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How Blockchain and Cryptocurrency Can Revolutionize Businesses

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The growth of blockchain and cryptocurrency has been skyrocketing for a number of years, and the hype around it is unlikely to end anytime soon. More and more people are investing in cryptocurrency every new day, and the sector has seen innovations such as cross-border payments, real-time IoT operating systems, NFT marketplaces, decentralized finance (DeFi), identity management systems and more.

Certainly, cryptocurrencies are expected to become the future of money in the years to come, but the blockchain technology that underlies them is already changing the way companies work. Since blockchain provides a secure ledger for all transactions, it can be used to make businesses more efficient. From decentralized security to effective data management and improved transparency, blockchain offers many advantages and is used for various applications in various industries.

Walmart and other large companies are already using blockchain to track their supply chains. British Airways is another notable company that introduced blockchain technology. They used blockchain technology to coordinate data flights between London, Geneva and Miami airports.

They’re also putting a new blockchain-based VChain Verification Service to the test, which, if successful, could completely revolutionize the check-in process. E-commerce giant Alibaba is also using a blockchain-based solution to track luxury products sold on its various websites. Today, blockchain performance is being tested in a wide variety of areas, including education, healthcare, and almost everything else.

Here are some key benefits of blockchain and cryptocurrency that could potentially revolutionize businesses around the world.

Fast and secure transactions

Both blockchain and cryptocurrencies make transactions quick, easy, and secure, which can help businesses operate more efficiently. Credit or debit cards can sometimes take a day or more to complete and display transactions in your account, but crypto transactions can be processed instantly. In addition, these transactions are kept secret.

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Your transaction will not be recorded by financial intermediaries such as banks. You also don’t need to provide any personal information or other sources of identification such as a driver’s license and government-issued IDs. This will protect both your identity and your financial information.

Related: How To Identify And Avoid ‘Shitcoins’ In Cryptocurrency

Low transaction fees

Companies conduct hundreds of thousands of transactions every day. While Bitcoin and other crypto payments are only just beginning to become mainstream, credit card payments are already widely accepted but come with high transaction fees. Accepting cryptocurrency for these transactions means that you will pay significantly lower transaction costs than if you were to use credit cards or other means from banks or other financial institutions.

Increased decentralization

Since blockchain-enabled crypto transactions do not require a third party or a central authority, this paves the way for more decentralized business processing. Therefore, nobody will monitor your information. Only sender and recipient are involved.

Related: 8 Benefits Of Blockchain For Industries Beyond Cryptocurrency

Reduced risk of fraud

In contrast to conventional card payments, which can be canceled using the chargeback function, Bitcoin and other cryptocurrency payments cannot be reversed. Because every transaction is securely recorded, there is a long-term audit trail that can be used to track transactions and verify their authenticity. As a result, every transaction is more audible and understandable, which drastically reduces the likelihood of fraudulent transactions.

This audibility feature can also be used to keep track of other assets so that companies can keep a database updated with various types of information about these assets.

Increased traceability of the supply chain

The use of blockchain-based applications makes it easier to track products and goods as they move through the various stages of the supply chain. The ability to monitor suppliers in real time, eliminate human errors updating data, and use smart contracts for payments is expected to transform the global supply chain industry.

As the supply chain becomes more efficient, companies can shift their focus to lowering other costs and streamlining other processes, including manufacturing, more efficiently.

Cross-border payments

Cryptocurrencies facilitate easy cross-border payments, thereby reducing the barriers to international trade for different companies. As a result, companies can accept payments in cryptocurrencies from customers from all over the world. Not only does this improve a company’s global prospects, it also creates a significant competitive advantage.

Improve your core skills

Since corporate adoption of cryptocurrencies is still a new concept, companies can improve their core skills and prospects with competitors by implementing them early. By offering crypto payments, they can also attract new customers who are interested in the crypto sector.

With cryptocurrencies having the potential to topple even core currencies and even governments planning to offer their own central bank digital currency, this will definitely put companies way ahead of the competition.

New sources of capital

The introduction of cryptocurrency can give companies broader access to pools of capital and liquidity, thereby dramatically increasing their investment opportunities. Initial Coin Offerings (ICOs) are one of the most common methods companies, especially startups, use to raise capital through cryptocurrency.

Similar to the traditional Initial Public Offerings (IPOS) method, companies that raise funds through ICOs typically return cryptocurrency tokens such as Bitcoin and Ethereum to investors in this method.

Potential inflation protection

Although cryptocurrencies are often associated with high volatility, the market is experiencing strong growth these days and no doubt companies can use cryptocurrencies as an inflation hedge in difficult market and economic conditions. Bitcoin is one of the most famous cryptocurrencies that several investors and companies have invested in to hedge against inflation and the ever-changing market dynamics.

Although Bitcoin is one of the most volatile cryptocurrencies, most people choose Bitcoin as an inflation hedge primarily because of its limited supply and because of its attractiveness when its real returns are nearing zero.

Improved treasury function and operations

In addition to simply making crypto payments easier, companies can also get out of the payments space and implement cryptocurrency and blockchain technologies in their operations and treasury functions as well.

Conclusion

Companies certainly have a lot of potential to improve and maximize profits if they take cryptocurrencies and blockchain technologies seriously. By considering the needs of the stakeholders, the overall strategy, and the short and long-term goals, companies can develop the right strategy for adopting cryptocurrencies and then work towards their implementation.

Related: 5 Things to Consider Before Investing in Cryptocurrency

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1 in every 10 Irish investors hold cryptocurrency: Competition and Consumer Protection Commission survey

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The Irish Competition and Consumer Protection Commission (CCPC) poll, published on September 16, revealed important facets of investment trends among the masses. CCPC is the legal body for promoting compliance and enforcement of consumer competition and protection laws in Ireland.
The survey came to the following results:
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  • Information medium:
    • 62 percent of the 1,000 people surveyed used the Internet to obtain information about investments. The resources used by these people include online banking or investment websites, financial news websites, blogs, and social media platforms.
    • 38 percent sought advice from a bank or a financial advisor.

  • Investment form:
    • More than half, 56 percent of investors, prefer online investments.
    • Online investment options are more popular among those under 35.
      • In the under 35 age group, 36 percent preferred to use a trading platform or a mobile app such as XTB or Etoro
      • 29 percent of this age group use an online financial service provider like Revoult.
      • 22 percent of them preferred to invest through a bank or investment company.
      • 10 percent preferred brokers or agents.
  • Popular investment options:
    • For 1 in 5 people, stocks are the most popular investment option.
    • The second most popular investment option is government or corporate bonds, which are preferred by 12 percent of Irish investors.
    • 11 percent of investors held digital assets and a quarter of young Irish citizens speculated in cryptocurrencies.
      • The survey shows that more than 1 in 10 Irish investors have invested in one or more crypto assets.
      • Cryptocurrency investors in the 25 to 34 age bracket have grown to 25 percent. This group of investors is most open to savings in bitcoins or other digital coins.
  • Investment motivation:
    • 79 percent invested in order to achieve better returns for their money in the long term
    • 46 percent invested due to the current low interest rates.
      • In this 46 percent, 51 percent men invested more than 38 percent women because of low interest rates.
    • 26 percent invested in personal satisfaction
      • 47 percent of them were under 35 who invested in experiments.

Based on the results of the survey, Gráinne Griffin, Director of Communications at CCPC, concluded that Irish citizens switch online both when it comes to investing and looking for information about investing. The survey clearly indicates a transition to digitized investment, especially among the younger Irish population, Griffin said.
For the latest crypto news, investment tips, and real-time price updates, follow our Cryptocurrency page.

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Cryptocurrency: Here’s How the Top 5 Coins Have Performed Since April 2021

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Cryptocurrencies have got off to a slow start this year, largely due to an order from the Reserve Bank of India (RBI) to banks telling them not to trade crypto. Cryptocurrency trading accelerated after the Supreme Court lifted the RBI ban in March and allowed coins such as Bitcoin, Ethereum, Dogecoin, and others to be traded. Since then, several online exchanges such as CoinSwitch Kuber and CoinDCX have flourished. But investing in these virtual assets requires due diligence given the extreme volatility of most cryptocurrencies. One way to do this is to look at the historical dates of these coins.

How cryptocurrencies have behaved in the past few weeks and months can give an idea of ​​their potential in the near future and whether a person should invest now or wait.

This is how the top 5 digital coins have behaved since the beginning of this financial year (as of April 1):

Bitcoin

Bitcoin is the oldest cryptocurrency in the world. Since its introduction in 2009, it has remained an undisputed leader in the cryptocurrency market. It was Rs. 42 lakh on April 1st of that year, but by the end of May, when the market collapsed massively due to a Chinese crackdown on mining, it had hit a low of Rs. 22 lakh. However, Bitcoin has recovered. On September 17th it was Rs. 37 lakhs.

ether

Experts say this is the only virtual currency that has a chance to challenge Bitcoin’s dominance, but it is far from realizing its true potential. At the beginning of this fiscal year, Ethereum was trading at Rs. 1.40 lakh. It broke the Rs. 2 lakh barrier by early August. This was the time when the Ethereum blockchain had the big London upgrade. Since then, it has grown in value continuously. As of September 17, at the time of writing, it was Rs. 2.76 lakhs.

Cardano

Launched in 2017, Cardano is a relatively new cryptocurrency coin that has skipped the line to find its place in the top 5. Billed as a third-generation blockchain (Bitcoin and Ethereum are the first and second generation, respectively), Cardano achieved a return of almost 150 percent in just one month. On July 20, it was trading at Rs. 79.71 but by August it had peaked at Rs. 191.41. It saw further gains over the next few weeks, hitting an all-time high of Rs. 227 earlier this month. But profits have since started to decline. On September 17, at the time of writing, it was Rs. 187.82.

Tether

Tether is a stablecoin pegged to the US dollar. As the first coin, it is the most popular stablecoin. Since it is pegged to the dollar, meaning that each Tether coin should be backed by actual dollars in Tether Limited’s reserves, it is very stable compared to other cryptocurrencies. If this stability is predictable, it also limits the ability to grow wealth quickly. It stayed within the Rs. 73–75 this fiscal year. It was about Rs. 77 on 09/17.

Ripple

It is the fifth ranked cryptocurrency in terms of market capitalization. Technically, Ripple is not a cryptocurrency. It facilitates open source payments and XRP is the cryptocurrency that runs on this network. The price has doubled from Rs since April 1st. 41 to Rs. 80 now. But it hasn’t seen a rally similar to what it did in late 2017, which hit its all-time high of Rs 242 in early January 2018. At the time of writing, it was Rs. 84.

Interested in cryptocurrency? We discuss everything about crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music, and anywhere you get your podcasts.

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financial: Cryptocurrency Hyper Fund under government scanner

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NEW DELHI: The government is closely monitoring the cryptocurrency in the market based outside of the country after alerting that the authorities responsible for investigating financial fraud are watching a company called Hyper Fund.

Sources said Hyper Fund, a DEFI from the Hyper Tech Group, recently got under the radar. The group claims to have launched the Hyperfonds to provide a decentralized financial infrastructure. Hyper Fund was announced in mid-2020.

However, according to the company’s website, it is run by Ryan Xu, however, using the Multi-Level Marketing (MLM) model, Hyper Fund has attracted investors with higher returns and such offers, a common practice with Ponzi programs that have alerted authorities first place.

According to sources, complaints against such funds are piling up in several states. In India, the RBI, the Union Finance Ministry and SEBI had warned against trading in cryptocurrencies. The RBI plans to launch India’s official digital currency – E rupee – shortly.

The Treasury Department has made it clear that virtual currencies are not legal tender either. Therefore, VCs are not currencies. The RBI has also made it clear that it has not granted any company / company a license / authorization to operate or trade in Bitcoin or a virtual currency.

In June 2018, Amit Bhardwaj and his brother Vivek Bhardwaj were arrested by Pune police at Delhi Airport in connection with an alleged pyramid scheme. Bhardwaj, started his own Bitcoin mining operation and reportedly defrauded more than 8,000 people across the country for Rs 2,000 crore.

He has filed a complaint with the Delhi Police Department’s special cell alleging that he received a blackmail call and was asked to pay protection money on September 6, 2021 in exchange for promised higher returns.

UK regulators have issued warnings about such funds, and the Financial Conduct Authority (FCA) has issued warnings for both hyper-funds and fund advisers.

On its website, first published March 23, 2021 and later updated on August 31, the FCA said, “We believe this company may offer, advertise or sell financial services or products in the UK without our approval Any financial service or product required in the UK must be authorized or registered by us. This company is not authorized by us and is aimed at individuals in the UK. ”

She warns investors against such a fund and goes on to say, “You do not have access to the Financial Ombudsman Service or are protected by the Financial Services Compensation Scheme (FSCS), so you are unlikely to get your money back if something goes wrong . ”

The website used by these companies under the FCA is http://thehyperfund.online, https://thehyperfund.com/

Decentralized finance offering (DEFI) via blockchain technology from HyperTech Group, which is said to be based in Hong Kong, sources said Indian regulators and agencies have started monitoring the situation.

Following actions by financial regulators such as the US Security and Exchange Commission and the UK Financial Conduct Authority, Indian regulators and enforcement agencies have started overseeing investments in Hyper Fund – a decentralized financial offering powered by blockchain technology from the HyperTech Group.

Financial regulators around the world recognize the fact that Ponzi program organizers often use the latest innovations, technologies, products, or growth industries to attract investors and promise high returns on their program. Potential investors are often less skeptical of an investment opportunity when they judge something new, new or “current”. On its website, Hyper Fund claims to be “the strongest rocket in blockchain funding”.

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