BLOCKCHAIN BEYOND CRYPTOCURRENCY
Since the launch of Blockchain's discerns technology bitcoin in 2009, it has gone through various phases of developments and setbacks, which are yet to experience 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 three 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.
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 Dollar. It aims to smooth out price fluctuations to attract more users who are too cautious.
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 BancorpTrust are on a mission to bridge the gap between your future crypto investment by empowering you with facilities like owning your crypto exchange, converting crypto into your fiat, and much more. Contact us to tap into our wide array of services.
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 customers' satisfaction. It also reduces the risk of data tampering and inaccuracy.
For example, Walmart's working on a blockchain distributed ledger to better track suppliers, shippers, and other parties involved in the food delivery products from China.
2. CYBER SECURITY
Centralized systems are prone to cyber-attack (hack), 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 the accusation 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 Covid19 pandemic are a few of many examples where the collective contribution 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- 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, 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 that 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 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 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 BancorpTrust provide every possible solution to your modern-day financial problem.
With the experience of over three decades working in the realm of finance, BancorpTrust is a licensed investment bank specialized in establishing Investment banks, offshore banks, cryptocurrency exchange, etc., at a competitive price. Our new project Blockchain DigitalCity is an extension to BancorpTrust that aims to give complete autonomy and empowers entrepreneurs like you to operate and live from their exclusive and tax exempt executive villa in the Dominican Republic.
Contact us for a confidential consultation! Our experts will contact you within 24 hours.