One of the latest things that’s touted to revolutionalize the way we do business, by removing the need for a third party to do certain transactions, as well as further lessen the risk of committing errors in business is Blockchain Technology. It’s a far cry from the traditional models of business, and takes convenience, accuracy, security, among others, up a notch. With that said, one of the companies that has managed to capitalize on this is Clear Coin. But before we talk about them as a company, here are some of the basics first about blockchain technology, made simple for you to understand.
What is it all about?
In the modern business world, a third-party contact is needed to serve as a link between the supplier and consumer. In most cases, this third party is a bank, which, in turn, employs people to do the job. With Blockchain however, the need for this third party is removed, and this technology serves as a direct link between these two instead.
How is this done?
Blockchain technology makes use of a so-called “digital ledger”, which is basically a database of all exchanges. To keep them safe against security threats, encryption is employed. Instead of people, you deal with computers that evaluate a business exchange, as well as verify, record, and approve them.
What currency is used?
Cryptocurrency has greatly benefited from blockchain technology, as this is the type of money that is being used. This is of a great advantage, especially if the business has clients overseas, as there is no need to change currencies, from bank to bank, which is relatively unstable and could cause unnecessary losses. You are all at an equal playing field, and to make things even better, transactions are as transparent as possible, so fraud through payment would be hard to happen.