Steemit Crypto Academy Contest / S4W3 - Understanding Blockchain Technology In Business And Finance

temitopef (70) in hive-108451 • 2 years ago (edited)

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Good day Steemians, I'm very happy to be joining the contest organized in this community again which wants to hear from us about blockchain applications in business and finance. It is my third post in the engagement for this week 3 of the challenge and I invite my friends to read with me in this contest today.

Explain in your own words, how the blockchain can be used in business and finance.

Blockchain is defined as a distributed ledger that is different from the traditional method of storing information in business, this means that on the blockchain, data are stored in a distributed manner across the system so that it can not be edited by anyone and the information will be available to everyone on the network, especially in public blockchains.

Furthermore, we can say that a blockchain is a peer-to-peer system, interconnected computers or nodes that work all time because a fault in one of the nodes will not affect the entire system. Data are stored in what is known as blocks and these data can not be edited, once they are stored, they will be there permanently. Blockchain has many advantages and that makes it useful in business and finance, which I will be discussing below.

How Blockchain can be used in Business and Finance

Distributed Ledger for Data Record: The technology of distributed ledger as used in blockchain can be used in the business and financial sector generally to store information that removes the traditional paper or central server for the storage of business data that can be destroyed anytime, maybe by mistake or intentionally. With blockchain, such things can not happen.

_Blockchain

Auditing: Blockchain technology can be used in business and finance to improve transparency which makes business audits very easy since the data stored on the blockchain are permanent because the blockchain is immutable, it will be hard for corrupt people in an organization to cheat the system. This will improve businesses and other financial sectors.

Effective Payment System: There are many products of blockchain that businesses can use to make their services better, an example is the cryptocurrency, if businesses accept it for payment, it will allow them to have more customers because of the easy payment feature of cryptocurrency which is a product of blockchain.

Products Supply:: Blockchain can help businesses track supply to and from their company, this helps to improve trust between two or more companies transacting. I also see this as one of the important ways blockchain can be used in business and finance.

Explain in your own words the applications of blockchain in business and finance.

It's no longer news that blockchain now has many applications in business and finance, just as this contests want us to, I will be discussing some of the applications of blockchain.

Tokenization: Blockchain has been used in real estate where properties like lands, houses, streets, estates, and many others are tokenized on the blockchain to have an identity to only one person. Through this potential buyers connects with the owners and this ensure buyer don't buy fake properties from scammers. The ownership can then be transferred to the new owner after the deal is done.

Cross-border Payment: In the financial sector, many businesses have taken their services globally through cryptocurrency which is a product of the blockchain with its seamless payment system that allows anyone across the globe to pay for products in other countries without restrictions.

In-Game Economy: The finance sector has always been about goods and services, exchanges of products, and many others. Blockchain technology had helped to bring the real economy to the gaming space which enables both developers and gamers to earn money doing the things they love, this contributes to the financial sector as we now have many sectors and one can choose any choice.

Governance: In businesses and financial sectors, there are points when business associates, board of directors, investors, and many others, would need to make decisions to bring some changes to the company. The use of blockchain can be used for transparent voting that can not be rigged by anyone, this makes decisions on a business advancement more effective.

What is the goal of blockchain applications in finance and business and how does cryptocurrency affect business?

The major goal of blockchain applications in finance and business is to bring about advancement to the financial sector thereby eliminating the hurdles that are associated with the traditional financial sector, to boom businesses across the sector. Some of the goals of the blockchain applications will be listed below:

Transparency in Transactions.

Smart contracts for easy transactions in Business.

Ease of Accessibility to Products.

Effectiveness of Payment.

Proper record keeping for a Business.

Elimination of manipulators that tend to defraud a financial system.

Keeping the businesses running at all times, one node down doesn't keep the system down.

There are many goals of blockchain, all aiming at one thing which is to make business and other financial sectors better than what it's used to be in the time past.

How Cryptocurrency Affects Businesses

How cryptocurrency has affected businesses cannot be overemphasized and I have discussed some of them before but I will still add more of the effects of cryptocurrency on businesses yet again.

Fast Transactions: Transactions with cryptocurrency is fast because the account owner stays in control of his wallet at all times and there is nothing like server failure which means one node down doesn't shut down the system. This makes businesses running all times without any downtime.

Limitless Transfers:: Cryptocurrency is used to make limitless transfers even to the customer's satisfaction, this has helped many businesses to have more customers and keep the existing ones. With cryptocurrency adopted by businesses, it has contributed to their growth.

Traceability: Business funds in cryptocurrency can be traced should in case any of the management moves money from one wallet to the other and this brings trust into businesses. An example on Steemit is when we know the deepcrypto8 wallet of many users and when another account on the platform transfers to the same Binance wallet memo, it is questionable. This is one of the ways how cryptocurrency helps to build trust in businesses.

_{Cryptocurrency transaction}

Quick Trade Settlement: Transactions with cryptocurrency goes through confirmations which makes it hard to make fake transactions and there is a quick trade settlement with cryptocurrency payment and at no stress and no server failure.

What is the future of cryptocurrency in the business and finance sector? Also, give some examples of blockchain applications that are being used in business and finance.

The simple answer to this is that the future of cryptocurrency is very bright, we have seen this type of financial product adopted in different financial sectors and the use case of most of these assets kept on growing every day. Cryptocurrency is impacting our daily lives and it will keep getting better.

Furthermore, cryptocurrency has been able to create new financial opportunities for people across the world, people can now trade cryptocurrency to contribute to their finances, they can play games to earn money through cryptocurrency, keep healthy and earn money to help their finances and many others.

Some examples of blockchain applications that are being used in business and finance?

There are a lot of applications of blockchain in business and finance, I will be talking about some of them here.

Lending and Borrowing

Lending and borrowing is one of the popular services offered by traditional banks but blockchain technology has been applied to even create decentralized lending and borrowing platforms like JustLend on the Tron blockchain to perform different transactions.

Furthermore, JustLend allows users to lend and borrow without any document at all. It only requires some collateral to borrow on the platform, this is one of the beautiful applications of blockchain in finance.

Smart Contracts

Smart contracts are other applications of blockchain in finance, it is an umbrella concept in the products of blockchain. Instead of central authority or workers processing transactions one after the other which wastes away a lot of time, smart contracts allow users to communicate with them and perform desired transactions with an already written contract code.

Furthermore, there are many DeFi products that work with smart contracts, decentralized applications, decentralized exchanges, blockchain games, liquidity pools, and many others. JustLend also works with smart contracts that make it easy for people to transact in the crypto space. The blockchain applications are so many and we will be seeing more in the coming years.

Conclusion

Blockchain has been changing our everyday lives and our finances and businesses have been one of the benefits we have enjoyed due to the blockchain intervention. Trading cryptocurrency to earn extra income is a product of blockchain, gaming to earn tokens, and many others. Furthermore, cryptocurrency has come to stay and it will continue to get adoption in the financial sectors.

I'm very happy to participate in this contest organized in the crypto academy. I invite @yakspeace @patjewell, and @ruthjoe to participate in this contest, with a 25% Beneficiary Set to @null.

hive-108451 cryptoacademy-s4w3 burnsteem25 steemexclusive club5050 nigeria

2 years ago by temitopef (70)

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drqamu (74) · 2 years ago

nodes that work all time because a fault in one of the nodes will not affect the entire system

Yes the Byzanthune fault tolerance of blockchain makee it suitable for 24x7 service in finance and other sectors .

business data that can be destroyed anytime, maybe by mistake or intentionally. With blockchain, such things can not happen.

That's true . Besides storage the known non editable feature of blockchain after storage of records makes it more suitable for a record Keeping especially in departments like revenue where tons of records are maintained offline and it takes hours to search for any particular record.

fake transactions and there is a quick trade settlement with cryptocurrency payment and at no stress and no server failure.

That's correct. Our traditional finance lacks many of these features even now . So crypos would boost Bussiness .

Good luck

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temitopef (70) · 2 years ago

You are right, many department that usually keep records offline should adopt the use of blockchain for their data storage, which would save them the time and stress of searching for the said record for hours.

Thank you for engaging in my post.

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patjewell (79) · 2 years ago

Well done!! Another week… another great post.
With a business background I can clearly see the MUST of blockchains in the financial and business sector.
Thank you for a very informative explanation.
Good luck with the contest!🤞🏻

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temitopef (70) · 2 years ago

I'm glad you can see the need for blockchain in business and finance. Thank you for engaging in my post.

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patjewell (79) · 2 years ago

The pleasure is all mine 🌼

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scilwa (63) · 2 years ago

Congratulations, your post has been upvoted by @scilwa, which is a curating account for @R2cornell's Discord Community. We can also be found on our hive community & peakd as well as on my Discord Server

Manually curated by @abiga554

Felicitaciones, su publication ha sido votado por @scilwa. También puedo ser encontrado en nuestra comunidad de colmena y Peakd así como en mi servidor de discordia

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cryptsam (50) · 2 years ago

Thanks for sharing this 🔥

Blockchain smart contracts has made it easier to perform required events, by setting everything up and running in written code.

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chairulrizalx (64) · 2 years ago

We can trust the future with Blockhain in business and finance sector will be succeed, you manage this contest very well. Best of luck

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temitopef (70) · 2 years ago

The involvement of blockchain in business will make the future of business brighter than before. Thank you for reading.

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steemcurator05 (53) · 2 years ago (edited)

Your article has been supported with a 30% upvote by @fredquantum from Team 2 of the community curator program. We encourage you to keep producing quality content on Steem to enjoy more support from us and a likely spot in our weekly top 5.

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sahmie (75) · 2 years ago

Even without virtual materials, your work is still captivating as it should be as you explained everything to the understanding of someone in grade 1.. Thank you for this wonderful work. Good luck.

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steemdoctor1 (76) · 2 years ago

We can never ignore the impressive changes that are bought in the business and finance field due to the innovation of the blockchain technology. There are lot of benefits of adopting this great advancement of Technology.

You have well said that the cross-borders transactions could be improved and be accomplished more effectively due to the involvement of the blockchain technology and its product, cryptocurrency.

Thank you for sharing with us and wishing you a very happy contest.

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jasminemary (72) · 2 years ago

Hello dear you have written so well about the use of blockchain in business and finance and for gbr DeFi Applications that is use in business and finance I agree with what you said about Justlend because I have use it before.

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starrchris (75) · 2 years ago (edited)

Hello dear friend,

Friend you have written awesomely and orderly, I have learned alot about your article.

Furthermore, cryptocurrency has been able to create new financial opportunities for people across the world, people can now trade cryptocurrency to contribute to their finances.

Cryptocurrency and crypto project like Steemit have changed a lot of lives, bringing the poor to light. Cryptocurrency have just stayed for few years but it have changed million of life in such little time

Thank you very much for sharing please check out my post my entry

wishing you success

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