Blockchain (blockchain or block chain) – built by certain rules, a continuous series of blocks containing information. Most often, copies of blockchains are stored on many different computers independently of one another. For the first time, the term appeared as the name of a fully replicated distributed database implemented in the Bitcoin system, which is why blockchain is often referred to as transactions in different cryptocurrencies, but blockchain technology can be extended to any interconnected information blocks.
Blockchain can be called the second generation of the Internet. Previously, we could only transfer a copy of the file while maintaining the original, but now the new technology allows us to track digital assets, confirm their authenticity and not allow them to be copied without permission. With blockchain technology, it is possible to exchange any digital values, contracts and other verified assets, including money. The Internet is being transformed from a network of information to a network of values.
As a leader, you must determine what exactly you want to do with the blockchain. There is an option to simply launch your own blockchain. This option can bring considerable profit, but it also requires considerable concentration. Here you may encounter the problem of finding qualified personnel.
Another type of project is a decentralized application running on the blockchain. To do this, you can take open source software solutions and provide them with smart contracts.
In fact, blockchain is needed to decentralize certain processes. Therefore, such business models are suitable for him, where there are several parties exchanging goods or services. These can be law firms, financial, marketing, logistics, manufacturing, banking organizations, medical, technical and technological – in a word, blockchain can be implemented in almost any field.
Blockchain networks have made an incredible breakthrough in the overall development of IT technologies. Blockchain is a unique platform with which you can change for the better financial ties with business partners. This system eliminates fraud, and transactions and the exchange of information occur very quickly. By creating exchanges and other services for paying with cryptocurrency, you can get a small percentage for transactions by users. Given that there are millions of them, the amounts will come out impressive.
Now that cryptocurrency prices have recovered, although not too fast in the market, which is opening up for new players and applications, now, perhaps, the best time has come to create a company based on blockchain technology. Although this technology offers unlimited possibilities, however, when starting a new business, the founders should not ignore key points. Namely: create a product that people want; look for investors who are real consultants and partners; hire employees who are willing to work for the long term.
In an ongoing environment, new market entrants also seek to leverage cryptographic distributed registries. Among the most well-known is Metahash, which uses cutting-edge technology, including blockchain, smart contracts and automatic information analysis to help reduce fraud risks for banks, insurers and open markets.
Attention to cryptocurrencies is provided by a jump in the bitcoin exchange rate at the turn of 2016 and 2017, and it is still difficult to distinguish another separate currency that could achieve the same level of acceptance. Virtual money has an obvious advantage in the form of a lack of regulation, which can attract risky investors, but is not suitable for corporations, state budgets and charity: the courses are too unpredictable.
The main difficulty of any startup is the need to attract investment for the implementation of the planned project. Today, ICO is in great demand among competent investors, with its help you can attract more funds. The creation of blockchain projects will give a cryptocurrency business a new impetus in development. For a project based on blockchain technology to become technically flawless, professionals must deal with it.
Blockchain is evolving, it is already possible to conclude contracts on it, which are executed automatically. Blockchain solutions appear at large financial companies, in some places on the Internet you can pay with cryptocurrency.