Published On: Tue, Mar 5th, 2019

Blockchain technology applications which are rapidly changing the business world

By Contributing Author

Blockchain technology is impacting every area of business including payroll, supply chain, information technology, operations and more. It has truly proven to be the game-changer in this millennium so far. Right from cloud solutions, mobile app development, smart contracts, and various other areas, blockchain technology has even had an impact on the online casinos of today. Let’s acquaint you with some of the most important blockchain technology applications.

Online casino industry

As blockchain technology involves a decentralized approach to data storage, the online casinos which adopt it can never indulge in false claims or cheating. The player is also not dependent on a central server which holds all the relevant data as the process is decentralized and spread over a peer-to-peer network. More and more casino game developers are coming forth and building decentralized applications for the online gambling industry. On the whole, blockchain technology is having a major impact on the online casino industry of today.

Smart Contracts

It is the blockchain technology that powers smart contracts that are facilitating credible transfer of property, goods, and money between different entities. A smart contract is a computer protocol that is being used by organizations everywhere to cut down on the fees associated with conventional contracts and to improve the autonomy of the transactions.

Businesses who once had no option but to work with a third party, for instance, a lawyer, for execution of contracts, can now do the same without the need of any middlemen. As smart contracts are decentralized in nature, none of the parties can make alteration to them, without intimating the other party. If a contract is broken, the other party definitely receives a refund. It is estimated that the smart contracts market will be worth around $ 300 million by the year 2023. Here’s a piece on how smart contracts started and where they are heading.

Cloud storage

Normally an enterprise relies on some centralized server on the cloud for data storage purposes. However, blockchain technology can help decentralized data storage as well. There will be a major improvement in data privacy and security by doing so. Referred to as distributed cloud storage, such a strategy utilizes cryptography and blockchain for data protection. It’s a peer-to-peer decentralized technology wherein data is broken up and encrypted across multiple drives for enhanced security. It’s more efficient compared to the conventional method and there is a minimum risk of data leakage. Resultantly, companies can save a lot on data storage.

Payments

This is the most widely known use of blockchain technology throughout the world. It is about cryptocurrencies that can contribute to the enhancement of enterprise payments. Many bitcoin-based solutions now enable enterprises to manage payroll with remotely-located international workers. The blockchain technology, when used for payroll, does away with the fees associated with the international bank transfers. Not to forget the swiftness with which the payroll can be processed!

 

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