From the digital currency (Cryptocurrency) at a record high price as a result, Blockchain technology has gained even more attention. both in terms of investment and adoption for business benefits In this article, we will answer questions about what Blockchain is and how the technology will affect businesses in the future.
What is Blockchain?
Blockchain is a technology for storing data (Data Structure) that is linked in a network through computer encryption. The recorded data is passed on to everyone in the network. which is difficult to forgery Because everyone will be aware of the changes in data, making Blockchain a highly secure storage technology.
What does Blockchain have to do with digital currency? (Cryptocurrency)
Over the past 2021, cryptocurrencies are gaining more and more attention from people. Following record price increases for both Bitcoin and Ethereum, many factors supported either a weaker dollar or a bully from institutional investors.
The connection between digital currency and Blockchain is the basis of a system that encrypts computers. without including the information anywhere but will distribute information to various networks All information is linked to the whole system.
Blockchain plays a role in increasing the security of the storage of crypto-currency holders. both the amount and the number of times to transfer By distributing information to everyone in the network to know the history of transactions. As a result, digital currency is transparent. and safe from forgery
What can Blockchain do besides digital currency?
Blockchain is currently used in many industries as a Best investment. with features that can be stored and linked to systematic information This can be applied to develop products and services. Here are some examples of businesses that have started using Blockchain:
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Financial business
For the financial business with Blockchain, it can be added to the work process. both enhancing the security of data storage and simplifying the process of financial transactions by ReiseBank AG in Germany. Has brought Blockchain technology to help transfer money across the country. which reduced the duration from 1-3 days to only 20 seconds
Blockchain real estate business
to develop and create opportunities for real estate business Both in terms of making Smart Contracts that help verify the information and reduce intermediaries in contracts. to changing trading styles Convert assets to tokens and trade via ICO (Initial Coin Offering), a digital fundraising system. by offering token trading through the Blockchain system
A practical example of Elevated Returns, an asset management company from the United States. Has used Blockchain technology to tokenize Real Estate assets by turning real estate into tokens, starting with a Colorado resort project worth 18 million Ethereum or about 700 billion baht.
Medical business
In the medical field, Blockchain plays an important role in data management. through a network of the patient, history links Makes referring treatment (Refer) more convenient. or teaching rescue robots that can teach a single robot But Blockchain technology can be used to spread knowledge to other robots, thereby reducing the time required to enter commands for all robots.
Some examples of the use of Blockchain in real medical business include Patientory, a healthcare startup using Blockchain to store critical medical data for patients, or Farmatrust, a London-based startup that uses Blockchain to verify the origin of each drug. To prevent falsification of drug information and increase the safety for consumers
How to use Blockchain in business development
From the above information, it can be seen that many large businesses Started to use Blockchain in operations. Indeed, Blockchain is not a technology that is limited to large industries. but can be applied to general business as well Examples of Blockchain applications in business are as follows:
- Develop a form of contract
Blockchain can be applied to contracts between businesses through smart contracts or digital contracts. The said contract will be a form that can operate by itself. Without having to go through a middleman. In addition, Smart Contract also reduces the use of employee resources in document verification. The information will be checked through the network. This shortens the time and is safer.
- Reduce the time and cost of financial transactions
Currently, international financial transactions takes a long time to process. And having to pay fees to intermediaries such as banks or financial institutions, the transaction costs will increase if adopting Blockchain in financial transactions with a peer-to-peer system that does not need to go through an intermediary. Without having to pay such fees, Blockchain can also record and track the origin of the money. This reduces the process of checking the source of the money. This allows operators to save time and costs in transactions.
- Get more customer insights
In the future, there is a trend of using Blockchain more. In transactions, people will have their own Digital ID, and this Digital ID will allow businesses to know more deeply about customer behavior. This is because the behavior caused by Blockchain cannot be modified. Therefore, the behavior of the customers found is real behavior.
Knowing the real insights allows us to use the information to optimize both marketings to the development of products and services to better respond to customer needs. We developed a hybrid chain which is PoW for a few blocks and then it becomes PoS, thus making it more secure and also improving its efficiency.
AMATERASU are backed by promoters who have been in business for the past 30 years and have established a strong reputation in the market. Our team of developers is always working hard to create and implement new things. The average retention period for our employees is 8 years. We have relationships with investors.
Summary
Blockchain is one of the technologies that are likely to help and potentially change business operations. Like API and Big Data, Blockchain brings opportunities in terms of both time and cost reduction. to marketing Currently, there are many businesses that are starting to use Blockchain. The results have proven that Blockchain can actually increase performance. This is not only big business, but Startups can also use Blockchain to develop Products & Services as well.
