Blockchain And Cryptography: How Do Business And Transactions Work?
How do businesses and transactions work? Worldwide, transactions between people, or between two businesses are made through the intermediates. Everywhere we look and everything we do, implies business. No matter how big or how small, they way we do business is very important. With the arose of technology, new, easier, and faster ways of making business have been created. The blockchain and cryptography are the basis of what is now known as cryptocurrency, which is basically digital money. This new way of making transactions and sharing important information, is revolutionizing the business worldwide. With more and more technology evolving through the last few years, people would like an easier, non-intermediaries way to make business and the
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Smart contracts will not just make easier the gathering of signatures, but it can guaranty a contract’s performance. For those who do not believe in saving their money in banks, Blockchain can help manage and verify their own financial status and balances without the need of a bank as an intermediary. It can keep track of their money digitally, and easily allow them to pay through the phone with an app. And my last examples of many of the advantages is that it is transparent. The Blockchain is completely public. It prevents history from being changed which makes sure there is complete integrity and honesty of everyone involved in the …show more content…
In 2011, someone created a black market called the Silk Road where people could buy and sell illegal substances without anyone knowing. This can be really dangerous and can lead to a massive decay in the blockchain interest.
Having the blockchain and the advantages and disadvantages of it, can lead us to better it and make it work. For businesses, it can change a whole lot of things. In logistics, blockchain saves carriers billions of dollars. Maersk, the international shipper, made a deal with IBM to digitize their supply stock with blockchain technology. Cargoes can now be shipped with a lot of reduction in paperwork costs. All transactions are confirmed and captured by the miners who are in charge to verify the system. This dramatic cost-reduction measure will impact trade on a global
Smart contracts will not just make easier the gathering of signatures, but it can guaranty a contract’s performance. For those who do not believe in saving their money in banks, Blockchain can help manage and verify their own financial status and balances without the need of a bank as an intermediary. It can keep track of their money digitally, and easily allow them to pay through the phone with an app. And my last examples of many of the advantages is that it is transparent. The Blockchain is completely public. It prevents history from being changed which makes sure there is complete integrity and honesty of everyone involved in the …show more content…
In 2011, someone created a black market called the Silk Road where people could buy and sell illegal substances without anyone knowing. This can be really dangerous and can lead to a massive decay in the blockchain interest.
Having the blockchain and the advantages and disadvantages of it, can lead us to better it and make it work. For businesses, it can change a whole lot of things. In logistics, blockchain saves carriers billions of dollars. Maersk, the international shipper, made a deal with IBM to digitize their supply stock with blockchain technology. Cargoes can now be shipped with a lot of reduction in paperwork costs. All transactions are confirmed and captured by the miners who are in charge to verify the system. This dramatic cost-reduction measure will impact trade on a global