Blockchain has emerged above being a mere buzzword. This is a revolutionary technology that is redefining the way businesses transact with each other. Instead of spending money on third party agreement and using it as a security aspect, Blockchain can eliminate the need of middleman by allowing two parties to transact directly.
Blockchain being a distributed ledger allows digital information to be distributed but not copied. This is the new programmable economy that allows in the movement of assets and value between organizations through a blockchain network.
Explanation of Blockchain in simple words:
Read :- Simplest Explanation of Blockchain: The Next Generation Internet
How Blockchain Contributes to Fast and Secured Financial Operations?
Cryptocurrency is a form of digital currency that is used to accept payments, pay vendors or subcontractors or pay wages to employees. Cryptocurrency transactions take place through Blockchain network so there is no discrepancy, leak of data or fraud transaction issues.
Before the inception of Blockchain, businesses relied on banking system to make payments or receive money. This involved keeping intermediary parties as a security and maintaining business contracts. It also requires paying the third party for their services.
Following are the advantages of using Blockchain technology for businesses:
Digital smart contracts are unique coded agreements that deliver guaranteed outcomes to meet all predetermined conditions. This coded document provides an opportunity for businesses to keep transparent relationship with other vendors.
There is no need of any legal intervention in case of blockchain transactions. This saves the costs incurred on bureaucracy, legal proceedings and exorbitant charges of lawyers. As long as the public key and private key values are matched, transactions happen seamlessly over the Blockchain network. All the contracts are securely stored on the Blockchain network, thus making it impossible to alter or delete any terms by either of the parties.
Blockchain for Businesses & Cryptocurrency App Development
Hidden Brains is a leading mobile app development company helping individuals, startups and enterprises to take a stride in the decentralized world through Blockchain based app development services. No matter whether you want to build you own cryptocurrency or integrate cryptocurrency payment gateway in your existing website or app, we can help you in all possible ways. Get in touch with your requirements by requesting for a free quote now.