Sometimes revolutions sneak up on you. Change isn’t always a sudden, radical switch, but the end result of a logical progression. Blockchain is intimately connected to the Bitcoin digital currency system in many people’s minds. In fact, as the technology behind Bitcoin, blockchain has far-reaching potential.
Is Blockchain a Tool for Change?
“Blockchain is a tool for maintaining transparency, verifying transactions with minimum third party involvement,” explains Helen Child of Striding Edge, specialists in prepaid solutions, based in Heysham, Lancashire.
Helen points out that blockchain has enormous benefits in terms of its technology and how this might be more widely applied.
“While blockchain records all the transactions made with Bitcoin, it does so in a way that makes it very secure, because each transaction has a digital signature that you can’t forge,” she says.
The underlying technology of blockchain can be used to record all sorts of transactions, not limited to Bitcoin. And blockchain is decentralised, making it far less vulnerable to hacking, while all new information it processes requires verification from multiple computers.
“This distributed ledgers technology can be applied to a wide range of vital and complex transactions,” Helen observes, “from legal contracts to records and certificates.”
Smart Contracts and Transparent Deals
“The transaction is at the heart of business, but the playing field, on a worldwide scale, is widely uneven. Blockchain’s technology might actually make engaging in trade a more inclusive activity”
Helen Child, Striding Edge
It could firstly revolutionise contracts, with smart contracts superseding traditional documents, whereby contracts in code can be updated at each stage of in the blockchain.
“This would represent a democratisation of legal contracts, for example,” Helen remarks, “and make the whole process inexpensive.”
Secondly, the technology could be applied in situations where a business or organisation needs to verify identity as part of a credit prepayment transaction.
“This could radically reduce the likelihood of fraud and help to shore up confidence, providing solutions which can greatly assist businesses wanting to expand in a globalised economy,” says Helen.
The whole issue of transparency could be at the forefront of global business development with applied blockchain technology. This includes the provenance of traded goods to providing secure digital access to transactions for poorer industrial nations.
“A change is coming. It may be some way off, but blockchains have the potential to transform business both on a local and global scale”
Helen Child, Striding Edge
To discover more about the prepayment options available to transform your business, please call Striding Edge on 07771 563 274 or visit striding-edge-ltd.com.