Benefits of Blockchain Technology for Business & Entrepreneurial
Decentralized Blockchain Technology
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If you list one to ten emerging technologies that have disrupted almost every industry known to man, Blockchain technology will rank the highest. This technology–man's newly found gold–is still one of the grossly misunderstood tools, yet, it is vital to the survival of mankind in our time and day. Blockchain is a decentralized ledger that offers transparency over every transaction on its network. Unfortunately, many businesses don't understand this technology's importance and advantages.
Blockchain offers optimum security to data that is stored on it. Data is important in business; if your competitors have the right data, they have the edge over you. Protecting this is important to the success of your business. Blockchain offers that protection, where no one can access your data except they hack the system, which is next to impossible.
Blockchain also offers greater transparency compared to other platforms; here, every transaction and step you take is recorded on the ledger and is open for everyone to see and verify. It also means that transactions can be traced instantly and audited with ease.
Since Blockchain is decentralized, the limitations that may exist when performing a transaction due to the involvement of governing bodies are eliminated. Transactions are from user to user and do not have to go through a third party to be verified. Also, Blockchain does not need a third party to verify an agreement. They run with something called Smart Contracts.
A smart contract automatically verifies if a transaction or deal went through; if any part defaults, some consequences are built into the smart contract. So, no need for third parties to mitigate; once the conditions are met, the contract is activated. If not, there is no deal. It becomes a very safe way to do transactions and monitor the progress of these transactions.
Advantages Of Using Blockchain Technology
It is safe!
The first concern of people transitioning from traditional trust platforms to blockchain trust is the platform's safety. The Blockchain makes it very hard for anyone to alter information, as every action carried out on the platform is recorded in blocks and linked to a chain.
This means if Mr. A Transfers assets worth $100, a block will be created, recording that activity. If someone tries to alter the previous transaction and maybe change the figure on the block, the platform will record that it acts as a new block; when these blocks are audited, it would be easy to spot the fraud attempt.
The transparency and the fact that a very secure algorithm protects the network make the platform almost impenetrable. Hacking often happens when people give hackers clues on how to access their private wallets. Besides that, the platform itself is hack-proof.
No Need For Bogus Meetings and Paperwork
Imagine you have all the benefits of blockchain technology and traditional asset protection (trust), but this time, it's on the Blockchain. Blockchain Trust, built on blockchain technology, provides asset protection and management. A smart contract mitigates the process that you (the trustor) will agree with. It makes the process easier and more transparent.
The advantage of protecting your business' assets through blockchain trust is that the smart contract can be flexible. Managing all of a trust's requirements is difficult, and some traditional trusts have an entire department to handle these requirements. As a result, your business will spend more money, and the process will be strenuous. With blockchain trust, the process is stress-free; a smart contract can be built to handle all the requirements, and the smart contract can be built in a flexible way and can predict future outcomes.
Your Privacy is Guaranteed
Blockchain trust is built within a proprietary network, meaning the trust's content remains private. This privacy can only be revealed to anyone to whom you give such access. It can also serve as very good protection against credit predators. Since the trust would be built around a network of beneficiaries and trustees, you can always see who accessed the platform and made any alterations. In addition, the platform would record it in a block and be visible to everyone within the network. It can help checkmate fraudulent activities.
You Have Access to Your Assets Anywhere and Anytime
For traditional trusts, you must be present to sign papers and participate in certain transactions. For blockchain trusts, you can transfer your assets from one location to another, at any time, without the limitations of traditional systems.
Your Assets are Safe for Your Beneficiaries
Blockchain Trust offers the opportunity for its users to transfer any asset and record it on the Blockchain. Beneficiaries have access to this information, and when the user or trustee dies, the successor can access the full details of all transactions and assets available.
Blockchain Trust - Your Asset management
'Blockchain Trust' allows users to have all their assets on a single platform, which means they can easily manage all of their assets from a singular platform without having to sign loads of paperwork. In addition, smart contracts can be designed to aid the management of these assets and track remuneration. The platform is also not limited; you can manage as many assets as you have available on the platform.
Assets also can be transformed from physical to digital to coins. The asset value can be converted to the equivalent in coins; these coins can be invested, traded, and increased over time.
Blockchain Trust is simple to use and easy to register, as the registration process takes less time than traditional trusts. In addition, the platform is more secure. It has less human interference, as the system is completely automated, and the system is also designed to evolve as laws and technology change
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Think asset protection, think Blockchain Trust®
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You can register your new Trust company on the Blockchain in less than 30 minutes.
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