Blockchain: The most predominant and influential innovation in various industries right now. Blockchain technology is leaving no stone unturned. Everything is getting updated by integrating blockchain technology from finance to cryptocurrency to computer science, advertising, and marketing.
If you haven’t updated yourself with blockchain technology yet, you should probably do it ASAP! Before you are left alone in the fast-paced world.
Well, blockchain technology traces its origin to 2009. This technology allowed the digital transformation across the globe without the interference of any go-betweens. For the first time, blockchain technology recorded all the digital transactions conducted using Bitcoin on its ledger and shared them across the participants’ network. Thus, making it open and accessible to everyone on the blockchain network.
Interestingly, the records were not controlled by a single entity. They are easy, verified, and free from the risk of fraudulent activities. Blockchain technology quickly became popular because of its distinctive decentralized nature. This made the storage of information secure and authenticated.
Let’s take a look at how blockchain technology is revolutionizing the world around us!
Blockchain technology made it to marketing and advertising. It is enhancing public relations and other marketing areas by boosting credibility. Blockchain is helping marketing agencies and PR firms to determine and analyze their social media posts. Now they understand the followers, potential customers’ interests, and the different human and bots interactions. This will help companies to improve the post engagement for a better position in the market. Also, blockchain technology helps companies to gain statistics on their marketing efforts to improve customer experience day-by-day.
The technology also helps one test and confirm the uniqueness and originality of the press releases, media advisories, social media posts, ads, etc. It will also help companies to publish genuine content across all their social media platforms. Also, the digital ledger allows easy content management by recording all the changes made to the content by time-to-time.
Blockchain-powered projects are using the new way of fundraising to support their startups. Businesses are adopting Initial coin offering (ICO) campaigns to reach potential investors and customers.
Businesses conducting an ICO come up with a whitepaper that precisely explains the business model, the structure of the technology, the development stage, and the scope of the project, and the implementation of sold tokens to investors. This helps a potential investor to understand the fundamental proposition of the business. Based on the business idea, investors may be asked to buy tokens using fiat money, Bitcoin, or Ether. These funds raised will be used for the development of the startup.
The crypto startups can obtain funds quickly as most investors are pretty much interested in blockchain technology. However, the lack of proper regulations for ICO campaigns results in the startups’ overnight disappearance.
In 2018, the United States Securities and Exchange Commission (SEC) began to crackdown the ICOs and protected investors from fraudulent activities. The SEC also started to add new guidelines for blockchain startups to ensure more STOs (security coin offerings) coming in rather than ICOs.
Global finance is leveraging blockchain technology to simplify cross-border payments and banking activities. Financial institutions are using the decentralized digital ledger to record, verify and complete the transactions faster and secure than ever.
Hence, the banking or financial activities are going through quick processing steps, lower transaction fees, transparent and authenticated processes. Well, who would say no to all these added benefits in life?
Undoubtedly, blockchain technology is an effective and efficient space to make a quick shift. Identifying, verifying, managing, and storing the data is made easy. Of course, the technology is also immune to money laundering and other fraudulent acts.