The anonymous Satoshi Nakamoto changed the world forever in 2008 when it first showed us Bitcoin in its origin. And so began the rapid ascent of cryptocurrency. The central exciting new concept introduced with Bitcoin was the technology of the Blockchain system. This ingenious modern technological marvel allowed users to construct a public ledger where each transaction can be publicly stored and accessed live.
This is revolutionary in its decentralizing capability that promotes community-based sharing among users. Such a concept has opened many doors that were previously closed. Since Bitcoin has invented a complete ecosystem of financial avenues around itself, the opportunity of new blooming businesses was established. And thus a golden era of crypto-currency based activities has entered the timeline of this planet, some of which are described below.
Documentation and Record-Keeping
This is most definitely the driving force behind the blockchain. Bitcoin has introduced the best way of public record-keeping that is perennially present on the internet with no chance of damage or deletion. These records are live, instantaneous and completely transparent. Such a resource is going to be beneficial for many businesses. Many new novel ideas have already come to fruition such as New York-based initiative where blockchain is used to store digital art ownerships publicly.
Other applications include a definitive platform for buyers and sellers offering skills and services where necessary data of an individual is publicly stored for a potential buyer to assess and then purchase. Along with that public record keeping and census, surveys are probably going to be solely based on the blockchain model in the future. Visit goldenprofit.co to learn more.
These are other lucrative new opportunities that have come into existence only because of Bitcoin and corresponding blockchain. An ingenious first introduced by Nick Szabo, it provides automated and user-modifiable self-implementing contracts that do not require a third party. It is the future of all negotiations and collaborations. It is a natural form of program that designs a detailed contract that involves all agreed-upon topics to formulate the best agreement between the two parties.
The blockchain technology ensures that the details re publicly stored and sent to the parties concerned immediately upon storage. Further, the transaction is witnessed by hundreds of users, so foul-play is mostly discouraged. Such smart contracts are going to be the norm when it comes to real estate dealings shortly as it will save both the seller and the buyer tons of money that would have otherwise gone as commission for the escrow service providers.
Open-Source Code Applications
It is wise to save the best for the last and so let us talk about apps with open source code or decentralized apps. The blockchain technology has enabled the development application software that became wholly public nature with no controlling authority that takes all the credit and the money.
This means an app may have originated through somebody’s skill, but it is maintained by the hundreds of users on the blockchains system, which is possible due to its open-source code. Such decentralized need to provide incentives with the users that maintain its structure through digital tokens. This is the same skeletal framework through Bitcoin itself works. Many new decentralized apps are already on the market gathering profits and advancing new crypto-graphic business models such as the smart contract services through Status or resource sharing platforms like Golem.
CryptoCurrency based businesses are set to over-take traditional business models very soon and have promising outcomes for society. It may have started with only the concept of digital currency in the minds of its innovators. Still, it has quickly grown to become a beautiful business philosophy focused on independence, autonomy and secure collaboration.
Along with private capitalizations the public service aspect of blockchain is going to bring real prosperity into a world that desperately needs it. Many businesses, even the ones which are local and small-scale, are already adopting Bitcoin as a mode of legitimate transaction also though many national governments recommend otherwise. This shows that the public trusts this virtual currency and is ready to take the next step in the right direction. All we need now is an open mindset and a willingness to change with the times.