Steemit Crypto Academy Contest / S4W3 - Understanding Blockchain Technology In Business And Finance
Cover Image Created using PosterMaker
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
Blockchain
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.
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:
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.
Cryptocurrency transaction
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.
Yes the Byzanthune fault tolerance of blockchain makee it suitable for 24x7 service in finance and other sectors .
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.
That's correct. Our traditional finance lacks many of these features even now . So crypos would boost Bussiness .
Good luck
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.
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!🤞🏻
I'm glad you can see the need for blockchain in business and finance. Thank you for engaging in my post.
The pleasure is all mine 🌼
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
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
Thanks for sharing this 🔥
Blockchain smart contracts has made it easier to perform required events, by setting everything up and running in written code.
We can trust the future with Blockhain in business and finance sector will be succeed, you manage this contest very well. Best of luck
The involvement of blockchain in business will make the future of business brighter than before. Thank you for reading.
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.
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.
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.
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.