Blockchain VS Supply Chain: How the Blockchain Could Impact Your Business

blockchain technology for businesses

You will probably have heard the words crypto and blockchain thrown around over the last year or so. It seems to be a craze. The latest wave of something that people are getting passionate about. Everyone chasing the dream and wanting a bite of the cryptocurrency apple.

The truth is that the crypto world is still relatively obscure to most beyond these terms. Sure, most people can tell you what Bitcoin is. But that really does sum up the average person’s knowledge. Blockchain technology for businesses is a crucial part of this largely unknown world and it is potentially going to have massive repercussions in the real world.

Here’s the lowdown on Blockchain.

  • Ledger .It serves as a ledger, recording data securely about transactions. The data is secured using cryptography. Each transaction forms a block, and each block is then added to the chain. It is the online equivalent of stringing pearls on a necklace.
  • Can’t manipulate. Like a pearl it is not possible to manipulate the contents of a block. So, with a pearl it is either a natural pearl or it isn’t, with a block you can’t alter its structure. This means the data held on each block is preserved indefinitely.
  • Orphans. As blocks increase the chain lengthens. Occasionally there will be data sets or transactions that divert off the main chain. This could be for any number of reasons but most commonly it is because they don’t fit the original criteria of the chain. These sub blocks can then form smaller chains. These are called orphans.

So hopefully, that has enlightened you about how the blockchain works. And what it would look like if it was a physical entity. It is very much like your transaction history on your bank account, all categorised into blocks and stored securely in a way that people can’t access or manipulate it.

That is the key. The power to be free from manipulation.

And, that is why businesses everywhere are likely to adopt the Blockchain or a variation of the technology to record the data they need within their supply chains. Blockchain technology for businesses will be very lucrative.

So why hasn’t it happened yet?

Well the answer is both convoluted and simple. The simplest answer though is that the Blockchain is not a very quick chain. It takes time to record the data and it takes time for each block to be added. When you take into account the sheer volume of transactions any business makes in say a day then blockchain technology for businesses becomes fraught with problems.

This is partly the reason why there have been so many questions asked of Bitcoin’s credibility. It relies on the Blockchain and the Blockchain is notoriously slow. Meaning people would rather invest in other crypto-currencies that they can exchange faster.

Blockchain technology for businesses is being refined, it is being streamlined. Currently there have been other crypto-currencies using faster variations of the Blockchain or alternate versions. It could, in theory, if fast enough, be integrated to secure the data of all financial transactions made, everywhere, all over the world. Once financial institutions put this into practice the larger businesses tend to follow and this filters down until you have small to medium enterprises all using Blockchain technology for businesses.

Will we see it happening?

As it stands, it is at the toss of a coin. Currently the technology is robust enough to function but not fast enough to function. Businesses everywhere are therefore reluctant to place this otherworldly technology at the heart of their structure.

It is more likely that the Blockchain technology will pave the way for a new type of ledger altogether. One that takes what Blockchain has done and builds on it so that businesses have a technology they can integrate with no hassle. That is where the safe money would lie.

Blockchain has done a lot of the groundwork needed to revolutionise business transactions and supply chains, it is now that the world awaits an innovative successor to take the mantle and form a new and exciting core to businesses the world over.

It will happen one day, with some form of new secure ledger, that is almost a certainty. Is it going to be blockchain for businesses? Only time will tell.

 

Digital Currencies- Why Investing in Bitcoin is UNSAFE?

digital-currencies-bitcoin

The Bitcoin market is really a hyped-up one that is instinctively leading us to too many risks; price unpredictability is just one of them. We understand that your yearning to get an investment with high returns may take you to this market, but trust us, investing here would only put you in some uncertain risks. So, in case, you were deeply tempted to invest in Bitcoin, reading these reasons would surely compel you to amend your decision.

 People, these days, are desperate to invest in anything that can bring them instant riches. But, is that really a reason to step into the world of digital currencies? Well, don’t be fooled by what they show you, know some of the major risks of Bitcoin, which can actually put you in trouble, once you have stepped into the world of digital currencies.

  • Intense Unpredictability

Don’t be fooled by them, there is way too much risk than you think. Investing in Bitcoin is risking yourself to the extreme, as the prices are extremely volatile here. Many top experts even are skeptical about it being an investment, in real. The fundamental analysts don’t find enough of an ecosystem surrounding Bitcoin to acclaim it as an investment.

Aren’t people just making such an imperative investment decision with inadequate information? Of course, they are, which in turn, will just be taking them down in the end. One might consider it one of the best short-term investment plans, but certainly, it is not.

  • Hackers Seizes it Easily

Cryptocurrencies are easier to lose – This question matters a lot, whether do you keep the bought cryptocurrencies in the smartphone’s wallet or in the exchange? Well, the former route is the better option, comparatively. If we believe the researchers, there have been cases, where billions of dollars worth of Bitcoin were lost on exchanges. Of course, the hackers snatched it away. Isn’t that a big reason to secure your Bitcoin inside your Smartphones? Imagine how much can one loose to hackers, just with a few clicks. Ask the experts, where to invest money, and they will never suggest you investing in Bitcoin.

  • Security Concerns

The Securities and Exchange Commission and Consumer Finance Protection Bureau have become more active in the cryptocurrency oversight. Moreover, they have been warning for a very long time about the frauds that are occurring in the exchange. So, don’t you think we all should have understood by now, the jeopardy of being a part of this market? We mean, how can anyone still exist at a place, where unsuspecting investors and fraudulent activities are everyday’s matter?

  • An Unfettered Space

Don’t enter this unfettered space- Bitcoin market is not regulated by any bank or government entity. There exists no big authority, which can be reached for grievance redressal. You must know how the bank compensates when you buy something with a credit card and get ripped off, right?

Don’t expect the Bitcoin Exchange to compensate anything when you are completely ripped off. Consider it impossible to get the money back when you are in this market. Those who are already stuck in this market understand the pain of investing through unregulated schemes. So, experts are choosing not to recommend this as an investment with high returns.

  • Fees are Charged

The idea took the turn soon- So, initially, the idea was to create a back alternative, which could provide people the option of paying low fees. But, later it changed. What didn’t change was to cost a certain amount of the people. Trading cryptocurrencies will still cost you, the percent of the total transaction amount, which actually depends on the exchange. The fee charged depends on the total exchange done on the Bitcoin, worldwide. But, the more people trade in Bitcoin will lead to a higher fee, which simply means more fee will be charged. So, it is anyway an unprofitable deal for anyone.

The Verdict

Bitcoin might seem like an investment with high returns, but, after digging deep inside one knows how jam-packed this market is. How can anyone ignore all of those dicey paths, which are simply inescapable? It is therefore suggested to keep digital currencies like Bitcoin out of your list when it comes to investing in a good place.

All we would advocate is to probe into the pros and cons of this market before actually investing here. Don’t get fooled by the ‘made-up’ benefits that they flaunt to capture more investors, every now and then.