How Blockchain can make its way in various businesses?

 

Blockchain technology that originated from a mathematics branch called cryptography can seem difficult, and it can certainly be for any ordinary individual, but its central idea is pretty basic indeed. The technology first gained recognition as a cryptocurrency network such as Bitcoin. Traditional tracking systems are unable to scale with increasing demand for fast distribution services, so the blockchain future is close and is now expanding through a wave of industries.

To make faster paced decisions, companies need modified, secure and authentic data nowadays. In any sized company, it plays a larger role as it offers a scalable, immediate solution for every order authentication. Blockchain technology is basically a virtual ledger capable of tracking and verifying a high volume of digital transactions, allowing business processes to be more productive and cost-effective. New platforms created by Blockchain allow simple document coordination on a shared distributed ledger, making physical paperwork largely unnecessary.

Approvals and customs clearance can become faster with the use of smart contracts, reducing processing times for goods at customs checkpoints, which means entrepreneurs can run their companies more transparently. As the whole network leads to data authentication, Blockchain ensures trustworthy data across the transport and logistics ecosystem. For improved supply chain management, more open contracts, quicker payments and faster background checks, Blockchain can be a game-changer. Using the Internet of Things (IoT) and AI (Artificial Intelligence), Blockchain allows better freight tracking to improve performance, which can be especially useful for capacity monitoring. It also conducts efficient fleet or vehicle performance history monitoring for simpler & accurate on boarding of the carrier.

Intelligent contracts with efficient cost control and removal of intermediaries improve liquidity in the supply chain. Blockchain can evolve over time and, because of their distributed existence, are theoretically self-sustaining. Organizations across the business spectrum are coming to the realization that they can use blockchain technology to streamline their activities and provide their customers with better services. Together with intelligent contracts and digital currencies, the blockchain can make trade and government processes safer, quicker, more efficient and more scalable. And as more and more small players, backed by digital technology, enter the market, the economy will continue its journey towards decentralization.

How Digital currency is going to lead us for a better future?

 

The rapid propagation of technology and connectivity to decentralized digital currencies issued and maintained using Blockchain and distributed digital ledgers has firmly pushed digital assets in front into many people’s consciousness than ever before. It has reversed the transformation of value by individuals and organizations and the removal of expensive intermediate payments, greater market stability, and the reduction of the counterpart risk due to new payment models. 

Decentralized digital assets are meant to speak as an alternative to traditional fiat money that removes control from the authorities of national banks and government organizations and returns it to the hands of conventional individuals. Distributed ledger technologies such as blockchain prevent data alteration and empower payments to be easily validated. Transactions are settled in near real-time and the users can view the entire transaction trail to keep their records straight.

Digital money is not tangible like fiat currencies, instead, it is accounted for and transferred using computers. The most popular and widely-used form of digital money is the cryptocurrency Bitcoin. Cryptocurrencies represent an effective alternative to traditional systems of fiat money.

By eliminating the impact of governments and national banks, the digital currency can principally, take control of money away from institutions and hand it back to the people. The coronavirus epidemic has accelerated cryptocurrency’s existence usher in a new future of financial inclusion. Cryptocurrencies, tokens, and digital assets all appear as payment instruments with which one can make payments quickly, inexpensively, and without unnecessary intermediaries.

In the coming years, it seems inevitable that digital currencies will become widely accessible to customary residents. Although cryptocurrency does not complement the existing financial infrastructure, instead creates a new one - without intermediaries, and which is transparent and reliable, unlike other payment instruments.  Blockchain could likewise limit the requirement for market arbitrageurs, value revealing offices, benchmark providers, and others whose businesses create financial incentives by capitalizing on information asymmetry.

Cryptocurrency technologies allow people to track where each budgeted penny of their fiat currency has been spent.

Physical financial tenders have expensive nature to be moved, stored, and dispensed, hence, banks and other financial institutions are drawn to the efficiency of digital currencies. Businesses and governments are attracted to the potential of digital currencies as these increases economic inclusion manifold and reduce the scope for financial crimes. Blockchain could also allow client onboarding and know-your-customer documentation to be completed on a peer-to-peer basis much faster and easier, without the need for formal interference. Countries could make use of digital currencies based on distributed ledger technologies to improve tax collection and traceability. These are among the reasons why arising crypto market nations have been probably the most dynamic advocates of national bank computerized monetary forms.

 

However, when it comes to using cryptocurrencies in the daily lives, most average citizens still face major challenges, and that needs to be resolved if digital currency is to gain mass acceptance and eventually substitute fiat as the dominant monetary framework. Until then, fintech firms will continue to find ways to help companies and customers invest in digital currencies in their daily lives. After all, replacing a money system that has dominated for almost 50 years is not a mere feat and needs a comprehensive redesign of the financial infrastructure of the world.

Brands that accept digital currency/payments in crypto:

As time passes, the general public is becoming more aware and well known about the digital currency or cryptocurrency. Blockchain technology is adopted by growing numbers of businesses and huge brands as a means of payment for products and services every day following the demands of their consumers, bringing cryptocurrency mass adoption closer to existence. It is now just a matter of time before all traders worldwide can accept cryptocurrencies.

Here are some of the companies that accepted cryptocurrency as their payment solutions and marking a significant change in the financial ecosystem:

Microsoft

Back in December 2014, one of the world’s most famous IT companies opened the doors to this bold innovation. It is real, however, that due to high transaction fees, the company made a short pause in January 2018, but in the recent scenario, crypto payments can be made for some of its items only as in the Xbox store

AT&T

A press release declaring the news was released in May 2019 by this world’s largest telephone communications company. The combination has made the new installment accessible to every one of its clients with the assistance of the administration BitPay and now authoritatively acknowledges bitcoins.

Boatsters Black

This worldwide yacht contract organization began offering a crypto installment alternative to its extravagant clients in June 2018 which turned out to be a successful initiative for the company. After the new installment choice was executed, the number of sanction demands expanded as the newly emerged crypto-millionaires were finally offered an alternative to utilize their advanced digital reserve funds in real life.

Overstock

One of the greatest US retailers, Overstock has consistently been a sharp spectator of digital innovations. It was one of the first global brands to begin accepting crypto payments back in 2014 as an official means of payment and, interestingly, it still offers its customers different types of cryptocurrencies as an option.

Subway
This is another major company that understands the future scope of digital currency and is now accepting cryptocurrency. They also allowed the trading of crypto assets such as Bitcoin for food products.

Takeaway.com
In summer 2017, this European fast-food delivery firm, which operates across 11 nations, including Germany and the Netherlands, entered the crypto frenzy. As their customers can order their favorite meals through a single gateway and pay with cryptocurrency, the company’s website acts as a one-stop-shop for numerous restaurants.

PayPal
PayPal has joined the encrypted money business, announcing that its customers would have the choice of using their PayPal accounts to buy and sell Bitcoin and other virtual monetary assets which then can easily be used to buy items from the 26 million PayPal-recognized merchants.

Shopify
Shopify is one of the well-known businesses with a major change to accept cryptocurrencies as early as 2013, providing consumers with ease of payment to set up their own online shop.

Cryptocurrencies are now globally recognized there is no doubt that it serves some meaningful purposes and is a useful form of payment. Crypto Assets will serve the need for a direct payment commodity that is not intermediated and is proving to withstand mass interest around the world. The larger companies see the potential for cryptocurrencies to prove to be a more convenient means of payment and the big companies will begin adding them to their balance sheets in the near future.

Blockchain Scope in the Insurance Sector

Blockchain is a disruptive technology which on par with the groundbreaking influence of the Internet, is expected to have a far-reaching effect on the insurance industry in the times to come.

Blockchain does not only have strong potential in the insurance sector but other several industries too because it is involved with emerging technologies such as the Internet of Things (IoT) and Artificial Intelligence (AI).

One may wonder, what is the future of digitization or need for technological advancement in the insurance industry and how will it benefit the policyholders? New digital technologies can change the way customers interact with insurers. Technological developments are now important components of the insurance industry that are also equally valuable to insurance companies and their clients. Although technology is used by insurers to achieve a competitive advantage, the clients use these resources online to strengthen the basic nature of workers’ compensation coverage, auto insurance coverage, general liability insurance coverage, and other business-related insurance coverage.

The promise of cost savings and productivity is not the only benefit of blockchain, but it could also enable revenue growth as insurers will be able to attract new business through higher-quality services.

Blockchain technology will help serve the role of the wholesale insurance sector by supporting the global economy more effectively. The insurance sectors are welcoming and adopting blockchain with an open mind as they realize that the potential of Blockchain can provide full accountability, transparency, and superior protection which will save insurers time and money, as well as boost their customer’s loyalty. Blockchain technology can easily help insurance companies solve the challenges of today and adapt to the current competitive market. The technology can help streamline the insurance processes and meet the demands of digitally-savvy consumers by creating and conducting transparent operations based on confidence and stability.

Insurance companies face major challenges in terms of complicated enforcement problems, restricted growth in mature markets, fraudulent claims operation, third-party payment transactions, and the processing of vast volumes of data, which Blockchain technology can take control of and address and solve these in a snap.

In these fast times, the market now demands speedy solutions to insurance-related topics like fast claim settlements, etc. and quick remedies for concerns of customers about processes to be automated and confidential information to be secured.

Although blockchain may not be able to address the entire insurance issues, it surely can provide simple technological solutions that will encourage confidence, accountability, and stability and create further convenience for its users. Blockchain will not be only able to improvise the way insurers record data of risks, but also increase the speed of every step of the insurance sector from buying the policy to its settlement.

The inherent advantages of the financial settlement come embedded in the technical characteristics of blockchain. The entire process of insurance activities like underwriting, premium collection, indemnity payment, and even reinsurance can be efficiently and securely executed with Blockchain when combined with smart contracts. To improve the insurance market, Smart contracts provide transparency, autonomy, accuracy, and other important advantages and help you manage the financial risks if something goes wrong or behaves in an unpredictable way. Owing to smart contracts and due to special tools, all the data from Iot devices can be recorded on the blockchain and automatically analyzed by the insurer and can transfer the money to concerning accounts to cover the damage of the clients.

Some of the main potential uses and applications are mentioned as under:
Claims settlement: On conditions in the policy being met, Smart contracts can enable the insured to automatically receive indemnity without any human interference and adjust the settlement without any hassles. This automation process will enhance operational efficiency at reduced costs, thereby, building higher trust in the insurance company.

Internal management systems: Smart contracts and blockchain technology can put internal management systems to automation mode which will not only improve management efficiency but also reduce labor costs which will improve the efficiency of a compliance audit.

Management of Fraud Claims: To validate the claims and the amount of adjustment, a blockchain-based platform can play a major role as insurance companies’ operating costs will reduce immensely & effectively help to reduce fraud. Critical and confidential information about the insured depending on each case like Driver’s information, vehicle registration details, and claims information, etc. can easily be stored and shared through the platform.

Premium/Claims Management: Blockchain-based technology will efficiently reduce data errors and avoid monetary losses which in turn will help insurance companies or related third parties like brokers etc. to manage the risks and improve the efficiency of claim settlement and daily tasks management.

There is no doubt that with blockchain, the efficiency of data exchange and storage can be remarkably improved. The high-tech platform is equipped to reduce human intervention in terms of many manual tasks involved in the insurance company causing a significant reduction in their operating costs. In short, operating efficiency can be increased manifold and boost utter customer satisfaction with blockchain technology embedded in the insurance sector.

JD Coin got featured on Bloomberg broadcast

 

Newtothestreet “Exploring the block” has broadcasted on Bloomberg on Saturday Oct 24th 2020 featuring JD Coin (JDC). 

This being show Number one hundred forty for ” New To The Street” spanning over 10 years covering top business content for the largest television networks on the globe stated Creator and Co-Founder Vince Caruso.

In addition to Bloomberg broadcast, Saturday, this show has also been broadcasted in its entirety on Fox Business Network Monday, October 26th, at 10:30 pm PST.

JD Coin, based out of the USA, kicked off its success journey in April 2018 with a simple yet challenging mission of creating a secure process of trading, designed for mass adoption with industry-leading transaction speeds. JD coin is coming up with the next generation blockchain aiming to resolve the problems carried away with the previous generations of blockchain. 

JD Coin is paving its way to take the crypto industry by a storm by leading us to better and faster version of technology to address real-world problems in a more practical and cost-effective manner. Addressing the crucial component of consensus algorithm in any blockchain system which determines its performance and security, JD Coin is working on a multi-layered consensus algorithm such as a combination of POS (Proof of Stake) and POH (Proof of History) or POR (Proof of Reputation), etc., will help in providing a solution for varied application scenarios with an ability to run in a small footprint on devices.

The consumer-friendly JD Company is built for practical, real-world use cases where traders need no prior trading experience. JD Coin is leading us to a world of faster processing and sustainable technology, Stated Doctor Singh CEO.

Is cryptocurrency the future for all monetary transactions?

Thinking of Financial evolution, the global economy witnessed shifts and advancements with the purpose of making monetary transactions easier, quicker, and secured. It moved from paper money and coins to online transactions and the use of debit/credit cards. Blockchain technology is here now to offer plenty of advantages in making financial transactions even smoother with the user’s full consent.

A huge global bank- Deutsche Bank realizes the potential of cryptocurrency and states boldly that the current money system is fragile. Deutsche Bank sees that by 2030 digital currencies will rise to over 200 million users. In the “Imagine 2030” report, the global Bank suggests that digital currency could eventually replace cash one day, as demand for anonymity and a more decentralized means of payment grows.

Cryptocurrencies may become legitimate substitutes for fiat currency with regulatory hurdles being surmounted. The decentralized future of cryptocurrency has become more popular than we can think. There is widespread criticism of the shortcomings of current financial structures, leading to an unparalleled wave of interest in innovative ways to conduct economic transactions effectively while maintaining high standards of transparency and accountability. As crypto acceptance will increase, Cash, credit, and debit cards will slowly become obsolete and may continue on this course with wider crypto usability and unique payment solutions.

As a possible instrument for fundamentally altering financial environments for the improvement of society, cryptocurrencies have gained a great deal of publicity. However, the success and willingness to replace and improve conventional financial systems has led to expanding user adoption and media interests.

Cryptocurrencies and digital currency as a whole are obviously the future of money, but it is increasingly apparent that as the crypto market is still very young and dynamic, economic experts must discuss cryptocurrency more and more to make every single user aware of the benefits of owning crypto assets and cryptocurrency market can truly grow and flourish and serve the promised benefits. It is a well-known fact that the greater the user’s confidence and adoption the greater is currency’s worth and credibility.

New blockchain technologies like proof of stake, proof of history, proof of work, etc. help to make digital currencies more viable competitors that can replace traditional money and produce benefits for users across large transaction volumes globally over the internet within few clicks.

The crypto users are creating the value of a cryptocurrency by accepting it as a means of payment. In various ways, the cryptocurrency market generates new possibilities, as this is a growing market that never sleeps and one is able to access his crypto funds anytime, anywhere.

Cryptocurrencies are decentralized in nature, which implies no central authority or third party regulates the money supply. Cryptocurrencies remove the need for the existence of central banks and any need for a middleman. In order to gain general acceptance, any such proposed cryptocurrency system must prove to be adapted/oriented so as to operate across established financial and government institutions and stable coins may ultimately provide the road map to more widespread adoption, with stronger oversight by government regulators.

The need for enhanced usability is standard for all crypto-currencies. A crypto-asset must be adaptable and easy to use and safeguard the interest of its economic user against attempted theft and misuse. While cryptocurrencies provide open participation, only those with a technical understanding and adequate equipment can have access to these. The demand and need for crypto-assets are identified on the market, and the possibilities that a cryptocurrency would entail are currently being explored by various parties.

While the number of merchants embracing cryptocurrencies has risen gradually but still remain in the minority due to lack of global acceptance. A cryptocurrency that aims to become part of the mainstream financial system may have to meet widely divergent requirements fast so that the users are fully aware of the variety of uses of digital assets and carry out all their monetary transactions via crypto payments. Cryptocurrency can make the world look entirely different until fully booted and incorporated into our lives, in ways we can only begin to understand.

Is Cryptocurrency Set to Explode After 2020?

 

Cryptocurrency isn’t a new concept, but it’s only now that more people are seriously considering it as a viable alternative to fiat currency. In fact, TechCrunch points out that cryptocurrency has even more uses beyond being a form of electronic cash due to the technology underneath it — blockchain. This technology can improve frictionless transactions of all kinds, as well as increase financial transparency and security. Yet despite these benefits there still continues to be tight regulations over cryptocurrency across the globe.

This stance may now change due to the pandemic, with many physical processes shifting to digital and contactless. And even beyond 2020, it’s likely that cryptocurrency will explode further due to these three key trends:

Banks starting to hold crypto

Since time immemorial, banks have served as a custodian for valuable objects of consumers. But now, Fortune reports that they will be able to hold cryptocurrencies too, all thanks to a new policy by a federal banking regulator. In a letter published by the Office of the Comptroller of the Currency (OCC), it was noted that national banks and savings associations are now permitted to engage in custody service for their respective clients.

This is a huge leap, considering how major banks have long avoided crypto. The policy now enables them to open crypto operations, which have usually been under the purview of companies like Coinbase and BitGo. Moreover, with banks having custody over cryptocurrencies, it allows for a lucrative line of business. This is because the market cap of popular cryptocurrencies amounts to billions, with the custodians usually charging fees of 0.25% for safeguarding. With more banks taking advantage of this it’s likely that more people will be inclined to invest in crypto. Knowing that their trusted financial institutions will hold their digital coins for them will give them confidence in the stability of the digital currencies.

Continued and rapid rise in the popularity of digital coins

It’s not the ideal scenario, but it’s evident that the pandemic has prompted the resurgence of Bitcoin and a slew of other digital currencies. Bitcoin has more than doubled since March, and has even outpaced gains in equities and precious metals amid a plethora of liquidity released by banks to alleviate the devastating economic impact of the pandemic. As mentioned in our Life After COVID post, crypto is seen as a non-correlated investment option, as well as a safe haven asset.

This resurgence isn’t surprising, considering how popular currencies like Bitcoin and Ethereum are the first ones to dominate the market. Bitcoin is expected to grow up to 200% in the next two years, making now the perfect opportunity to buy in. Investors are also starting to view it as a store of value if inflation continues to rise, which is expected given the situation the world is facing today. With the price being a little over $10,000 at the time of writing, experts note that it won’t come as a shock if it manages to reach $13,000. Meanwhile, Ethereum and Litecoin are also soaring, valued at $350 and $47, respectively.

Central banks launching their digital currencies

It’s no secret that the decline of cash use has accelerated due to the ongoing pandemic, but WeForum underscores that it also resulted in the emergence of central bank digital currencies (CBDCs), which could potentially upend the existing global economic hierarchy. The People’s Bank of China (PBOC) has already ramped up plans to replace cash with e-RMB in an attempt to avoid collecting paper money from high-risk environments. The Deutsche Bank Research also revealed that many central banks are launching similar projects, with 20 digital currency initiatives being led across all regions globally.

Ultimately, though, the main goal of these CBDCs is efficiency and effectiveness. After all, digital currencies eliminate the typical operational and security issues linked to money transmissions. This makes global trade more efficient and less risky due to increasing transparency and traceability. This in turn will lead to greater protection against money laundering and other financial crimes. There may still be a long way to go until these digital currencies enter mainstream adoption, but they have a big chance of transforming how money is managed and used worldwide.

Article written by Cassie Thomas
Exclusively for jdcoin.us