, that will not work right?

The audience must be curious about the name, only hearing once should make them feel to know more about it.  So, that’s the power of a name, In fact, services and background come later.

To decide a name is not an easy task, therefore, it will be better if you take expert advice and look for some references or inspiration. Cryptocurrency and blockchain brand names must be unique and different as it deals with one of the most important aspects of the business. Well, there is a place which will fulfill all your brand name requirements and the platform is obviously Brand Thugs.

Here, you will find all the relevant suggestions for brand names related to business, the blockchain, and cryptocurrency. Here is a list of some awesome blockchain related domain names available on brandthugs.com:

1. BlockXchain.comThe perfect domain name for a cryptocurrency or blockchain business based on the word ‘blockchain’.

blockxhain.com_domain-min_(1)

2. okHODL.com: An on-trend name containing the cryptocurrency slang term ‘HODL’, which means to hold.

okhodl.com_domain-min

3. BitcoinVisits.com: A welcoming name that invites ‘bitcoin’ enthusiasts to ‘visit’ often.

bitcoinvisits.com_domain

4. CoinFarming.com: Grow your crypto wealth with this perfect brand name.

coinfarming.com_domain-min

5. BitcoinAdvertising.comThe best combination of the words “bitcoin” and “advertising”.

bitcoinadvertising-2

 

Blockchain-friendly nations

Several diverse companies started coming up within the ecosystem embracing cryptocurrency, customarily assigned to a money-raising ICO, which made many investors think twice on how to manage this crowd-funded, decentralized form of funds raising. Some of the nations that favor the use of blockchain are the USA, Switzerland,  Bermuda, and Malta. these nations are actively modifying and building legislation to embrace blockchain plans, programs, and projects.

Continue Reading

#Blockchain

Apple going to launch its own blockchain soon?

Published

on

Let's discuss the recent activities made by Apple which enable us to think that this company is working on blockchain technology behind the scenes.

Bitcoin technology has created some wonders in the finance market. The craze of participation in bitcoin and blockchain technology by companies is increasing day by day. The success of these new technologies has enabled some huge companies to work and participate. Recently, JP Morgan, one of the largest financial firms in the United States also announced the launch of its stablecoinNow everyone is doubting when the tech giant Apple would launch anything related to the blockchain. Is Apple working on Blockchain technology behind the scenes? In this article, we would discuss some of the recent activities made by Apple which enable us to think that this company is working on blockchain technology behind the scenes.

 

1. Recently, Apple has submitted a filing with the SEC i.e.  Securities and Exchange Commission and it is assumed that this document contains the details about the interest that this huge organization is working on blockchain technology. We all are aware of the role that SEC plays in blockchain technology. Recently, SEC restricted the ICO for the security reasons and the birth of STOs projects was the result of this restriction. With the submission of the filing by Apple with the SEC, the rumors of Apple entering the crypto space has also become a topic to discuss. And with this news, it can’t be ignored that there is some plan in the idea of Apple company which is related to Blockchain technology and if this happens, it could be a catalyst for the crypto space in its bear market.

 

2. Also, there is news that the company chaired the internal committee and the board of RBA in 2018. The special thing about this meeting was the presence of the blockchain team. The inclusion of the blockchain team in this meeting has to lead many to assume and think that maybe the main aim of this meeting was somehow related to blockchain technology. Many trade analyst predicts that some important topics and projects related to the blockchain technology could have been discussed. And with news, the predictions and rumors that Apple is working on blockchain technology behind the scenes can’t be ignored.

 

3. Apple has also filed a patent with the United States Patent and Trademark Office. In this patent of application, Apple mentions creating an application which could certify the timestamps using the famous blockchain technology. As per Apple, this application can be used to create as well as storing the timestamps using the blockchain to protect sensitive elements such as SIM used in mobile phones or microSD that contains the credential and information of a person if any single node is hacked by some measure. This patent and application clearly clarify that this tech company is taking a huge interest in blockchain technology. If this patent gets cleared by the concerned committee, then it would be the first product of the Apple organization which supports blockchain technology in any means.

 

4. Competitions from other tech competitors: Slowly but for sure, many huge companies are taking interest in blocking technology. For example, Microsoft is entering in this domain by collaborating with Bakkt, Facebook just acquired a crypto company called Chain space and even the CEO of Twitter admitted to having some bitcoins and called this market as a market of future. Now, we all are aware of the competitions between these tech giants. While, one is entering in the blockchain technology, as per the perspective of competitions, the fact can’t be ignored that others would be in process of some other project in the domain. Since all other competitors of Apple are working on blockchain technology, it can be assumed that there would be some project in the mind of the blockchain team of Apple for sure.

 

With the above-mentioned points, it could be assumed that we can soon find one of the largest mobile and laptop brand, Apple launching a product based on blockchain technology or in partnership with any organization in the crypto space. If either of the predictions gets true, it would be a very positive move by Apple for the rising of crypto space as well. So, we can conclude that Yes, Apple is working on blockchain technology behind the scenes.

Continue Reading

Trending