After a couple of years of dull stock performance and no disruption to government-backed currency status quo, Bitcoin is beginning to fulfill all its earlier promises. Bitcoin is now accepted by a lot of retailers all over the world including Overstock.com, Expedia, and Microsoft. Nevertheless, the major strength of bitcoin is the innovative idea behind it – Blockchain.
This process has brought about a significant change, and it has also enhanced the way a lot of businesses and industries do business. Two industries that can greatly benefit from this Bitcoin-engineered technology are the legal/law firms and financial sectors.
The Fundamentals of Blockchain
A digital ledger that is decentralized to its core, blockchain is not even as complex as people think it is. Every bitcoin transaction has to be authenticated by all the participants in the peer-to-peer network of the blockchain. This verification process happens behind the scene with the help of algorithms and mining processes that gives every transaction a mining process, enabling it to be recorded into the ledger successfully.
Every change that is made will reflect across the blockchain. Therefore, it is not possible to tamper with transactions once they are added. The blockchain is specifically designed for bitcoin, and it can be customized to make it a little bit adaptable for e-commerce and financial services. If you want to incorporate bitcoin payment into your legal/law firm, you can contact IT support in Fort Lauderdale.
Finance and Blockchain
The global management consultancy was highly convinced by comprehensive research done by Accenture that blockchain has the capacity of bringing major changes to the financial services industry. According to the research, about 90% of commercial banking experts are willing to make blockchain part of the payment operations in their company.
Blockchain by Other Names
The financial services industry has lots of regulatory, scalability requirements, and consumer privacy. As a result of this, organizations such as R3CEV (which is the biggest blockchain for tech and banking firms), have deviated from the bitcoin kind of blockchain to create another that better suits the requirements and needs of the industry.
Nevertheless, even R3CEV acknowledged the fact that their open-sourced ledger is greatly inspired by blockchain and the benefits of the blockchain system.
Blockchain and E-Commerce
As e-commerce remains a target point and prone to cyber-criminal attacks, the need for data security that is more robust and safer remains a vital issue in the industry. Blockchain, which is the latest decentralized platform introduces a new class of services, with a very secure technology that enables businesses to protect themselves and focus on their businesses. If you wish to know more about this technology or you want to integrate it into your business, you can contact IT support in Fort Lauderdale.