Blockchain technologies have grabbed the attention of IT companies, as well as consultants. What is it? You may ask. Blockchain is a type of decentralized technology that allows digital information to be distributed and not copied. It is practically a platform tool that records transactions in a list called blocks. It is created especially for cryptocurrency. The blockchain is a sort of digital ledger with a never-ending list of records. When you open a newspaper or log into your preferred site, it is impossible not to read about how these technologies influence various businesses. These people are seeking to make up for shortfalls in their portfolio. The chances are that the thought of investing in blockchain technologies has never even crossed your mind. Well, you should at least think about it.
How do blockchain technologies help businesses?
It is only normal to want to know how technologies of this kind could possibly help you run a family business. What you need to know is that the technology can be adapted to the data collection process. To be more precise, it can record information. Not only is the data secure, but also it is accurate. If the code is good, then it will not be cracked. If you are not yet convinced that investing in blockchain technologies is the smart thing to do, then check out these practical examples:
- Improved sales performance – you do not need an intermediary anymore. The chain of blocks is linked and secured via cryptography. Everything is based on trust and responsibility. When it comes to peer-to-peer transactions, payment processing is simplified.
- Cryptocurrency as asset protection tool – as surprising as it may seem, cryptocurrency is a good way to protect your assets. You can keep your possession away from curious eye because they exist solely in the decentralized ledger. Miners authorize all the transactions.
The top blockchain technologies to invest in
Banks and financial institutions invest in blockchain technologies, which is not astonishing considering that the market is on the rise. If you want to invest, there is no better time like the present. It is recommendable to hire Fintech Global Consultants and get professional advice. The question now is what blockchain technologies to invest in. If you are going to invest in Bitcoin’s cousin, you might as well take into account the following list:
- Ethereum – it is an open-source software platform for decentralized applications. The most notable feature of this blockchain technology is the fact that it can write Smart Contracts. The contracts have functions and can interact with each other.
- Ripple – it is categorized as a cryptocurrency, but it operates differently. The transactional protocol allows companies to send payments across different ledgers and networks at a global scale. Transfer fees are cheaper compared to those charged by Bitcoin.
- ZCash – the emphasis is on privacy and identity protection. This means that your identity cannot be traced by following the transaction history. Although other types of digital money are marketed as anonymous, in reality, they are not. However, ZCash is.