Blockchain Technology - Business and Finance Apps

In the business and financial sector, applications that use Blockchain technology are currently fairly familiar in use, here are the applications:

• Sharing Economy

This app has been used successfully on Airbnb, Lyft, and Craigslist companies. The three companies are already using the Sharing Economy with a Blockchain system with more decentralized results. Then there is also a peer-to-peer payment system using Blockchain technology as OpenBazaar did with eBay.

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• Smart Contracts
  This is an application that is currently being adopted by many companies en masse because this Smart Contract can run transactions automatically without the need for a third party to be authorized. The Ethereum blockchain is the main pioneer of Smart Contract applications which are currently widely used in society.

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• Letter of Credit (L/C) with Blockchain
  Usually, the LC issuance process is carried out directly by the Bank with the buyer and the Recipient Bank from different platforms. With Blockchain, the transaction can be completed with an end-to-end process with a single platform. LC with Blockchain has been adopted by many conventional banks in several countries.

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• Bridge of fiat currency and digital currency
  One of the Blockchain applications that is currently widely praised is the Bridge Currency System from Ripple, XRP which is a cryptocurrency present to provide digital transfer services for fiat currency and other digital currencies around the world with transaction processes that can be completed in seconds.