You cannot fail to have heard about bitcoin over the last few months. Its meteoric rise in value has been the subject of many news stories, as has subsequent rumors of its demise. It seems that bitcoin and other cryptocurrencies such as dash (DASH) and litecoin (LTC) may be the way forward in the future. But, the world may not be ready to completely embrace the concept just yet.
Having said that companies such as Expedia and Microsoft accept payment using cryptocurrency and you can even check out online gaming opportunities using cryptocurrency at sites such as https://www.dashgamblingsites.com/. Interestingly, no matter what the future of cryptocurrencies, it seems that the technology surrounding them is being embraced by the business world.
What is blockchain technology?
In simple terms, blockchain technology involves the use of a network of computers to carry out transactions and update a database with details of these transactions. There is no central database as all of the information is processed and contained across the network. This technology is used for the transfer of cryptocurrencies in a decentralized manner. It’s also used to enable businesses to carry out complex financial transactions jointly and openly, as is the case with Ethereum.
How is big business using this technology?
No matter what happens regarding the future of cryptocurrencies, big business has already seen the advantages of using blockchain technology.
– Greater transparency for all transactions as they are carried out across a network of computers.
– Less risk of security issues as there is no central database to attack.
– Improved quality assurance as the blockchain enables issues to be easily traced back to the source.
– Simplified contract processes as smart contracts can be created and signed using the technology.
All of this is in addition to the benefits that can come from secure trading in cryptocurrencies.
The recognition of these benefits led to the formation of the Enterprise Ethereum Alliance which is a group of tech specialists, start-ups, and Fortune 500 companies. They are working together to determine how blockchain technology, such as that used to operate Ethereum, can help businesses across the globe to complete complex financial transactions in a transparent and effective manner. This could mean that businesses will set up their own networks, to work at they want them to. It’s not just this group of businesses that are utilizing blockchain technology either. Companies across the globe have identified helpful uses of the technology, such as cross-border money transfers and food safety assistance.
If you look at the latest news surrounding bitcoin, it seems to be falling in value again; but this has happened before. It’s too early to speak about the demise of cryptocurrencies; no-one knows exactly where that story is heading. What does seem certain is that the blockchain technology surrounding these currencies is here to stay. It is being adopted by major companies as a means of carrying out processes and transactions in a more secure and transparent fashion.
