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Blockchain and Business Relationship

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Do you want to know the relationship between Blockchain and business and how does this technology work? What are the characteristics of the blockchain that make it attractive to the business? What are the main application areas and projects underway in 2020? What are the points of attention for the CIO and top management?

Efficiency, innovation, and cybersecurity: these are the three priorities on which most of the attention of companies focuses today and in all of these the application of the blockchain can “make a difference”. We see below a brief explanation of what is blockchain, how it works, and what the main application areas are. Click on Bitcoin Up to know more on what is Blockchain.

Federated Byzantine Agreement (FBA)

Blockchain and business

If those described are the two main protocols, others have been created, partly a derivation of these, partly with totally new elements. Among the most interesting are the Federated Byzantine Agreement (FBA), developed by the Stellar Development Foundation (and used since the second half of 2015 by the Stellar blockchain ) based on trusted units (quorum slices) decided by the individual servers that together establish the level of the consent of the system.

Difference Between Public and Private Blockchain

Finally, remember that if the blockchain was born as a public way to carry out transactions, Blockchain 2.0 sees the spread of this technology. And it increases the chances to earn more money. The latter is often the result of the creation of consortia for specific supply chain management systems. We can therefore say that we have:

  • Public blockchain: everyone can access and operate transactions within it or participate in the validation process.
  • Blockchain consortia: the authorization process is delegated to a pre-selected group (among the main consortia there is for example R3 which groups the largest banks in the world). The possibility of joining the blockchain and of carrying out transactions within it can be public or limited to participants only. This type of permission blockchain is particularly suitable for use in the business world.

Read: 5 Best Blockchain Consulting Companies
Read: List of 11 Blockchain Venture Capital Firms

3 Types of Blockchain and Business Applications

Today the applications of this technology can be divided into three macro categories based on the development stage of the technologies used.

The Blockchain 1.0 category concerns all financial applications for the management of cryptocurrencies (regardless of the validation protocol used) starting from the historical (and which currently still holds the leadership of cryptocurrencies) Bitcoin. In practice, bitcoins are files that can be saved in each user’s digital wallet. Each bitcoin address in the wallet can be associated with a variable number of bitcoins. And each address (public key) is associated with a digital signature (private key), to make sure that only the owner of a certain address can initiate a transaction linked to it.

The Blockchain 2.0 category extends the blockchain to sectors other than the financial sector thanks to the implementation of smart contracts

The next step will be that of Blockchain 3.0 with the spread of (decentralized applications): a future in which we will all use blockchain technologies, probably without even realizing it, because they are encapsulated in the “things” connected to each other, without human intervention, with applications that will self-compile.

The “crypto-winter”

After the strong media attention received in 2017, driven by the increase in their price, last years are characterized by an unstoppable collapse in terms of capitalization. The whole Blockchain community coined a new term to define this moment: “crypto winter “. But winter hasn’t come for the technology behind cryptocurrencies. The Blockchain and business relationship continues to arouse great interest from companies. More and more firms are applying for a Blockchain patent. The technology evolves, thanks also to the efforts made by the developer communities that revolve around public Blockchains. Meanwhile, the future remains to be written.

Read: 5 Blockchain Projects Using Artificial Intelligence
Read: How Blockchain Impacts Your Digital Marketing Career

In the exposition of this text we will therefore speak of Bitcoin blockchain (with a capital “B”), blockchain technologies (with a small “b”) and Distributed Ledger Technologies or the acronym DLT.

Read: 5 Blockchain Projects in Disrupting Medicine
Read: MediBloc: Blockchain in Healthcare

So crypto-winter is a person who is ready to earn crypto money. He must aware of the latest technology of the crypto and know how to use these techniques to earn money. There are many software which are used by the investor to earn more and more cash using simple techniques and without doing any affords.

John Asher

John Asher

I am a crypto-enthusiast that likes to write about the blockchain industry. Mostly, I'm interested in the gaming industry and how it will revolutionize in-game asset ownership.

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