FX.co ★ Blockchain will turn future business upside down: seven development solutions

Blockchain has long become a part of our reality. In 2016 forty major financial companies experimented with the technology; in 2017, this figure increased. Specialists from the Santander Bank calculated that by 2022, thanks to blockchain, global banks would reduce their costs by $15-$20 billion. The world's leading financial institutions join their efforts to study blockchain and its launch. According to experts, there are five years away from a large-scale shift to blockchain. The experts are certain that the technology will fit in the global future business perfectly. Let's consider some spheres where it might happen.

Contracts

In future, thanks to the decentralized data register, automatic contracts, which enter into force under certain conditions, will be created. It will help to lower the risk of machinations and the costs of funds transfers. Slock already uses blockchain for "smart" contracts, and the Ethereum blockchain project also permits to conclude such contracts.

Data storage

Blockchain decentralizes file storage on the Internet, distributing data over different networks. It helps to protect data from hacker attacks. According to experts, distributed information storage is cheaper and safer for companies and individual users.

Supply management

Blockchain helps to monitor product movements in the logistics chain, recording the condition of goods at every stage. Experts are sure that it will become widespread in the future. The Walmart company already uses blockchain for this purpose in the United States and China.

Payment transfers

Now cryptocurrencies are based on the blockchain technology, which is likely to be used in the future. Thanks to the technology, companies can easily transfer money to contractors and remote employees. As experts sum up, it is quite cheap, fast and safe.

Crowdfunding and stock markets

For buying and selling securities, blockchain is also indispensable. With its help, you can create a single document for transactions, where every participant monitors operational details, especially when it is confirmed by all the transaction parties. The technology is also applied in crowdfunding: thanks to it, startups receive funding from anywhere in the world.

Intellectual property protection

With the help of the blockchain technology, "smart" contracts protect the copyrights of intellectual property owners and automate online sales. It hepls to fight against illegal copying and exclusive products resales.

Direct selling

Thanks to blockchain, large companies and users can sell their products without intermediaries, that is far more effective and safer than a usual way of selling. In future, the direction will actively develop. At the moment, the blockchain technology is used by OpenBazaar, a safe decentralized e-commerce platform. As a result, the company guarantees the authenticity of transactions between buyers and sellers.