Why Blockchain will change Australian businesses for ever

January 10 18:07 2018

With the current rise of cryptocurrencies such as Ethereum, Bitcoin and Ripple, new technology Blockchain also found it’s way to a few headlines. The fact however, is even if the forever growing cryptocurrencies lose the grace, the underlying technology, Blockchain has already created a revolution in the tech space. Here are how businesses can use it to their advantage and why this is something NOT to be ignored.

“IBM was one of the first big companies to see blockchain’s promise, contributing code to an open-source effort and encouraging start-ups to try the technology on its cloud for free.

That a 106-year-old company like IBM is going all in on blockchain shows just how far the digital ledger has come since its early days underpinning bitcoin drug deals on the dark web. The market for blockchain-related products and services will reach $7.7 billion in 2022, up from $242 million last year, according to researcher Markets & Markets” – Fortune.com

Blockchain is simple words is a new technology that helps create a decentralised database to keep a track of all digital transactions. Developed to counter the “Double Spending Problem” in Bitcoin, it has now found ways to almost all the other transactional tech processes. Most clever part about blockchain is its ability to track any transaction of value, preventing double spending without the need for a third party like banks.

“All tangible and intangible properties can have smart technology embedded in them. All registrations or data points where a ‘need of approval’ is required can be processed using blockchain. This decentralisation will ensure unbiased & extremely efficient execution every time. We at Xugar Design are working on various projects that allow seamless integration and development to this new technology. Businesses cannot afford to lose this opportunity and have to find ways to access the benefits.” – Sagar Sethi (Director, Xugar Design)

Smart contracts on the other hand can revolutionise the traditional system of lending. Unconventional money lenders service people who may need loans but have poor credit history. In this case they end up paying high interest or may even lose the properties put forward as collateral. Blockchain technology can undercut this and allow a stranger to loan you the money by taking your smart property encoded on the blockchain as collateral. Here you do not need to mediate via the brokers etc.

Blockchain (node-to-node) networks are growing and are worked on every day. However, mainstream adaptation of the technology is still far. This is an opportunity for the businesses to get in early and capture the markets before the rat race begins.

Media Contact
Company Name: Xugar Design
Contact Person: Bishal Shrestha
Email: [email protected]
Phone: 0394489610
Country: Australia
Website: www.xugar.com.au

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