The blockchain or blockchain is a mechanism that goes far beyond the exchange or payment in digital currencies and that can be very beneficial for SMEs. We tell you how!
Surely more than once you have participated in conversations related to cryptocurrencies. Above all, because the most famous, Bitcoin is increasingly present in our lives.
But although it is what almost everyone refers to, the most interesting thing about this type of electronic money for business is not so much in the name or value they have in the market, but in the structure of how they are generated.
That is what is called Blockchain or blockchain, and it is what we want to talk to you about today.
By keeping all the movements also recorded, a reliable mechanism is created regardless of the type of transactions that are discussed.
This system is like the Internet, nobody and nothing owns it but everyone can use it to make their payments. It is true that the change and decentralization of the financial system is a fact that can seem very appealing. With this action, the banks will almost be said goodbye and they will be left without any influence on society.
BLOCKCHAIN BEYOND BITCOIN: ETHERUM
Etherum is a cryptocurrency and the foundation of an organization created by a 21-year-old, this is a non-profit entity. Vitalik, who is the name of this boy, has an ambitious project in hand since with the application of the blockchain he intends to turn Ether into the base of a decentralized structure.
He already has several developers working with him on his team and this idea aims to go further and become the revolution of this type of digital money. So much so that it could be applicable to any service or product, always through the application of the blockchain. If you want to get more information on cfd then find it at cfd trader official site
BLOCKCHAIN IN PRACTICE: HOW PAYMENTS WORK
The operation of this system is very simple. A buyer is discounted a number of digital currencies for a purchase and immediately the seller of that service or object is entered that amount in their cryptocurrency account.
Below you can read all its procedure. Even though the procedure seems excessively simple, you will surely still have a few doubts about the blockchain process:
• Payment verification. Even though it may sound strange, this verification is carried out by millions of people around the world. Since the blockchain is a gigantic database in which all operations are registered.
• Transaction. The previous point can be a problem for many, since if one and all can verify the transaction they can also know the value of what was purchased. In this case, cryptography, the security system that protects from bad intentions that third parties may have, comes into operation.
• Birth. Digital currencies are born from 0; they are not created from the value of gold or another currency. But of the will that a person has to lend the processor of his computer during a certain time. And this is done because the system requires supports to carry out cryptographic calculations and maintain security.
BLOCKCHAIN FOR SMES: HOW IT WILL IMPROVE YOUR EFFICIENCY
Currently only the big finance, banking or insurance companies, from important sectors, use the famous blockchain. Yes, banking and insurance, the ones that for all time seems to be contrary to blockchain and cryptocurrencies.
They are those that have the resources and infrastructure necessary for the application of this technology. But as useful standards are developed for small and medium-sized enterprises, the possibility of benefiting from this system will increase.
For SMEs to fully enter the use of cryptocurrency and the blockchain, it is necessary for a single person to see the potential of this. From there, adapt it to your needs and company so that you can take advantage of all the advantages it offers.
In addition to improving its efficiency, and having control of all its transactions, the blockchain has a high-performance security system, which protects the data of all users who make a purchase and those of the company.