Back in 2009, Bitcoin entered the scene and automatically had a reputation associated with dark web transactions. The reason for this is because Bitcoin offers a secure and decentralised payment system that provides complete anonymity. However, in 2021, Bitcoin has become a global phenomenon that’s slowly becoming accepted as a payment option. Despite Bitcoin’s growing acceptance, it’s the cryptographic blockchain technology behind Bitcoin that will help revolutionise the world of business, and in turn, the customer. Throughout this article, you will learn about Bitcoin and blockchain technology, as well as how they will enhance the customer experience.
A Bit on Bitcoin
Bitcoin is a digital currency that has value in the real world but is not controlled by an individual or government. Bitcoin can be used to make purchases, transfer between peers, or exchanged for other cryptocurrencies. Each transaction is added to a public ledger called a blockchain, but user information isn’t displayed. Each transaction is secure and can never be altered. Therefore, you can always prove you made a purchase. Despite its advantages, Bitcoin is constantly tainted by negative media coverage. Therefore, the Bitcoin market is in a constant state of instability.
In the 12 years since Bitcoin was invented, other cryptocurrencies including Dogecoin, Ethereum, and Cardano have entered the playing field in fierce competition. Due to the instability of the market, it’s important to exchange between crypto when needed. With Paxful, you can exchange your DOGE to BTC in three simple steps. Once you’ve signed up, all you need to do is define your search parameters, browse the peer offers, and choose the right deal for you. As well as DOGE, you can transfer funds between other crypto and real cash.
So, What’s Blockchain?
As fascinating as Bitcoin is, it’s the underlying blockchain technology that holds more real-world implications. Although it sounds confusing, blockchain is a simple premise to understand. Blockchain is an online and open-source ledger that’s used to store transactions. Each time transactions are entered into the blockchain, the change is added, verified, and encrypted. The next time a transaction is made, the process begins again and the block is layered over the previous transaction. With the information stored this way, anyone with an encryption pass can see all information in the blockchain.
Throughout the process, each computer on the peer-to-peer network works together. There is no master server and it lives outside of traditional systems. If any blocks are added to the chain that don’t fit predetermined criteria, the transaction will be terminated. When we talk of transactions in this scenario, we refer to any information added to the blockchain.
Blockchain technology can be programmed to adhere to any “when/if” scenario, therefore it can have huge benefits for businesses and customers.
Supply Chain Tracking
People like to know where their products have come from. At the moment, consumers rely on the word of a business. However, through the integration of blockchain technology, logistics can be tracked throughout the entire journey. The use of blockchain technology in logistics increases transparency between business and consumer.
Identity Verification
Blockchain is the future. Picture this: you’re at the supermarket paying for your groceries, and instead of rummaging for your phone or wallet, you can pay for your goods using biometrics. Well, the future is here; although they’re not widely used yet, companies like Veridium have created such blockchain payment systems. No one would be able to steal your wallet and spend your money again.
Consumer Data
These days, people are concerned with the way their data is being managed. Therefore, the storage of consumer data has become a focal point for blockchain technology. The primary aim is to give power to the consumer. By using blockchain, data storage can be made public, with users being able to access their information and decide to who they sell information. Although users will have to be educated on blockchain mechanics, it will offer peace of mind.
Power Sales
If you have solar panels and wish to sell energy, you need to go through third-party businesses that charge excessive fees. However, thanks to the work put in by early players Lo3 Energy, you can sell your energy directly to another homeowner through blockchain applications. This means that you, and the recipient, are the only people who benefit from the transaction.
Decentralised Streaming
At the moment, video content is governed by a handful of large businesses including YouTube. If you upload anything that slightly breaches their terms and conditions, it will be removed or become demonetised. This can be frustrating if you’re a streamer that borderlines the NSFW genre. Luckily, you can find your new home at decentralised streaming services like Odysee. The service runs on LBRY credits, and the more people use it, the greater they will be worth. At the time of writing, LBRY is worth around $0.54. By using sites like LBRY, you receive 100% of your profits.
Health Data
When we hand our information over to the NHS or other medical providers, we need to have faith that they will protect our data. However, given the number of breaches that occur, this can be difficult. Luckily, MIT developed a blockchain for storing medical data. After the integration of blockchain tech, doctors will be able to view and edit records instantly. Further, patients will have access to their information so that they can choose what to share.
When Bitcoin came about, people frowned upon it and dismissed its value. However, innovative tech gurus saw past the skin and started investigating the underlying blockchain technology. This tech assigns information to a publicly managed and encrypted ledger. Each “transaction” made creates a validated block that stacks up. The more blocks there are in a chain, the more secure it is. Although originally associated with Bitcoin, blockchain technology is beginning to enhance customer experience. For instance, blockchain can be used to store consumer data and give power back to the customer. We’re still in the early days of blockchain, but the end days will hold significant value.
