26 July 2021
Blockchain is one of the most important innovations to come out recently. With entrepreneurs accepting that it will change the way business is done in the next couple of decades, just as the internet has done for the last 4 decades. Gartner, a research agency, predicts before the year 2025, the business value added by blockchain will hit over $176 billion and by 2030 this would grow to about $3.1 trillion.
The way one can use blockchain technology is endless. While the main implementation ranges from financial, cryptocurrency, international payments, remittances, and complex financial products, it can also be used to solve problems and create new jobs in defense, healthcare, supply chain, politics, luxury, and other businesses.
To learn how to implement blockchain in your business, you first need to know and understand the concept of blockchain. So, what is a blockchain? Simply put, a blockchain is a golden record of the truth that generates trust between numerous platforms. To be more precise, it's a secured tamper-proof ledger with time-stamped transactions issued to several bodies.
This means that this amazing piece of technology can take the place of an intermediary in circumstances where a trusted third party is needed. For instance, you may need a bank as an intermediary to send money across the world to someone but using this technology that Bitcoin runs on, it can now act as an intermediary sending money for us. Also, it is faster and would cost less in transaction fees compared to the traditional banking system.
Blockchain technology can be implemented in various businesses, platforms like Nexthash help companies integrate blockchain technology in ways that would improve operations. Let’s find out ways it can be used.
You may be wondering how blockchain solutions are integrated and how businesses use this technology to their advantage. Below are the various applications one can use these techniques for:
One of the key and primary ways on how to implement blockchain technology is the integration of Cryptocurrency payments. When Satoshi Nakamoto created the first cryptocurrency, Bitcoin, this gave birth to the first complex platform on which cryptocurrencies are built.
Any application or company that sells products, subscription fees, membership fees or accepts donations can greatly benefit from having digital currency integration added into it. Since cryptocurrencies offer anonymity, companies that offer discreet services can allow customers to pay in cryptocurrencies, so it doesn’t reflect in their monthly credit card statements.
Organizations like the Ethereum Project have been advocates for the use of smart contracts offering companies access to a variety of tools to boost their projects. Smart contracts make it possible for legally binding agreements to be made between some parties. These contracts remove the need for third-party entities such as lawyers to help execute transactions while providing users with a greater level of anonymity.
Criteria can be built in the project’s contract that when fulfilled, the contract will spontaneously initiate a set of actions without manually triggering it. These actions can range from validating marriage documents to approving payment.
Another use and function most establishments are diving into in regard to blockchain integration in their projects are securing IoT networks. Internet of Things allows smart devices to be connected to help users complete tasks from its interconnectivity.
You might not know, but most of us use this technology already and it allows our smartphones, watches, and to control other devices such as smart TVs, lights, etc. IoT can be used to secure and equip complex smart homes, automate payments on the supply chain, and one day it can be used to fully automate life inside spaceships on our way to Mars.
Blockchain can be used in identity management. Learning how to implement blockchain in your Identity management does not only ensure the security of your app but it gives your users a sense of security that their identities are in safe hands. When ID protection is based on blockchain, it is very hard to experience a data leak that can jeopardize the security of your organization.
Since blockchain is an ideal technology, you might see it as a complex project, when you want to implement it in your establishment. It is very important that you execute your planning very well for it. Several considerations have to be made;
On learning how to implement blockchain solutions to your project, you might have come across different platforms that offer a variety of services. Nexthash is one of the best on the market, so if interested, you should really contact their support team and ask anything you’d like to know.
Nexthash provides customers, who are trying to improve their security and efficiency of their platforms, with custom-made turnkey solutions on the blockchain platform. This also includes security with a blockchain-protected database, Ethereum vesting smart contracts, a decentralized identity system, and a private blockchain to host your company’s database. The future is here, so don’t miss it! Contact Nexthash today!