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Blockchain Lists The Benefits It Brings When Using Technology

Large companies began to use various technologies, such as Blockchain. The term Blockchain emerged in 2008 through the pseudonym Satoshi Nakamoto. However, people have yet to learn who he is.

Blockchain technology is a P2P (peer-to-peer, peer-to-peer) protocol (means of communication) and, technically, it is the same concept used to download movies or music via torrent, primarily aimed at Cryptocurrencies, which ends up generating several discussions and controversies in the economic sector.

Blockchain is open-source code anyone can download and run to develop new tools for managing online transactions. These movements are authenticated and leave history, a trail of modifications. This is a growing list of records with data distributed and chained using cryptography. The system has become increasingly important in the business world as a digital technology that brings security when registering and sharing every transaction with other users. It became better known from the spread of cryptocurrencies, but this is just one of the uses of technology.

However, one of the great difficulties is the need for more qualified labor. Many projects end up not getting off the ground due to a lack of skilled professionals – and investment. “Blockchain has been around for some time, but many professionals have not yet realized the transformation it represents,” says Henrique, founder of Blockchain, a technology company specializing in Blockchain and DLT platforms.

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Blockchain is a ledger that records transactions, which everyone can see and no one can change. Although it is something simple, it is innovative because your transactions are continuously verified and stored in the network, which is connected to previous blocks, creating a chain.

This structure permanently prevents anyone from changing the primary ledger. To steal any value, it would be necessary to change half of the entire string plus one and thus shift the network consensus. From here, it is possible to understand how to reinvent many business models using Blockchain technology.

An example of entrepreneurship in this sector is Digital Asset, which is based in New York in the United States. In a recent interview with Bloomberg Market magazine, the company’s CEO, Blythe Masters, says that the company is designing software that will allow banks, investors, and other market participants to use Blockchain to change the way they trade loans, bonds, and other assets.

Meet The Demand For Labor Shortages

Large companies are already using Blockchain to design and develop products and services. Even though there is distrust in the face of so much innovation, companies like Microsoft and stock exchanges are already investing.

One example is BMW, which uses Blockchain to ensure that the batteries for its electric cars contain only Cobalt obtained free of child labor, the so-called “Clean Cobalt.” About 65% of the existing mineral in the world is supplied by the Democratic Republic of Congo, where it is known that 25% of the extraction takes place in unregulated artisanal mining. Hence the concern of the automaker.

Companies are studying ways to benefit from Blockchain, but they still need qualified professionals to think about solutions with technology.

Stimulus To The Collaborative Economy

This is the type of economy where goods and services are shared. For example, instead of buying an object that will only be used once, you rent it from a mobile app. Many sharing initiatives are based not only on borrowing or renting but also on exchange.

From there, imagine how Blockchain can be a powerful tool to ensure reliability in these transactions through smart contracts, executing actions as long as conditions are met.

Possibility Of Breaking With Existing Practices

Thanks to smart contracts, the need for third-party moderation can be drastically reduced or eliminated. By automating what previously required intermediaries, many services can be offered at a lower cost. This change will be disruptive for many industries, especially those with the potential for P2P (peer-to-peer) commerce.

Also Read: Understand Once And For All How Blockchain Works

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