Blockchain is still a confusing thing for a lot of people. The majority never heard of until bitcoin surfaced the market and caught everyone’s attention. But, things are changing now, and the ubiquitous terms of the past have become the real-time facts.
Cryptocurrency and blockchain technology are transforming the world of business at a fast pace.
We are living in the digital age of accelerations where crypto-mania is pushing people to hold digital currencies over stocks. Moreover, a close observation of blockchain and decentralized ledgers reveals their deep impact on leading eCommerce, major banks, browser powerhouses, and big data, etc.
For example, IBM is using blockchain technology in its ads for business cloud services. Also, its investments in the blockchain-enabled IoT has reached $200 million according to Transparency Market Research Report published in 2017.
Blockchain alone isn’t making this incredible transformation across the industries. Smart contracts enter the game as the next-gen solution to make intermediary-free online transactions possible.
The service providers and consumers know these tools very well. Anything without blockchain is seemingly risky, archaic and thoughtlessly expensive. The fact is that a lot of people do not even know that they are using blockchain technology in the form of fast internet, Wifi, and smartphones. Soon, the blockchain will be taking over the majority world in all walks of life.
Smart Contracts Protection from Identity Theft:
Identity theft and data breach and misuse of information always feel like other people’s problem unless it happens to you. Firewalls, offline backups, and antivirus software hardly protect you. You get this when you are on the phone with your bank telling them you didn’t buy that $200 worth gift cards or $500 worth of lottery tickets. Now, imagine if your funds are well-protected on a digital ledger in which transactions are made through cryptocurrencies and recorded chronologically.
Moreover, this digital ledger – blockchain peer-to-peer network contains smart contracts. It means the system will not process any transactions until all preconditions are met, and this happens only with your consent.
The best thing is that in case, for any reason, any of the parties in the purchase agreement fails to fulfill the specific criteria the smart contracts will guide the system to send the funds back to the parent account. Can your bank do this immediately? No, this instant action takes place only because of the smart contracts integrated into the blockchain system.
Smart Contracts Add Credibility to your Business Operations
Smart contracts add significant value to your business operations. It builds trust between the providers and the consumers because both know that their assets are safe within the blockchain-powered digital ledger. No one can steal it from you.
Smart contracts inherit numerous blockchain properties. They are distributed and immutable. It means any member of the network can mark an activity happening in the system as invalid. These scam alerts help to control the potential frauds and hacking attempts.
Immutable means smart contracts are inconvertible that stops the hackers from releasing the funds. Firstly, they cannot enter into the system and even if they make it possible they will be trapped in the smart contracts mechanism.
Wrapping it all, the level of security for online transactions smart contracts on the blockchain system provides makes it a necessity for the businesses.
The primary concern for every single business is security - more crucial in the case of online transactions. The blockchain development is the right solution not only to manage business operations smoothly, instantly, transparency and securely, but also to ensure data privacy and secure online payment gateways.
Wallet development becomes evident in monetary matters. For the case of point, if you start trading bitcoins, you need to get a digital wallet where you can receive, store and send your crypto coins.
We have listed below numerous benefits of using bitcoin wallet development to ensure secure online transactions.
Government authority regulation as a third party impedes the business processes and asks you pay some extra charges on all the online transactions. For example, banks charge you online money transfer fee as defined by the government regulatory and taxation department. It’s a real pain in the neck.
It’s the reason, everyone from individuals to companies is turning to blockchain software solutions. They get the complete control of their online payments in association with their business operations. Security is a plus they cannot ignore. There is no regulation for online cryptocurrency payments using blockchain. It means no one controls your blockchain wallet or its application during funds transfer.
Getting a wallet isn’t rocket science. With a little knowledge about blockchain and crypto wallet development, you can get it ready. Also, wallet apps are already available for all platforms – mobile, desktop version.
In the form of mobile apps, we all know how easy it is to install it on your smartphone or other mobile devices. All you need is to choose the right app compatible with the operating system of your device and also suits your needs. Try to get the bitcoin wallet compatible with both Android and iOS.
Online payments through banks whether you use ATM or the internet banking systems risk of identity theft and funds stealing remain there. Blockchain wallets eliminate the hacking threat and keep your data confidential.
These wallets ensure more security and no one can break into the accounts of the parties involved in making the online transactions. All the payment information remains secret for everyone except the concerned people having private and public keys without which no transaction can be processed on the blockchain system.
There is no impact of inflation and fluctuating stokes on the blockchain wallet. It means you will get your desired product or service at the standard cost entered into the system no matter how high or low prices get in the real markets.
The inflation leaves drastic impacts on the government released currencies, and therefore you often observe an increase in the transactions fee when you process through banks. Whereas the bitcoin value does not change with the inflated rates and therefore you can use the blockchain wallet for online payments for better results.
Blockchain wallets ensure immediate funds transfer. It’s the reason people choose it. You do not need to wait even for a while to complete the transaction. Whereas, the online payments through banks or PayPal account not only charge a fee but also takes a few seconds (sometimes minutes) to complete the verification process. Now, you can make instant online transactions using the blockchain wallet and free-of-cost.
Last, but not the least is the automatic connectivity of your bitcoin wallet that allows you to manage your funds' collection and utilization directly.