Business

Have you ever wondered what a blockchain company does? If you have, here’s the answer. They use blockchain technology to grow lists of records called blocks. These blocks are linked together with cryptography. Each of the blocks contains information concerning the block before it thus forming a chain (blockchain). Blockchain data cannot be modified once they are recorded because altering the data in one block will affect subsequent blocks.

Although blockchain companies are new to the finance industry they have made lots of remarkable transformations. Decentralized transactions are now more easy and secure. Via cryptocurrencies, blockchain has gained entrance into payments and transfer transactions around the globe. Some countries are already adopting it as a legal tender.

This article will be reviewing some key features of blockchain technology that have given blockchain companies an edge in the finance sector.

Key Features of Blockchain

1. Immutability

Due to the way blockchain is built, provides a chronological and accurate history of transactions. Everyone in the network has a copy, therefore, it is difficult to alter transactions or add transaction that has not been verified. Altering any transaction would require one to change each copy in various locations.

2. Distribution

Transactions are published and copied in various places by a wide range of participants who add transactions to the ledger therefore, there are several copies of the ledger. However, no one is in control of the ledger. The system is designed in a way that everyone’s ledger has similar information.

3. Money Transfers

Transferring money between countries is quite cumbersome with a lot of challenges such as exchange rates, different banking policies, and errors. Blockchain seems to have eliminated all that with the blockchain technology that allows users to transfer money via their mobile devices. The rates of cryptocurrencies are the same in every location thus exchange rates are not exactly a problem. With this technology, transfers are easier and safer.

 With these key features, blockchain is fast revolutionizing finance, insurance, the government, and several industries. Several companies have embraced blockchain technology and are operating with them. Some of these companies are;

4. BitMEX

Bitcoin Mercantile Exchange (BitMEX) based in New York City is one of the world’s leading cryptocurrency trading platforms. It was launched by a group of ex-bankers with backgrounds from several industries ranging from finance to computer science and financial engineering. It currently hosts exchanges executed by over half a million customers.

5. BRD

BRD provides a platform for Android and iOS users to manage, transfer and purchase cryptocurrencies easily and conveniently. The app is very versatile and easy to navigate even for beginners. It gives users easy access to their wallets at any time.

6. SpringLabs

SpringLabs uses blockchain technology of transparency and data ledger to aid the secure transfer of information between businesses. It allows users to verify identities and minimize fraudulent activities. This is made possible by the inbuilt safety capacity of blockchain technology thus making transactions quicker and faster.

7. Coinbase

Coinbase is a digital portfolio similar to a digital market that enables its users to trade cryptocurrencies. Their technology makes it easy to buy, sell and manage cryptocurrencies.

Conclusion

Cryptocurrency has been in the financial industry for only a decade now and it’s already revolutionizing the finance industry. If you haven’t started using it, now is the time to.

As a business owner, you are bound to have clients and customers around the world. It’s up to you to look for ways to get your merchandise across to these customers in pristine condition. Specific customers place a premium on your order fulfillment capacity.

If you expand, you do not have to burden yourself with the responsibility of delivering your products. There are professional firms that provide these services in such an efficient manner. Asides the fact that they ensure that these items are delivered in record time, they also ensure that your products don’t get damaged. If you’re still in doubt as to what type of products you can entrust an order fulfillment firm with, this article is your guide.

Accessories and luxury items

If you’re into accessory merchandise, you might consider hiring a professional order fulfillment firm. Orders are likely to come for your products from various parts of the world. Women are especially fond of purchasing jewelry from around the globe. Some of the luxury items are quite expensive, and it would be unwise to ship such items recklessly. A professional fulfillment company offers you some assurance over the safety of your product. Luxury accessories like gold chains, bracelets, necklaces, earrings, and anklets can be sent to your clients using a reputable order fulfillment firm.

Furniture

You’d be surprised at the sheer bulk of furniture that is being moved across cities daily. Furniture is often considered a vintage piece, and certain persons place a premium on these items. It would help if you looked to hire a professional order fulfillment company to help you move your furniture.

Delicate goods

Customers often dread the idea of making orders for delicate items online due; such items often get damaged in transit. If your business involves the shipment of fragile items, you might consider an order fulfillment firm’s prospect. The professionals pay close attention to the items while ensuring they reach your clients in one piece.

Gadgets

The advent of technology has made the use of gadgets in various facets of life necessary. People order their devices at will from different e-Commerce stores once the stores have the gadgets in stock. It’s been noticed that stores that offer quick delivery are given preference by these clients. Your gadget sales business will benefit significantly from having a fulfillment company that can deliver in record time. Items that fall into this category include; phones, laptops, and speakers.

Fashionable Wears

If you sell clothes and shoes using online platforms, shipping should be a key component of your business. People who shop for their wears online are often interested in the way their order is packaged. You should hire professional order fulfillment services experts who are experts in packaging items meant for delivery.

Final Thought

Business owners have deemed it fit to put their wares on online platforms to allow people to buy their wares around the world. However, such a move requires proper packaging and delivery to guarantee success.

Bitcoin has registered immense success over time. Its prices shoot up to 750% in a year so it would not be too early to say it is taking over business. However, recent reports are worrying. With a recent big crash, you may be uncertain whether to invest bitcoin. Reports from China show that bitcoin prices plummet by 30% and the uncertainty that ensues should make you reconsider your choice to invest in bitcoin.

Bitcoin’s Firm Foot on Business and why you should not invest in it.

The infatuation with bitcoin is major. As a Cryptocurrency its doing better than real time currency. Experts however say it is an investment Armageddon. It can plummet anytime soon and the below reasons peak into bitcoin. Despite its firm foot, it lacks in:

1. Bitcoin has unregulated space

Bitcoin’s lack of regulation by either government or banks is the red flag that should warn you off. In the case of a grievance, you will have no authority to address it to. When you are ripped off after you have bought a commodity suing your credit card, you will be compensated. On the other hand, if you are ripped off by a bitcoin transaction, you have no grounds to ask for compensation.

You should not invest where there is unregulated schemes. Therein lies pain if you lose your investment yet you cannot ask to be compensated.

2. The issue of bitcoin’s legality

The legality of bitcoin is one major hurdle, most especially for Indian investors. Even though bitcoin has not been declared legal, it is recognized by the Reserve Bank of India and other Indian authorities as currency. This was however cleared in a December 2013 press release.

In the press release, traders of bitcoin and other virtual currencies were warned about potential operational, financial, customer protection, legal and security related risks. If this alone is not enough to keep you from investing in bitcoin, the latest February 2017 press release ought to.

The press release stated The Regulator had not licensed companies to trade in visual or digital currencies. The Reserve Bank of India added that if you deal with bitcoin it would be at your own peril.

3. Ponzi schemes abound

You should be aware of the high risk of fraud. Fraudsters have banked a lot on the misinformation and lack of clarity that has surrounded bitcoin and Cryptocurrencies. Weigh your options keenly if you see a promise of ‘high returns’. It might be a Ponzi scheme.

Watch out for those companies that promise to double your initial investments. Miscreants will use the growing fame surrounding Cryptocurrencies to lure you into Ponzi schemes. If you want to invest, do so in the right state of mind because bitcoins are highly volatile. Promises of great returns after a short time are therefore highly unlikely.

4. Prone to illegal activity

Extortionists and even terrorists can utilize the Cryptocurrency space as advantage over your investment in bitcoin. Illegal activities might just be at the end of your transaction without your knowledge. Cybercriminals can lure you and take advantage of your investment and you have no way to ask for compensation because they know how to cover their tracks.

Cybercriminals mask their addresses and even the government is not able to snuff them out. On one occasion, a bitcoin trader had his computer locked by hackers. They demanded from him payment in 3 bitcoins for his computer to be unlocked. He made the payment but the hackers did not keep their end of the bargain.

Hacking incidents and cybercrime make it impossible to track these legal activities. This stands as a danger in the Cryptocurrency space. Bitcoin has an unregulated scheme and this will expose you to unforeseen risks such as anti-money laundering and financing terrorism laws.

5. Extreme volatility

Investing in Bitcoin is a high-risk venture because its prices are volatile. Bitcoin investment has been met with a fair share of skepticism. Analysts have their reservations about bitcoin because it lacks an ecosystem that will allow them study its investment. Bitcoin lacks enough ecosystem making it impossible for analysts to study is an investment.

What the bitcoin ecosystem lacks is enough individuals, organizations, entrepreneurship support organizations and top performing startups. These elements make bitcoin give bitcoin a ‘lesser’ ecosystem. You should invest if you have imperfect information. Bitcoin prices are not regulated and if you join the bandwagon, prices climb even higher.

Being lured by bitcoin’s high prices will burst your bubble of expectation. When this happens, it will cause widespread loss and your initial investment will not be recovered.

6. Neither currency, nor commodity

Bitcoin lacks clarity on its origin. The proponents of bitcoin have unlike ‘fiat currencies’ failed to call bitcoin a commodity. This corrupts even the thought that bitcoin has been mined using complex mathematical formulae. Bitcoin does not fall in the currency category. Before you invest in it, you should know that any government does not control it.

The act of bitcoin declaring itself as democratic makes it risky for you considering investing in. Ensure that your investment is at least backed up by a tangible asset or at least by sheer demand.

7. If you are not familiar with bitcoin, do not invest

Take it from global bankers and experts who have warned against investing in bitcoin. They are of the opinion that Cryptocurrencies are but a bubble waiting to burst. You may be caught up in the quagmire that bankers and retail investors are caught up in. Retail investors have used the Citgroup CEO Virkam Pandit as leverage because he invests in bitcoin.

This should not make you invest if you have no knowledge prior to bitcoin. You should follow Warren Buffet’s take of not investing in something that you do not understand. If you are not convinced yet, if bankers ask you to keep away from bitcoin because they do not understand bitcoin it is most likely that retail investors have no understanding of the phenomenon as well.

Conclusion

Bitcoin is a lucrative form of Cryptocurrency business. What lags it from ‘taking over the business world’ are the above reasons. It is an unregulated scheme and you should only trust your investment with an avenue that has put in place enough measures to secure your interests. Still it is the fad on the business street, there is no denying that.