ABOUT THE BLOCKCHAIN AND CRYPTOCURRENCIES
Headlines are only focusing on the speculative and volatile aspects of investing in cryptocurrencies. What is not receiving attention is the transformational nature of the blockchain and the tokens and altcoins (cryptocurrencies) that operate on them. Some are calling the advent of the blockchain and cryptocurrencies “Web 3.0” and expect it to be as revolutionary as the early days of the internet.
The blockchain is a distributed and decentralized ledger which can store information, transactions, and accounts as well as operate smart contracts in addition to so much more. Nobody “owns” it as it is distributed and decentralized on servers worldwide. It is considered immutable and unhackable, which means it essentially cannot be altered and offers the security we have yet been unable to find to date. It also allows businesses and consumers to “take back” our transactions from intermediary institutions.
In the case of payment systems, it allows us to pay individuals and businesses directly without any financial intermediaries. Efficiencies are greatly increased and the costs are greatly decreased.
Bitcoin, Litecoin and the other cryptocurrencies are the monetary units which operate on their respective blockchains. They are an agreed-upon form of payment and their values change based on supply and demand. Some examples of how corporations are utilizing the technology include payment systems; authentication of parts in the supply chain; location tracking; and medical records storage. International aid organizations have begun to utilize the blockchain for food aid distribution.
In terms of merchant payments, online retailers, travel booking sites and real estate have begun accepting Bitcoin and Litecoin as forms of payment. Online payment systems are looking to integrate these cryptocurrencies to enhance their offerings.
The use of cryptocurrencies and the blockchain is expected to increase dramatically in the coming years and organizations do not want to be scrambling later to catch up.
THE TIME IS NOW
The advent of the blockchain and the cryptocurrencies and tokens that run on them is considered the most important technological advance since the introduction of the internet itself. Business, industry, and government are being transformed through the decentralized and unhackable characteristics inherent to the blockchain.
It is essential for business and government to become acquainted with this advance. Let us introduce you to this new world and advise you on how best to utilize it for your advantage
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