How Blockchain Reshaped Existing Businesses
You’ve probably heard the term “blockchain” tossed around in numerous discussions up until this point. Nevertheless, if you’re reading this, you’re most likely wondering what’s the big fuss around it. Why are people so enamored with it? Well, today we’re going to present to you why the blockchain matters so much when it comes to businesses.
Blockchain and Banking
When Bitcoin was first introduced to the world of economics and money transfers, the big banks all laughed at it, claiming it was a scam, pyramid scheme, and so forth. However, once it hit a peak in 2017, they felt the pressure and they realized that they’d better embrace it rather than compete against or try to abolish it.
Nowadays, you can see banks using blockchain for numerous tasks, such as settling US stock market trades, performing payments, and improving cross-border transactions. Looking at it now, it seems oddly weird that banks didn’t think about adopting the blockchain technology much sooner, given how much it helps them cut costs.
Gambling With Blockchain
One of the riskiest businesses in the modern world is gambling, especially when it comes to making online transactions because there are numerous risk factors to take into consideration. Since online gambling has grown immensely over the past decade, it’s no wonder that newer technologies were needed to make it more efficient, convenient, and, most importantly, more secure.
Apart from AI, HTML5, and HTTPS, one of the newer technologies that have been implemented in BetConstruct SpringBuilder and other notable gambling website markers is blockchain. It acts as a deterrent against fraud, scams, and transactional hacking to a marvelous degree. Not only that, but it speeds up the transactions between players and the casino with minimal (if any) fees, plus that it gives the provider the ability to allow users to pay in any currency through just about any existent payment method.
Messaging Through Blockchain
After the numerous Facebook scandals regarding the lack of privacy within their messaging platforms and other issues, people started looking for alternatives to express themselves and keep in touch with friends and family.
Thankfully, the market has delivered us apps such as Signal and Telegram that are encrypted using blockchain technology. They are thousands of times more secure than anything in Facebook’s portfolio, including the so-called “secure” Whatsapp.
Given that Telegram surpassed 400 million users back in 2020, it’s clear as day that such services have a higher seeking rate than they used to a decade ago. People are now more aware about the importance of their privacy, especially when it comes to online communications.
Speaking of transactions, another type of business that has been positively influenced by the low waiting times and low fees was eCommerce. Basically any online store needs to process online payments at a fast pace to they can earn a profit while delivering their clients’ orders in record time.
Not only that, but this business branch has also used blockchain to manage supplier relationships. Most famously, the Home Depot uses such a solution provided by none other than IBM. By keeping a shared, time-stamped record of the flow of its goods during shipping and receiving, the retailer has been able to reduce its vendor disputes and the time it takes to resolve them.
Keeping a close look at air traffic is getting more and more difficult through traditional means since there are more and more planes with numerous destinations all around the world. Luckily, the blockchain makes air travel and air traffic management a breeze. For example, Russia-based S7 Airlines deploys a private, Ethereum-based blockchain and smart contracts to issue and sell tickets. The platform has reportedly reduced airline/agent settlement times from 14 days to 23 seconds. In 2019, the airline announced it had reached $1M in monthly ticket sales processed on its blockchain.
What do you think of all these benefits that blockchain has given us? Please leave us a comment and share this article with other people who might be interested in the subject matter.