Blockchain is the new kid on the block in the tech world, and it’s taking the neighborhood by storm. Bitcoin’s meteoric rise in the final quarter of 2017 made cryptocurrency a household name, but it’s blockchain’s ability to adapt to many use cases that has made it the darling of fintech and cybersecurity companies.
Blockchain services solve a wide array of problems that plague the existing financial system and security infrastructure surrounding businesses’ day-to-day operations. Blockchain is a versatile solution that can help secure digital assets, manage multicurrency transactions worldwide and enable all relevant parties to monitor supply chains, to name a few examples.
“Transparency, traceability and security are three of the pinnacle solutions a blockchain can provide to a business or service system,” said Elliot Rothfield, co-founder and creative director of cryptocurrency and ICO index WatermelonBlock. “Blockchain technology is spreading like wildfire; we are seeing an unprecedented level of adoption into mainstream industries like the financial services industry all the way through to more niche markets like gaming, social work, medical research and the list goes on.”
Here’s a look at some of the problems that developers are working on solving with blockchain solutions and platforms. According to Ofir Beigel, general manager of 99Bitcoins, said that while the applications of blockchain are vast, SMEs will likely be slow to adopt the solutions. “SMEs will adopt blockchain solutions only as needed, and for many existing companies, there’s simply little to no need for blockchain technology,” Beigel said.
“Most companies are perfectly served by standard database software, which allows them to control access, quickly record and fetch data, as well as forward that data for processing and analysis.” Still, Beigel said cryptocurrency and interactions between companies provide good opportunities for SMEs to take advantage of blockchain solutions today. Read more from businessnewsdaily.com…
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