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Can You Tell Me About The Impact Of Blockchain On Businesses

How Blockchain Will Impact Your Business

How Blockchain Will Impact Your Business

There is a revolutionary technology that will have a profound impact on the global economy, and its not self-driving cars, augmented reality, or 3D printing. Its called blockchain, and its poised to be the most disruptive force in computer engineering in generations. Blockchain is a technology that establishes a new level of trust, accountability, and transparency in any kind of electronic transaction. Blockchain is an electronic ledger of transactions that is continuously maintained and verified in blocks of records. The ledger allows anybody to easily conduct transactions in a safe and secure way, without having to go through an intermediary. Itpossessesthree key advantages: Power is decentralized: Say goodbye to the days of centralized power held by clearinghouses, banks, credit card companies, and corporate conglomerates. With blockchain, everyone can have equal access to the same data and the same power. Location is inconsequential: Whether youre in the heart of Silicon Valley or the Horn of Africa, everyone with a connection as simple as a mobile phone holds access to the resources previously granted only through large institutions. The record is permanent: Using state-of-the-art cryptography, the records are permanent, secure, and verified by a network of users. A blockchain is a public ledger of all transactions ever executed within a network. The blocks of transactions are added in a linear, chronological order. Each computer connected to the network validates each transaction, making it an interdependent network not reliant on third-party oversight. A block is the current part of a blockchain that records some or all the recent transactions, and, once completed, goes into the blockchain, which serves as a permanent database. Every block is time-stamped and st Continue reading >>

Blockchain Technology & What It Means For Small Businesses

Blockchain Technology & What It Means For Small Businesses

Blockchain Technology & What it Means for Small Businesses The blockchain is a new and innovative way that people and companies can create, verify, and enforce transactions without a middleman or central authority. Its essentially a decentralized ledger that records transactions chronologically. Transactions recorded on the blockchain can include the exchange of money, property, or anything that requires an enforceable contract or authorized access. Many small business owners think that the blockchain is used only for the creation and exchange of cryptocurrencies like Bitcoin (BTC). However, this isnt true. This article details blockchain technology and how it can affect small businesses. By the end, you should understand what the blockchain is, how it works, which businesses already use it and which industries should expect to use it in the future. Blockchain, at its core, is platform-like technology upon which other applications can be built. Currently, the most notable use of blockchain is the decentralized ledger that tracks cryptocurrency transactions. However, blockchain technology can be used as a decentralized ledger that records and verifies any transaction or contract between two parties. The technology behind blockchain records the terms of each transaction as a block on a long chain. Each transaction is recorded and verified using mathematical encryption techniques, making it almost impossible to change after the fact. Then, as each successive transaction adds to the end of the chain, previous transactions become even harder to alter, further adding to security. The blockchain is decentralized, meaning that multiple, independent machines are running copies of the blockchain ledger at once. As each transaction is created and recorded on the chain, its broadc Continue reading >>

What Will Be The Impact Of Blockchain On Business In 2018? Blockchain In 2018

What Will Be The Impact Of Blockchain On Business In 2018? Blockchain In 2018

The hype around Bitcoin, Ethereum, Ripple and other cryptocurrencies has lead to more mainstream blockchain-based applications gaining traction of late. For example, in December Coinbase was the most downloaded app on the iOS app store. Thats not the most downloaded blockchain app but the most downloaded app on the whole store . >See also: Will 2018 be the year blockchain and artificial intelligence meet? Blockchain has grabbed the medias attention and theres no sign of it letting go just yet. 2017 ended with stories of people taking out loans in order to buy Bitcoins , and CryptoKitties became an actual thing. When it comes to the underlying technology around the blockchain, here are some views on related topics that may become big issues in 2018. More things that only exist in the digital world get a tangible value The single biggest positive change blockchain is having, is its ability to make something digital into a tangible, ownable asset. By using the blockchain to give an online asset a unique and trackable identity, it means they can be collected, traded and sold. So far thats happened in limited ways for example, with games where there is already a collectible element but 2018 should see this approach applied in other ways, for example to digital music or movies. Increased attempts to hack and distort blockchains As with all technologies that grow in popularity, the value of hacking them increases. The end of 2017 saw more stories of individuals and exchanges being hacked, with thieves getting away with millions. Whilst the security issues are more with access passwords for accounts and not the actual blockchain itself, blockchain users computers will be targeted at an alarming rate. For that reason, 2018 will be the year where any companies that are serious a Continue reading >>

The Impact Of The Blockchain Goes Beyond Financial Services

The Impact Of The Blockchain Goes Beyond Financial Services

The Impact of the Blockchain Goes Beyond Financial Services The technology most likely to change the next decade of business is not the social web, big data, the cloud, robotics, or even artificial intelligence. Its the blockchain, the technology behind digital currencies like Bitcoin. Blockchain technology is complex, but the idea is simple. At its most basic, blockchain is a vast, global distributed ledger or database running on millions of devices and open to anyone, where not just information but anything of value money, titles, deeds, music, art, scientific discoveries, intellectual property, and even votes can be moved and stored securely and privately. On the blockchain, trust is established, not by powerful intermediaries like banks, governments and technology companies, but through mass collaboration and clever code. Blockchains ensure integrity and trust between strangers. They make it difficult to cheat. In other words, its the first native digital medium for value, just as the internet was the first native digital medium for information. And this has big implications for business and the corporation. Much of the hype around blockchains has focused on their potential to fundamentally change the financial services industry by dropping the cost and complexity of financial transactions, making the worlds unbanked a viable new market, and improving transparency and regulation. Indeed, it is already having a big impact on that sector. However, our two-year research project, involving hundreds of interviews with blockchain experts, provides strong evidence that the blockchain could transform business, government, and society in perhaps even more profound ways. In the early days of the web, many management thinkers, present company included, speculated that the int Continue reading >>

The Impact Of Blockchain On Businesses And Tax Accounting

The Impact Of Blockchain On Businesses And Tax Accounting

The impact of Blockchain on businesses and tax accounting Blockchain was originally designed to facilitate transactions of the cryptocurrency Bitcoin. But Bitcoin was only the first large-scale application of the Blockchain platform. Blockchain technology has immense potential beyond just cryptocurrency transactions. It could completely change financial and business transactions, real estate deals, and more. From a tax perspective, Blockchain has the ability to disrupt global taxation. Blockchain is essentially a decentralized transaction ledger, in which digital information can be distributed and viewed but not copied or altered. As a distributed database, it lives across a network of computers, which makes it exceptionally secure. Blockchain stores transaction records in groups called blocks. Each block is time-stamped and added to a chain, linked to the previous block. It is completely transparent and cannot be changed, eliminating the need for a third party audit. A transaction can involve money, contracts, records and other information. Therefore Blockchain is not limited to financial transactions but can be used for anything of value. Potential impact of Blockchain on businesses Since Blockchain technology fundamentally changes how transactions are made and recorded, the accounting industry will likely see the biggest impact. But the disruption will not stop there. Other industry examples include: Real estate transactions could be greatly simplified using Blockchain technology instead of manual paperwork. Distributed ledgers provide an easy way to trace the origins of goods, for example for fair trade products, thus simplifying supply chain audits. In the sharing economy, Blockchain could enable true peer-to-peer transactions, thus eliminating the intermediary, l Continue reading >>

Blockchain Technology And Its Impact On Small Business

Blockchain Technology And Its Impact On Small Business

Blockchain Technology and its Impact on Small Business Home Blockchain Technology and its Impact on Small Business As a small business owner, you may have heard of blockchain technology but youre not really sure what it is or how it could change the way you do business. Blockchain is most commonly known as the technology that powers the virtual currency bitcoin. The majority of new blockchain applications will probably emerge in the fintech industry but it is capable of providing market applications across many different industries. Blockchain is essentially a platform-like technology that other applications can be built on. It can be used as a decentralized ledger which records and verifies any transaction or contract between multiple parties. Blockchain documents each transaction as a single block on a long chain Using mathematical encryption techniques, each transaction is recorded and verified. This makes it nearly impossible to alter a transaction once it becomes part of the chain. As each consecutive transaction is added to the chain, previous transactions become even more difficult to alter, making blockchain transactions extremely secure. So what does this mean for small business? While the encryption techniques implemented in blockchain technology provide transaction security, the fact that it is a decentralized or distributed ledger takes that security one step further. What this means is there is no middleman such as a bank or financial institution that controls a centralized ledger. With blockchain, information is listed across a distributed network. This allows everyone in the network to validate the ledgers accuracy with their own copy. Because there are multiple copies, blockchain technology can prevent anyone from tampering or manipulating the system. T Continue reading >>

How Blockchain Could Impact Your Business And Taxes

How Blockchain Could Impact Your Business And Taxes

How Blockchain Could Impact Your Business and Taxes Linkedin Hackernews Reddit Flipboard Buffer Subscribe Google Whatsapp Pinterest Digg Stumbleupon Delicious Weibo Pocket Mail Bitcoin and ethereum are popular investment options, but it is the underlying blockchain technology that holds real value in the way we can revolutionize big data and transactions over the internet. The potential of blockchain goes well beyond cryptocurrency. It will remain in the fabric of our technological lives and, hence, entrepreneurs should recognize its power and use it to their advantage. Blockchain was originally designed to facilitate transactions of the cryptocurrency bitcoin. But bitcoin was only the first large-scale application of the blockchain platform. Blockchain technology has immense potential beyond just cryptocurrency transactions. It could completely change financial and business transactions and real estate deals. From a tax perspective, blockchain has the ability to disrupt global taxation. Blockchain is essentially a decentralized transaction ledger, in which digital information can be distributed and viewed but not copied or altered. As a distributed database, it lives across a network of computers, which makes it exceptionally secure. Blockchain stores transaction records in groups called blocks. Each block is time-stamped and added to a chain, linked to the previous block. It is completely transparent and cannot be changed, eliminating the need for a third party audit. A transaction can involve money, contracts, records and other information. Therefore, blockchain is not limited to financial transactions but can be used for anything of value. The Potential Impact of Blockchain on Businesses Since blockchain technology fundamentally changes how transactions are made an Continue reading >>

Three Ways Blockchain Will Disrupt Traditional Business And Impact Marketing In 2018

Three Ways Blockchain Will Disrupt Traditional Business And Impact Marketing In 2018

Three Ways Blockchain Will Disrupt Traditional Business And Impact Marketing In 2018 {{article.article.images.featured.caption}} Opinions expressed by Forbes Contributors are their own. The author is a Forbes contributor. The opinions expressed are those of the writer. This story appears in the {{article.article.magazine.pretty_date}} issue of {{article.article.magazine.pubName}}. {{article.article.magazine.subscription_text}} Recently, cryptocurrencies have dominated the news with Bitcoin, Litecoin and other altcoins generating mainstream buzz.Companies are utilizing a myriad of marketing efforts, particularly social media, to drive interest within the sector. The interest in cryptocurrencies has mainly been speculative as investors look to ride the wave. On November 27, CNBC reported thatthere were 13.3 million users for Coinbase,the leading U.S. platform for buying and selling Bitcoin. In contrast,Charles Schwab maintained 10.6 million active brokerage accounts. With that said, technology is evolving at a rapid pace and 2018 will be the year that blockchain, the backbone behind cryptocurrencies, establishes itself as the fastest-growing digital technology since the evolution of the internet. The blockchain isa distributed incorruptible digital technology infrastructure which maintains a fully encoded database that serves as a ledger where all transactions are recorded and stored. For those not familiar with blockchain, here's a good primer for beginners . Today, startups are jumping on the blockchain and looking for ways to promote their idea or company above the noise. These companies understand that we are in the midst of a Gold Rush and are laser-focused on promoting their solution to drive interest, raise capital and increase market share. Many companiesare bein Continue reading >>

How Blockchains Could Change The World

How Blockchains Could Change The World

Ignore Bitcoin’s challenges. In this interview, Don Tapscott explains why blockchains, the technology underpinning the cryptocurrency, have the potential to revolutionize the world economy. What impact could the technology behind Bitcoin have? According to Tapscott Group CEO Don Tapscott, blockchains, the technology underpinning the cryptocurrency, could revolutionize the world economy. In this interview with McKinsey’s Rik Kirkland, Tapscott explains how blockchains—an open-source distributed database using state-of-the-art cryptography—may facilitate collaboration and tracking of all kinds of transactions and interactions. Tapscott, coauthor of the new book Blockchain Revolution: How the Technology Behind Bitcoin is Changing Money, Business, and the World, also believes the technology could offer genuine privacy protection and “a platform for truth and trust.” An edited and extended transcript of Tapscott’s comments follows. In the early 1990s, we said the old media is centralized. It’s one way, it’s one to many; it’s controlled by powerful forces, and everyone is a passive recipient. The new web, the new media, we said, is one to one, it’s many to many; it’s highly distributed, and it’s not centralized. Everyone’s a participant, not an inert recipient. This has an awesome neutrality. It will be what we want it to be, and we can craft a much more egalitarian, prosperous society where everyone gets to share in the wealth that they create. Lots of great things have happened, but overall the benefits of the digital age have been asymmetrical. For example, we have this great asset of data that’s been created by us, and yet we don’t get to keep it. It’s owned by a tiny handful of powerful companies or governments. They monetize that data Continue reading >>

9 Industries That Will Soon Be Disrupted By Blockchain

9 Industries That Will Soon Be Disrupted By Blockchain

9 Industries That Will Soon Be Disrupted By Blockchain In many industries, companies will need to adapt or be replaced. Founder and CMO, Social Marketing Solutions @juanblanco76 Let's face it. Many people are resistant to technological changes in boththeir personal lives and at the office. However, what they often lack is the vision to see how the new technology they are resisting will improve their lives in the future. Emerging technologies are exciting and bring innovation and new opportunities across the globe. They change our life by altering the way we think and operate on a daily basis. Technological innovation can impact a lot more than our daily lives. In fact, it can disrupt entire industries and change the way we do business. As new technologies are developed, affected industries are forced to adapt or be replaced. The newest technology that is quickly becoming the next major disruption is blockchain technology. Blockchain is a digital ledger system used to securely record transactions. It is poised to impact the way business isdone across the globe. Here are nine prominent industries that are slated to be overhauled by blockchain technology in the near future. Blockchain technology has the potential to solve several significant problems faced by the banking industry today. Right now banks store money for their customers, and they also handle the transfer of that money. Blockchain inherently has a secure system that would provide permanent records of the millions of transactions that take place in the banking industry each day. This ledger system could significantly lower the risk by providing secure records. Furthermore, money could be transferred cheaper and faster by the decentralization provided by blockchain. Anyone who has ever purchased or sold a home Continue reading >>

The Impact Of Blockchain On Business | Itweb

The Impact Of Blockchain On Business | Itweb

Over 250 delegates gathered in Hyde Park to hear about the latest on blockchain, Bitcoin and initial coin offerings. The Matt Brown Show in conjunction with Blockchain Academy, Digital Kungfu and Matt Brown Media delivered expert views on why blockchain is arguably the most disruptive invention since the Internet. One of the most pressing questions entrepreneurs, start-ups and business executives hoped to find the answers to was the magnitude and impact that this technology is going to have on the business world and the way in which we do business. The panel consisted of the following experts: Lorien Gamaroff, CEO, Bankymoon; Farzam Ehsani, Blockchain lead at Rand Merchant Bank and chairperson of the South African Financial Blockchain Consortium; Matt Owen, CEO, Caesium Capital; Aatish Ramkaran, enterprise integration architect of the JSE, Matt Brown, CEO of Digital Kungfu and host of the Matt Brown Show; and Tanya Knowles, managing executive at Fractal Solutions. The panel discussion kicked off with some debate pertaining to the current price of Bitcoin and whether or not it was justified. An analogy between a platypus and Bitcoin was shared. Just as a platypus is neither a mammal, duck nor crocodile, it is unknown whether Bitcoin is a store of value, a currency or a commodity - rather it sits in its own asset class and cannot be compared to any of the above-mentioned. While Bitcoin exhibits all the characteristics of a bubble, nothing like this has ever been seen before. It was stated that the true value of Bitcoin is derived from it being the world's first financial programmable asset. Money is now programmable. A lot of speculation took place as to the tax implications soon to apply to Bitcoin investments and if they would be categorised as Capital Gains Tax or ano Continue reading >>

An Introduction To Blockchain & How It Will Impact Your Business - Chips Technology Group

An Introduction To Blockchain & How It Will Impact Your Business - Chips Technology Group

An Introduction to Blockchain & How it Will Impact Your Business Wednesday, January 17th at 2pm ET | Register Now! Blockchain is stirring up the technology and business worlds, and we are finding ourselves asking, what exactly is Blockchain? How does Blockchain work? And how will Blockchain impact my industry? Appearing more and more often among companies that are looking for innovative ways to optimize and secure internal information, power peer-to-peer transactions and increase data management, Blockchain is the solution to these next generation digital business needs. Join CHIPS CTO David Tan for An Introduction to Blockchain & How it Will Impact Your Business How this new era in technology has the potential to change the business world Why Blockchain is powering crypto-currencies like bitcoin What you should be considering before Blockchain disrupts your industry Business Owners, Operations & System Administrators Business Visionaries looking to understand the future of their industry Anyoneinterested in learning about the future of Blockchain technology An Introduction to Blockchain & How it Will Impact Your Business Continue reading >>

The Future Impact Of Blockchain Technology On Business

The Future Impact Of Blockchain Technology On Business

The Future Impact of Blockchain Technology on Business If you havent heard already, there is a new technology taking the world by storm. That technology is blockchain . At its highest level, the blockchain is a decentralized ledger of all transactions across a peer-to-peer network. This is the technology underlying Bitcoin, Ethereum and other cryptocurrencies. It also has the potential to disrupt a wide range of business processes including marketing. Blockchain technology will radically change how you pay for everyday items, privacy, and data, as well as how we verify who owns what and who has the right to buy and sell it. What do all of these have channels have in common? Data. Take paid traffic, for example. The amount of data you can compile from your leads is mind boggling, then add that to pixel marketing and stalking the datayoud become a Jedi in finding and attracting leads. This is all possible, because the platform you use owns your data Facebook owns your behavioural data, Google owns your search history. Specifically for photos and video uploaded to the site, Facebook has a license to use your content in any way it sees fit, with a license that goes beyond merely covering the operation of the service in its current form. Facebook can transfer or sub-license its rights over a users content to another company or organisation if needed. Facebooks license does not end upon the deactivation or deletion of a users account, content is only released from this license once all other users that have interacted with the content have also broken their ties with it (for example, a photo or video shared or tagged with a group of friend. This is what the blockchain promises all leads will be anonymous, secure, and encrypted. Now imagine trying to do PPC without data and t Continue reading >>

Ey - Blockchain: How This Technology Could Impact The Cfo - Ey - Global

Ey - Blockchain: How This Technology Could Impact The Cfo - Ey - Global

Blockchain is an emerging foundational technology that has the potential to impact existing business processes and functions. This technology structures data without the need for a central authority, allowing data to be stored in a distributed ledger that offers increased trust and transparency through an immutable record of all transactions. This technology is already being implemented in the financial services industry and corporate finance use cases are being tested in controlled environments. Advanced financial applications are in development now, and global systems that could revolutionize traditional finance operations will be implemented in the coming year. Blockchain has the potential to impact each of these segments, redefine the traditional CFO role and revolutionize the finance function. According to the study, the future finance function will use blockchains to increase IT security, manage extended value chains and streamline contract enforcement. It is therefore critical that the CFOs understand the implications and potentials of this technology to remain at the forefront of this new paradigm. Finance is expensive. In particular, though it often doesnt show up in a line item, we invest heavily in trust. What happens to the role of the CFO if trust is much cheaper? What kinds of deals arent done today because the cost of due diligence is just too high? Principal, Global Innovation Leader, Blockchain This article is an introduction to the overall impact of this technology on the finance function. We will follow up with detailed analysis of how this will impact each of the finance functions along with some of the immediate next steps that the finance leadership can take to get ready for the blockchain revolution. Continue reading >>

How Blockchain Technology Will Impact Your Business

How Blockchain Technology Will Impact Your Business

How Blockchain Technology Will Impact Your Business By Julius Vergara January 18, 2018 No Comments Back in Dec 2017, and the price of Bitcoin reached an all-time high at a valuation of $20,000. Financial advisors and journalists flooded news stations across the world with Bitcoins escalation in the market. A month later, and the price has dropped to almost 50% what it once was valued. With events like this, theres no question that cryptocurrencies like Bitcoin have the power to shake up the market and businesses worldwide. But what exactly does this technology mean for your business now? How can you stay ahead of the crypto-curve? Heres what you need to know. What are Cryptocurrencies, What is the Blockchain and What is Bitcoin? Cryptocurrencies are peer-to-peer digital assets that are bought, sold or transferred on a decentralized exchange. You can manage certain cryptocurrencies in a digital wallet like Coinbase. The Blockchain is the digital and decentralized ledger that records all these transactions . This ledger is public, distributed, and encrypted in order to protect it from cybercriminals and highlights the possibility of eliminating the middle man provider by filling three important roles recording transactions, establishing identity and establishing contracts which are traditionally carried out by major banks and financial institutions. This article by Invest in Blockchain gives a detailed overview of the technology. Bitcoin, with a market cap of more than $40 billion , is the largest implementation of blockchain technology. Other cryptocurrencies, like Litecoin, Ethereum, and Ripple , have also helped this technology gain significant influence in the market. The Many Roles of Blockchain Technology in Your Business You might be wondering how this is technolo Continue reading >>

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