BLOCKCHAIN BEYOND CRYPTOCURRENCY
Since the launch of Blockchain's discernible technology bitcoin in 2009, it has gone through various phases of development and setbacks, which are yet to be experienced by all other technologies of the world. And since 2009, it has inspired, and more than 2500 coins have been developed, that can be broadly classified into five categories:
Bitcoin- The pioneer itself
Altcoin- A digital currency that is created after Bitcoin to do better than it.
Shitcoin- Altcoins with little to no immediate value
Stablecoin- cryptocurrency whose value is pegged to an outside asset, such as gold, US Dollar, etc.
Blockchain Bank Coin- a peer-to-peer (P2P) and business-to-business (B2B) Crypto currency that enables instant, near zero cost payments to anyone in the world.
Cryptocurrencies are volatile with various factors that influence them, hence, a lucrative market for active traders. But what these coins are perceived differs significantly from what those were made for. Rather than just a trading asset, each of the coins works to improve Bitcoin's working, therefore, called a project.
Some popular altcoins are listed below:
Ethereum (ETH)- It is an improvised version of Bitcoin.
Litecoin (LTC)- It achieves fast transaction time through a speedier block generation rate.
Cardano (ADA)- It is also known as “Ethereum Killer.” It is in its early stages and still has beaten Ethereum’s “proof-of-stake” consensus model.
Polkadot (DOT)- It is known to share its security which is absent in Ethereum.
Tether (USDT)- it is the most popular Stablecoin pegged with US dollars. It aims to smooth out price fluctuations to attract more users who are too cautious.
Blockchain Bank Coin- processes a block every 60 seconds, rather than Bitcoin’s 10 minutes. This allows Blockchain Bank Coin (BBC) to confirm transactions much faster compared to Bitcoin. Blockchain Bank Coin (BBC) is an open source, global payment network that is fully decentralized without any central authorities.
Cryptocurrency didn't make Blockchain, but it's the other way around. Social media influence has shifted the focus from what is Blockchain. Apart from projects (coins) shared above, there are numerous promising uses of Blockchain. We at Blockchain Trust are on a mission to bridge the gap between your future crypto investment by empowering you with facilities like owning your Blockchain Trust Company and taking advantage of the features of the Blockchain Bank Coin the Blockchain Bank Wallet and all the extra services we offer.
USES OF BLOCKCHAIN TECHNOLOGY
1. SUPPLY CHAIN MANAGEMENT
While implementing blockchain technology, all the orders and transactions are very secure and transparent. Traceability and transparency across the complete supply chain can improve the efficiency and effectiveness of an organization. It can also help in increasing customer satisfaction. It also reduces the risk of data tampering and inaccuracy.
For example, Walmart is working on a blockchain distributed ledger to better track suppliers, shippers, and other parties involved in food delivery products from China.
2. CYBER SECURITY
Centralized systems are prone to cyber-attacks (hacks), but this isn't possible in Blockchain because of its decentralized approach. Securing every transaction as each node has a copy of the ledger, and it cannot be changed once the data is in the ledger.
Example: Mastercard’s new feature to send and receive money via blockchain technology.
3. ELECTORAL VOTING
Looking at the current Voting process, we can conclude it is very vulnerable and filled with accusations of illegitimacy. Electronic voting machines (EVM) are prone to hacking and manipulation. Blockchain's transparent and Decentralized development can eliminate this vulnerability. Hence, restoring faith in the counting of the vote.
Example: Follow My Vote is a platform that aims to solve the voting crisis by applying blockchain technology and cryptography to ensure transparency and voters' privacy. It will showcase the power of Blockchain and the changes it can bring for good.
4. CHARITABLE PURPOSE
Coming together for a Nobel cause shows the humane left in humans. The recent humanitarian crisis in Syria and India's fight with the COVID-19 pandemic are a few of many examples where the collective contributions from all across the globe came to aid.
Blockchain helps the secure, trackable, and immediate funds transfer from the help source to the crisis location.
5. RECORD KEEPING
Creating a global and secure database that cannot be altered is invaluable. Database of every transaction and purchase.
Applications of record keeping:
Weapons tracking- The trading of illegal firearms in the black market needs immediate action to be curbed. Blockchain has the potential to record data points from the date of manufacture to the point of sale.
Insurance- Removing the noise to promote the actual stressed claims. Blockchain technology can eliminate forgeries and false claims.
Real estate- Red tapism, Time consumption, and Unnecessary Money Exchanges there are a few of the many problems faced while dealing in real estate. Blockchain can speed the conveyance process and hence promote transactions in the capital-intensive industry.
Healthcare- Medical records are very sensitive, and personal data are prone to cyber-attacks. Since most of those records are in digital format, safekeeping them is essential. Blockchain’s unalterable, decentralized, and transparent nature shields us from the risk of hacks.
Example: Medrec aims to manage complex multi-institutional and lifetime medical records.
Better data management in any industry can reduce costs, streamline business processes, increase speed, transaction management, safekeeping of personal information, logistic and supply chain management, and much more.
It is safe to quote the words of Ashton Kutcher, “The bigger thing with bitcoin is not bitcoin itself, but what does that decentralized technology really do?” and we at Blockchain Trust provide every possible solution to your modern-day corporate problems.
Our management team has the experience of over three decades working in the realm of corporate establishments, and finance. The Blockchain International Corporate Registry Authority is the most advanced and the world's No. 1 decentralized Corporate Registry running on the Ethereum and Polygon Network. Ethereum and Polygon are decentralized, open-source Blockchains with smart contract functionality, which enables us to securely register your new Trust corporation and other digital assets directly on the Blockchain.
We aim to give complete autonomy and empower entrepreneurs like you to operate their tax-exempt Blockchain Trust companies and make or receive payments with their Blockchain Bank Coins across the world, without interference from any central authority.
Contact us for a confidential consultation! Our experts will respond to you within 24 hours.