Welcome to week 3 of this season's crypto academy contest, today would be talking about blockchain technology and it's impact in business and finance. Let's dive in straight away:
Explain in your own words, how the blockchain can be used in business and finance?
The blockchain can be said to be a distributed ledger where crypto transactions are recorded. This means when any crypto transaction weather sending or receiving is recorded on the blockchain and cannot be altered.
The blockchain and cryptocurrencies have come to change the way we perform transactions, instead of having to go through the banks or other third parties, we can now perform transactions in a completely peer-to-peer manner without any need of third parties. This means anyone from anywhere in the globe can carry out transactions with anyone else from another part of the globe easily and seamlessly in a matter of seconds.
Performing business with people in any part of the globe has been made a lot more easier as transactions can easily be carried out by participating parties in a matter of seconds.
This is only made possible through the help of the blockchain.
Explain in you own words the applications of blockchain in business and finance?
The rise of the blockchain has brought about DeFi, defi is here to bring about a new form of banking that is completely decentralized.
Where any two parties can perform transactions with each other without having to go through an intermediary. DeFi offers solutions like staking, farming, lending, burrowing etc. all done in a completely decentralized manner.
What is the goal of blockchain applications in finance and business and how does cryptocurrency affect business?
Blockchain brought about decentralization. Most blockchain apps are leveraging on it's technology to bring solutions in ensuring decentralization.
The rise of cryptocurrencies has come to ensure that transactions are made easier and faster. It also brought about (DAOs) Decentralized Autonomous Organisations.
DAOs are a new way of governance where power is decentralized and everyone has a say in the decision making of an organization. DAOs operate with the use of cryptocurrency, members who want to partake in decision making would have to vote for their decision by staking some amount of the crypto currency the DAO uses.
What is the future of cryptocurrency in business and finance sector.
Cryptocurrency is the future of business and finance as more and more Organizations would employ this technology as a much easier and faster route to doing business.
Also the use of the DAO structure should be more common in the future as it gives power to all organisational members, ensuring more fair decisions are made and everyone is a part of this.
Applications of the blockchain
SMART CONTRACTS
Blockchain has brought about the use smart contracts, which helps to ensure that a certain action is surely carried out when a set out condition is met.
Smart contracts can be used by businesses to automate the execution of an agreement so that all participants can be immediately certain of the outcome, without any intermediary's involvement or time loss.DEFI
DeFi has made it possible for businesses to carry out everyday business transactions anonymously and in a decentralized manner. Removing the need for centralized institutions like Banks.P2P SYSTEM
P2P transaction is now made possible through the use of the blockchain as businesses can perform transactions with anyone easily without the need of a third party.
conclusion
Blockchain has come to change the way we see and do things taking away power from monopolists and giving them back to everyone involved. It's only a matter of time as blockchain technology is set to be employed in all fields, bringing about a much more decentralized world.
Regards to @reminiscence01
Keep it up the good work with your contest, thanks for sharing with us.
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By the write up and application of marksdown, I see you are still learning your way around the steemit platform, therefore, I must encourage you of your efforts.. Please don't be disheartened.. Keep steeming on!!
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Yes, the future of blockchain in business is bright because it ensures a secure and transparent system that eliminates central authorities and corrupt practices.
Good luck with the contest.
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That's correct . Besides being P2P , it is operational without any time limitations . Also the transaction costs are lesser than our traditional financial system.
You are right . These modalities of finance offer better rates for both the parties involved as compared to traditonal finance.
Well done , keep it up.
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There are lots of benefits of the adoption of the blockchain technology in the business and finance industry. The most important benefits are high security of the stored data, high transparency, etc.
You are very right here. With the involvement of the blockchain technology in the financial world, the concept of Decentralization is introduced which is a complete book of benefits by itself.
Thank you for your precious post and good luck
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Hello friend,
You are an awesome content creator and i believe in no distance time you will grow into a better content creator
DeFi has really changed the financial sector into a more reliable and trustworthy sector, it makes it's transactions very transparent and safe for all users.
Please also try justify your content to improve it's quality.
Thank you very much for sharing please check out my post my entry
wishing you success
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