Blockchain has been one of the most awe-inspiring innovations since the Internet came into existence. Blockchain technology basically allows everyone to hold and make transactions as strangers but in a completely transparent manner. There is no mediator in between two people making the transaction, and the entire process becomes easier and cheaper. This concept can be applied to the entire digital world making any kind of exchange/transactions secure (and not just bitcoin). This article will take you through numerous such business models and companies that are beginning to sprout based on Blockchain tech. The Blockchain network consists of nodes, i.e. distributed servers. All the nodes can accept and process the transaction. The nodes on the network share information about the candidate transaction. As much as the logic/tech part of it sounds confusing, the business models are so much more easier to understand and are really impressive. Since the Blockchain network follows consensus and v ... To continue reading, sign up for MEDICI Inner Circle and get free access for 30 days. 100,000+ FinTech professionals trust MEDICI Inner Circle to stay up to date on the latest in financial services.
Although its ability to facilitate crypto-currencies and blockchain in particular is often thought of as the Bitcoin's primary use, the capabilities of the technology go much further, as the linked report explains. Lets Talk Payments has produced an infographic trying to demonstrate some of these lesser-known uses of Bitcoin, and highlights how the technology can be used to support a variety of functions including crowdfunding, identity management, smart contracts, remittance services, data management and analytics, and as a trading platform.