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How Enterprises Can Integrate Blockchain into Business [Infographic]

Bitcoin may be best known for facilitating darknet transactions and paying off ransomware hackers, but the digital currency is being accepted by banks and governments around the world as a new model for money. Furthermore, the disruptive technology underlying Bitcoin can be used for much more than money.

A blockchain is essentially a distributed, immutable ledger. While it’s giving the world of finance a lot to think about, top innovators see potential for numerous other applications as well. In fact, any system that relies on ledgers could see an increase in both efficiency and reliability if the power of blockchains can be harnessed.

For enterprise-level business, blockchain technology could be a real game-changer, but many business leaders don’t yet see the potential for practical applications – especially when investment in the experts who can build those applications is pricey, and most are relatively new to the business scene.

This article and accompanying infographics break down what blockchains are, how they work, and how businesses can use them to revolutionize everything from inventory to production schedules.

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Beyond Bitcoin: How Enterprises Can Integrate Blockchain into Business

Via APPDYNAMICS

Bitcoin – An Insight On The Past Events and The Times Ahead

Bitcoin came to the scene in the year 2009, Satoshi Nakamoto is the brain behind the founding idea of Bitcoin, who later published a white paper. There, he described how the cryptocurrency will be helpful in curbing the practice of copying the money.

The future holds a lot of promise for Bitcoins, with BitLicense becoming the first body to regulate the currency. With this well-thought move, Bitcoin is slowly becoming the next big thing in the digital mainstream.

Bitcoin – An Insight On The Past Events and The Times Ahead

Cryptocurrencies and Online Gaming: Developing Hand-in-hand

Tablets and smartphones have made online industries all the more convenient.

‘Bitcoin chart’ by Fabian Figuere via Flickr (CC BY-SA 2.0)

Despite only having been around for just under a decade, cryptocurrencies have become an increasingly prevalent market force in recent years. For a digital currency, it comes as no surprise that industries with large or exclusively online presences are some of the first to have accepted payment in cryptocurrency. Although there are more than 500 cryptocurrencies, according to this analysis by the University of Pennsylvania, Bitcoin is by far the most common with an estimated 80 per cent or more of market share at the time of writing.

One of the industries set to capitalise on this cryptocurrency is online gaming. As an industry with such an active online presence, iGaming, as it is often known, is at the forefront of user-oriented development. iGaming encompasses online casino and poker games as well as sports betting, all of are expected to change through the implementation of new technologies. According to the casino of the future infographic found on bgo’s website, virtual reality will profoundly change the way people play poker online, personalising and even humanising the experience through technology that allows one to approximate being in the same room. Many other companies such as Little Miss Bingo and Jackpot Finder are developing their own user-friendly interface through such methods as niche marketing and taking a shopbot approach, respectively. 

One of the developments we’re beginning to see at the intersection between iGaming and cryptocurrencies is the acceptance of Bitcoin as a payment method. In all industries, but perhaps more often discussed in the gambling community, some of the most cherished elements of conducting business online are the immediacy of the transaction as well as the privacy and security cryptocurrencies provide. 

Bitcoin can cater to these precise demands of online customers. For example, as a decentralized currency that operates independently of national fiat currencies, Bitcoin does not require a third-party guarantor in the way that banks act in most transactions. The peer-to-peer nature of cryptocurrencies provide a much greater level of anonymity. And by virtue of the currency going directly from payer to receiver, like cash, instead of having to be cleared by a third-party such as banks in traditional online or credit transactions, Bitcoin creates the possibility for unprecedented immediacy in online payment transactions.  

Perhaps best known for his role as Mini-Me from the Austin Power’s film franchise, Verne Troyer has been the public face of bgo.com since 2014 in his persona as ‘The Boss’. The gimmick is that the customer tries to beat The Boss to win big. That is very much what cryptocurrencies and iGaming are attempting to do together. By combining their attributes as both being net native industries, they have tremendous potential to create a seamless user interface together. As was pointed on in a recent special report by The Economist, Uber has proved a near fatal force to cabbies as Amazon has to traditional retailers. With a recent anti-establishment mood sweeping the world and Bitcoin and iGaming working more closely together than ever before the potential for growth is not to be underestimated. 

Even inherently bricks-and-mortal industries such as hospitality are beginning to accept Bitcoin, like this hotel in Ljubljana.

‘Tresor Hostel is accepting Bitcoins’ by Michael Bumann via Wiki Commons  (CC BY-SA 2.0)

Bitcoin Evolution over the Years

The past decade has been attributed to all sorts of technological advances. From the financial technology that seems to be the future of the banking system to decentralized forms of currency. Bitcoin has then evolved to become the first decentralized currency in the world. While the term Bitcoin has become a household name among many entrepreneurs, there is the need to know how it (the digital currency) has evolved over the years since the original idea emanated in 2007.

Satoshi Nakamoto is the Japanese legend behind the Bitcoin currency. However, it has been rumored in the past that Nakamoto could probably be a pseudonym representing three contributors of the Bitcoin concept; Neal Kin, Vladimir, and Charles Br. But the three of them deny having any relationship with Satoshi. According to Satoshi, his intention was to create a peer to peer version of electronic cash. The idea arose as he looked into a way to stop incidences of money copying.

The first real business took place in January 2009. Besides Bitcoin mining starting out, the first transaction using Bitcoins took place. It was between Satoshi and Hal Finney, a cryptographic activist. October of the same year was also attributed to some success after New Liberty Standard established the first Bitcoin value in relation to the US dollar. The value was $1=1309 Bitcoins.

The success rolled over to the following year and in May 2015, Pizza revealed the interesting news that Bitcoin’s value stood at £1962034. This was a great achievement that has remained bookmarked in the company’s history.

Unfortunately, Bitcoin received a blow later that year in August after it was hacked. Information on how the system verified its currency was revealed. It got even worse when a particular intergovernmental group let out shocking details of possible money laundering practices by new payment methods and that included Bitcoins. The unfortunate case was also evident early the following year after Bitcoin was accused of being an accomplice of the Silk Road, an avenue of conducting untraceable illicit drugs online.

Nevertheless, Bitcoin kept its heads high and in February 2011, its value rose, and each Bitcoin was worth $31. This was great news for the Bitcoin company since it saw it’s market capitalization hit $206 million. The success was evident for the entirety of 2012. In March 2013, a guidance report was established to regulate any person administering, exchanging, and using virtual currency. This was a good move that resulted to Bitcoin market capitalization hitting $1billion. August through December of the same year had the Bitcoin business thriving. For instance, Bloomberg started testing Bitcoin data and how it can be used as money. November also saw the Bitcoin price climb to $700 with the US Senate. However, Bitcoin was not embraced by all since China banned the use of Bitcoin transactions in the country.

The best of Bitcoin businesses were realized in 2014 and onwards.  First, early 2014 was marked by Elliptic launching the first global insured Bitcoin storage service. HM Revenue & Customs further classified the Bitcoin currency as an asset as well as a form of private money. This revealed that the UK government was all eyes in regards to Bitcoin taxation.

Mid 2014 was marked by 29,000 Bitcoins auctioned by the US government after the money was seized from Silk Road, the illegal online marketplace. The New York State Department of Financial Services also released the proposed rules aimed at regulating virtual currencies such as Bitcoins.

Bitcoin success continued to brighten after George Osborne, the Chancellor of the Exchequer purchased £20 worth of Bitcoins. He further announced the UK Treasury’s call to get information on digital currencies. TeraExchange was also reported to have announced that the first Bitcoin transaction took place on a regulated exchange. With the above details, Bitcoin was in a big way gaining credibility and confidence in the public eye.

Finally, 2015 saw the NYSE focus on bringing transparency, security, trust, and safety to the Bitcoin currency.  The UK Treasury Call results for the digital currency were also announced.

BargainRoo.com sponsored and/or supplied the article, including the infographic below:

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Bitcoin Usage Infographic: Bitcoin Shows No Signs of Slowing Down

This new infographic with 33 indicators shows that Bitcoin growth isn’t slowing down in 2016.

Bitcoin2_infographic

Source: Bargain Fox

 

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