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A Comprehensive Guide to Salesforce Blockchain

October 21, 2020 by Blockchain Consultants

Wondering what exactly Salesforce Blockchain is? What are its key components? What are its use-cases? This article will answer all your questions. 

Table of Contents

  • What is Salesforce Blockchain?
  • Key Components of Salesforce Blockchain and its Benefits
  • How Lamborghini Uses Salesforce Blockchain
  • Other Use-Cases to Consider  
  • Concluding Lines 

What is Salesforce Blockchain?

Before introducing Salesforce Blockchain, let’s define what Blockchain is. Blockchain is a peer-to-peer decentralized distributed ledger technology that uses cryptography to create a secure linkage between records while mitigating the involvement of third-party intermediaries.

Few describe this innovative technology as a means that offers an opportunity to secure and share data from applications with a network of partners. It is a low-code-based Blockchain platform that allows organizations to build smart contracts, decentralized apps, and networks to share verified data using distributed ledger technology. This technology is capable of managing the challenge of building a stable network and providing the right protocols for you to authenticate. This specific platform has been adopted by American institutions, leading global provider of advanced analytics IQVIA, Arizona State University, among others.

Want to have in-depth understanding of Blockchain Technologies? Looking for the best Blockchain Certifications? You are just a click away!

Key Components of Salesforce Blockchain and its Benefits

The advantage of using Salesforce Blockchain is that businesses can use this platform to develop and operate blockchain networks, applications, and smart contracts using its strong low-code capabilities. 

 It consists of three components:

  • Blockchain Builder is a toolset for building blockchain-based apps known as decentralized apps
  • Blockchain Connect which integrates blockchain actions with Salesforce applications.
  • Blockchain Engage a component that allows clients to invite parties to Blockchain apps created within Salesforce.

Apart from these, the main building blocks of Salesforce Blockchain are:

Hyperledger Sawtooth: It is a Blockchain-based protocol on which Salesforce Blockchain is built. Sawtooth is an open-source Blockchain business platform that aims to distribute ledgers and make smart contracts safe and efficient for enterprise purposes.

Consensus Mechanism: Just like other Blockchain networks, Salesforce offers numerous consensus protocols, allowing networks to decide which process works best as per their requirements.

Smart Contract APIs: Smart contracts allow businesses to develop new business models that are based on confidence and automation. APIs allow Blockchain Developers to build and deploy a set of business rules all across the network.

Want to learn more about Hyperledger and become a Certified Hyperledger Expert? Enroll in Blockchain Council now!

How Lamborghini Uses Salesforce Blockchain

Lamborghini, a luxurious sport car, is using Salesforce Blockchain to authenticate its heritage cars. In late 2019, it was announced that Lamborghini would use the salesforce Blockchain for tracing, certifying, and authenticating its cars faster and more securely than ever.

Initially, when Lamborghini was resold, it had to go through hundreds of certification inspections, and the entire process is tedious and time-consuming. This is because the company has to work with a massive network of resources, including dealerships, repair shops, photographers, etc., in order to record and verify the entire history of all the parts and services of each vehicle.

Using Salesforce Blockchain, Lamborghini is able to innovate and transform the vintage car market. Each car comes with an immutable record of service, including crucial details such as prior ownership and restoration, allowing the history of vehicles to be stored immutably and securely. Moreover, technology helps in bringing all distributed parties together in a single trusted network. This entire process is completely digitized, thus more efficient and reliable. In addition, this new system protects Lamborghini cars against future counterfeits.

Other Use-Cases to Consider  

  • Speed up Service Processes: for quicker and easier servicing of a homebuyer, real estate companies can bring mortgage lenders, property managers, and realtors together on a single trustable network, i.e., Blockchain.
  • Accelerate revenue through network engagement: Banks can minimize sales cycles and enhance customer experience by placing the whole KYC process on the blockchain network.
  • Transforming marketing experiences: A hospitality company can create a blockchain network of distinguishable loyalty rewards, allowing customers to use reward points.
  • Ensures trust in supply chain management: For efficient business practices and customer confidence, high-end clothing companies can ensure ethical sourcing of cotton.

Concluding Lines 

To conclude, we can say that Salesforce is making it possible for customers to connect with their partners using reliable and secure networks without the need for coding. This technology is uniquely designed to lower the barrier for creating trusted networks and enables companies to bring together authenticated distributed data and CRM processes.

To get instant updates about Blockchain Technology and to learn more about online Blockchain Certifications, check out Blockchain Council.  

 

A Comprehensive Guide to Salesforce Blockchain

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Filed Under: blockchain, blockchain technology Tagged With: APIs, Apps, arizona, article, Banks, blockchain, blockchain certification, blockchain certifications, blockchain council, blockchain courses, blockchain developer, Business, car, coding, Companies, cryptography, data, decentralized, developers, Enterprise, Go, Hyperledger, KYC, Ledger, Market, marketing, other, repair, Salesforce, smart contracts, supply chain, Technology

CRYPTOCURRENCY- The Year’s Best-Performing Asset So Far

October 14, 2020 by Blockchain Consultants

Want to know what is the driving force behind crypto’s surge? Interested in learning more about cryptocurrencies? You have landed at the right page. 

Table of Contents 

  • The Evolution of Cryptocurrency
  • Cryptocurrency’s Landscape is Maturing 
  • Decentralized Finance- Driving the Climb 
  • Cryptocurrency: Redefining Money in the Digital Age
  • Conclusion: Is it Worth to Invest?

The Evolution of Cryptocurrency

Crypto evolution was started in 2009 by Satoshi Namakoto, presumed pseudonymous person or persons who developed bitcoin, where he mined the first Bitcoin on a decentralized network. In 2011, Litcoin was introduced, followed by another cryptocurrency ‘Ripple’, in 2012. Soon after this, the price of single Bitcoin was reached to be $1,000. As the concept of cryptocurrency started getting matured, Ethereum(often known as the king of smart contracts) was launched, bringing smart contracts into the crypto ecosystem. Then in 2017, around thousands of cryptocurrencies were listed. In 2018, EOS offered a Blockchain-based infrastructure for decentralized applications(DApps), and at present, decentralized finance has entered into a digital age, opening a lot of opportunities for the crypto ecosystem. 

Want to have in-depth knowledge about all the ins and outs of cryptocurrencies and become a Certified Cryptocurrency Expert(CCE)? You are just a click away! 

Cryptocurrency’s Landscape is Maturing 

As the advent of cryptocurrency has taken the world by storm, it has become a global phenomenon in recent years. However, much is still to be learned about this revolutionizing technology. Cryptocurrency experts and technocrats believe that digital currency has the potential to replace cash one day eventually. If you are a big fan of price predictions, you must have noticed how Bitcoin remains under the limelight in terms of increasing market capitalization. Crypto predictions state that Bitcoin market cap will reach an all-time high of $27,000 while other popular cryptocurrencies will explode to a whopping $2 trillion. 

Moreover, the majority of U.S. investors are gaining appeal in digital assets and believe that crypto should be a part of their investment portfolios. 

Decentralized Finance- Driving the Climb 

According to the Bloomberg Galaxy Crypto Index, crypto assets are showing a high up by 66 per cent in 2020, indicating the rate is exceeding that of gold’s performance by 20 per cent. 

It is found that digital assets are beating global stocks, bonds, and commodities this year and the key reason for the higher surge is due to Ethereum, which accounts for more than one-third of the cryptocurrency’s run this year.  

The Decentralized Finance(DeFi) space is gaining strength, due to “yield farming,” which allows entities and individuals to lend or borrow funds and earn interest without the need for traditional intermediaries. According to DeFi Pulse, the DeFi space has more than $9 billion in cryptocurrencies locked. 

Since the majority of the DeFi apps are run on the Ethereum blockchain, a key reason for the higher surge is due to Ethereum Blockchain.

Mike McGlone, a strategist at Bloomberg Intelligence, explained that Ethereum’s rise is powered by the increased adoption of DeFi, which seems to be keeping its platform leadership status in the domain. 

CEO of crypto asset management firm Two Prime, Marc Fleury, believes that the crypto market is performing outstanding despite the COVID-19 crises. According to him, Bitcoin has become a “refuge,” as it is a hedge against risks just like gold.

Cryptocurrency: Redefining Money in the Digital Age

During the coronavirus outbreak, the Bitcoin market cap was initially slowed down to almost $3,000, but in a few time, it soared back up, hitting $10,000. According to various reports, this pandemic is pushing Bitcoin’s maturity and gaining the upper hand, against the stock market. Rather than seeing this as a crisis situation, analysts and crypto experts are considering COVID-19 outbreak as a catalyst for Bitcoin’s transformation into a safe and most valuable asset like gold. 

Today, crypto can be used for making cross-border payments between participating parties without involving third-party intermediaries, value storage, digital ownership, and much more. Cryptocurrencies offer many proven, high-value use-cases for the digital age. And if this continues, crypto-assets will definitely replace traditional ways of exchanging money. 

Conclusion: Is it Worth to Invest?

Cryptocurrencies, without a doubt, hold a very promising future. But in reality, trading and investing in cryptocurrencies entails a serious risk of failure. The value of cryptocurrencies and futures can fluctuate, and one can lose more than their initial investment as a consequence. But with adequate knowledge in the crypto space, especially regarding the trading strategies, you can invest and trade confidently. If you’re looking for a proven plan to build wealth, I encourage you to check out Blockchain Council and get enrolled in the most-demanding crypto certifications and become a Certified Cryptocurrency Trader(CCT) or a Certified Cryptocurrency Expert(CCE). 

Let us guide you through the process of investing. Enrol yourself today! 


 

To get instant updates about Blockchain Technology and to learn more about online Blockchain Certifications, check out Blockchain Council.

CRYPTOCURRENCY- The Year’s Best-Performing Asset So Far

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Filed Under: blockchain technology, cryptocurrency Tagged With: Adoption, Apps, Bitcoin, blockchain, blockchain council, Bonds, Cash, coronavirus, COVID-19, crypto, Cryptocurrencies, cryptocurrency, Currency, decentralized, Decentralized Finance, decentralized network, DeFi, digital currency, eos, ethereum, Ethereum Blockchain, finance, gold, index, Infrastructure, Investing, investment, leadership, Market, money, other, payments, smart contracts, Space, stock market, Stocks, storage, Technology, Trading, u.s., us, Wealth, world

A Comprehensive Guide on Blockchain Patent

October 5, 2020 by Blockchain Consultants

Wondering what makes a patent a Blockchain Patent? You have landed on the right page. This article will provide you with a detailed guide on Blockchain patents, focusing on which country is at the lead and what are the major companies in this domain. So let’s get started. 

Table of Contents 

  • What is Blockchain Patent?
  • Alibaba takes the Lead in Blockchain Patent
  • Other Major companies Dominating the Patent World
  • Concluding Lines 

What is Blockchain Patent?

At present, Blockchain is the most emerging technology that is revolutionizing how industries and businesses operate. Blockchain is a growing list of records, known as blocks, which are linked through the cryptography mechanism. Instead of relying on a middleman/third party, it stores, corroborates, and transfers data over a distributed network, thus providing security and reliability in a cost-efficient manner.

In simpler words, Blockchain patents are exclusive rights that are issued by an official authority. Just like other patents, such patents grant its owner the right to exclude others from utilizing the patented technology. 

Patent applications related to Blockchain have been increasingly growing globally. A detailed study and examination of the patent environment for Blockchain shows that their patents are being filed worldwide for all sectors, including financial and non-financial domains. 

Alibaba takes the Lead in Blockchain Patent

China has always been a king with the highest Blockchain patent filings. According to a patent application filed with the State Intellectual Property Office of China (SIPO) in 2018, the bank planned to use a distributed ledger infrastructure to enhance the efficiency of certificate issuance and save users from constantly sending the same report to different entities. 

Blockchain patents are skyrocketing at present, and compared to the year 2019; there have been more Crypto / Blockchain patents issued. Although Chinese companies are listed as “top 10” Blockchain patent lists, they are not pure companies of the Blockchain.

Dr. D’vorah Graeser, founder and CEO of KISSPatent, believes that analyzing such patents is challenging, and therefore, he decided to introduce an innovative way to analyze the current state of the Blockchain patents. 

According to the report from intellectual property consultancy KISSPatent, Alibaba Group is the largest Blockchain patent holder, capturing ten times the number of patents held by IBM. Alibaba has registered more than 200 patents, while IBM filed a little over 100 patents. The above stats indicate that distributed ledger technology and cryptocurrency solution patents are becoming a thing again in 2020. A report notes that more patents related to Blockchain were published within the first semester of 2020 in comparison to 2019, a year when three times more Blockchain patents were published than in 2018.

Other Major companies Dominating Patent World

Other U.S. companies such as Bank of America and Mastercard have also filed multiple patent applications other than Alibaba and IBM, which reached the list of Blockchain-related patents, exceeding the total for the U.S. The study indicated that it is only big corporations that dominate the field of patents. In terms of Blockchain patents held, behind 

IBM and Mastercard are Nchain and Walmart. The new report by Kisspatent reveals that the U.S. has 2,112 patents, followed by 350 patents from the Cayman Islands and 118 Blockchain-related patents from Canada. Japan with 108, South Korea with 87, and China with 

77 patents in total are the remainder of the top six.

Dr. Graeser. mentioned that, “about half of all Blockchain-related patents we analyzed fell into the fintech category.”

The detailed analysis also illustrates that the Fintech domain dominates Blockchain patents. Applications that concentrate on cryptocurrency exchanges and financial transactions with Blockchain are the most dominating category. The other category that is most common is decentralized business solutions implemented over the Blockchain. 

Healthcare, conventional banking services, and general business services are other crucial categories related to Blockchain patents. 

Concluding Lines 

Blockchain is not just a technology; it even acts as an enabler for other futuristic technologies such as Machine Learning, the Internet of Things, Artificial Intelligence, etc. Presently, there are more than hundreds of million users of Blockchain applications, which also include several Blockchain patent apps. Well-established FinTech companies, including Walmart, Mastercard, and others, desire to file patents for Crypto/Blockchain technologies, and with each passing year, tech giants are filing such patents appear to be increasing. Undoubtedly, Blockchain is here to stay, and it will act as a powerful force in the disruption of technology very soon. 

To get instant updates about Blockchain Technology and to learn more about online Blockchain Certifications, check out Blockchain Council.  

A Comprehensive Guide on Blockchain Patent

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Filed Under: blockchain, blockchain technology Tagged With: alibaba, alibaba group, america, analysis, Apps, article, artificial intelligence, Bank, Banking, blockchain, blockchain certification, blockchain council, blockchain developer, blockchain expert, Business, Canada, Cayman Islands, ceo, China, Companies, crypto, cryptocurrency, cryptography, data, decentralized, domains, Environment, Exchanges, fintech, founder, IBM, Infrastructure, Internet, internet-of-things, Japan, korea, Ledger, machine learning, mastercard, other, patent, Patents, security, South Korea, Study, tech, Technology, u.s., Walmart

New Members and Certified Service Providers Joined Hyperledger for Annual Member Summit

September 30, 2020 by Blockchain Consultants

Curious to know who all new members and Certified Service Providers joined the Hyperledger annual Member Summit? What was the agenda of such a Member Summit? This article will answer all your questions.

Table of Contents

  • Introduction to Hyperledger 
  • Hyperledger Umbrella 
  • What is the Hyperledger Member Summit?
  • New Members Who Became Part of Annual Member Summit 
  • Concluding Lines 

 

 Introduction to Hyperledger 

Hyperledger is an open-source group whose mission is to increase business Blockchains’ adoption through global open source collaboration. It partners with more than 250 member companies, including the global leaders in finance, banking, supply chains, IoT, manufacturing, etc. Launched in 2015 by the Linux Foundation, it aims to develop enterprise-grade and distributed ledger applications to support cross-industry blockchain technologies. Due to its advancements, it has multiple projects under it; however, four are widely used. Even though Hyperledger has advanced a lot already, it is still evolving and maturing enough to draw the attention of businesses interested in creating more affordable and easier blockchain solutions. 

Want to gain in-depth knowledge of Hyperledger Technology and become a Certified Hyperledger Expert? Sign up for Blockchain Council.

Hyperledger Umbrella 

Let’s briefly define all the projects under the Hyperledger community

  • Hyperledger Fabric provides a platform for the development of different products, solutions, and applications based on Blockchain for business use. 
  • Hyperledger Burrow is a permissioned Ethereum smart-contract blockchain node that handles multiple transactions and executes smart contract code on the Ethereum Virtual Machine.
  • Hyperledger Sawtooth is an enterprise-level, permissioned, scalable blockchain platform that uses Proof of Elapsed Time(PoET) consensus mechanism.
  • Hyperledger Besu is an Ethereum client designed to be enterprise-friendly for public and private permissioned networks.
  • Hyperledger Indy is a distributed ledger that supports several tools and libraries for digital identities rooted in blockchains.
  • Hyperledger Aroha works on Linux and Mac OS, with several mobile and desktop libraries and can be used for interbank settlement, healthcare, logistics, etc.

What is the Hyperledger Member Summit?

The Hyperledger Member Summit is held each year, bringing together the Hyperledger group to learn about the latest innovations, share best practices and work together to accelerate rapid progress across the industry. This year it was scheduled on September 10-11, 2020. However, this time the Hyperledger community announced that Member Summit took place in a virtual format to meet wider audiences.

New Members Who Became Part of Annual Member Summit 

As the Hyperledger group welcomes the virtual Member Summit’s new participants and certified service providers, it showcases eight new members and seven firms that have been Hyperledger Certified Service Providers (HCSPs). 

Eight new organizations have joined for the annual member summit, including Chainstack, SIMBA 

Chain, SIX Digital Exchange, and Visa, to engage with Hyperledger ‘s global group. 

To become a Hyperledger Certified Service Provider (HCSP), the training criteria were successfully completed by various companies, including Creativehill, DeepDive Technology Group, NEC, SAP, SwissCom, Tech Mahindra, and Tencent. 

Behlendorf, Executive Director, Hyperledger, believes that Member Summit is crucial for grounding points for our community. In his words, 

“The pace of adoption for enterprise blockchain is accelerating, and our members are a driving force for critical new technologies and solutions. Our latest members will be important new voices as we set agendas and roadmaps that will keep us pushing this market forward in the year ahead.”

Chainstack Chainstack aims to make launching and scaling of decentralized networks and applications easy. On any cloud, it offers enterprise-grade, managed blockchain services, and aims to offer scalability, flexibility, and transparency.

Creativehill aims at building fintech solutions to find new opportunities in digital finance systems. It aims at building permissioned blockchain systems and offers consultation to those fields where Blockchain can be applied.

DeepDive Technology Group aims at building intuitive and complex blockchain solutions and believes that the Hyperledger community plays a leading role in the advancement of enterprise blockchain. 

EMURGO is a multinational blockchain technology company providing solutions for developers, startups, enterprises, and governments. It aims at developing Blockchain and smart contracts solutions for organizations of all sizes. 

SIMBA Chain is a cloud-based, smart-contract-as-a-service network that enables users to deploy globally accessible decentralized apps (dApps). Such apps allow safe, direct links between users and suppliers, removing third-party intermediaries.

Apart from these, SIX Digital Exchange and Valid Network were also a part of the Member Summit 2020.

The Verdict

Hyperledger provides technological and business governance-supported community-driven infrastructure that aims at building enterprise-grade, open-source, distributed ledger systems, and codebases to facilitate business transactions. The Hyperledger community trains the public about the market opportunity that technology holds. Due to its flexibility, scalability, and security, Hyperledger certifications have gained a lot of public attention. If you want to become a Certified Hyperledger Expert, you can sign up to Blockchain Council!

 To get instant updates about Blockchain Technology and to learn more about online Blockchain Certifications, check out Blockchain Council.  

New Members and Certified Service Providers Joined Hyperledger for Annual Member Summit

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Filed Under: blockchain, blockchain technology Tagged With: Adoption, Apps, article, Banking, blockchain, blockchain certification, blockchain council, blockchain courses, blockchains, Business, cloud, Companies, decentralized, developers, Director, Enterprise, ethereum, exchange, executive, finance, fintech, format, healthcare, Hyperledger, Infrastructure, innovations, iot, Ledger, linux, Logistics, manufacturing, Market, Mobile, NEC, open source, sap, security, smart contract, smart contracts, Startups, swisscom, tech, Technology, Tencent, us, visa

Blockchain Career Path with Salaries- A Complete Guide

September 30, 2020 by Blockchain Consultants

Wondering how to start your career in the Blockchain space? Is it worth becoming a Blockchain Engineer? How much salary do they earn? This article will help you in answering all your questions. 

Table of Contents 

  • What is Blockchain?
  • The Growing Demands for Blockchain Specialists
  • Best Blockchain Career Options and How Much They Earn
  • Conclusion: Start Your Journey with Blockchain Council 

What is Blockchain?

Blockchain is a P2P, distributed ledger which ensures the decentralized nature of the technology and works without involving third-party/central authority. As technology is booming, it has started attracting public attention. Many of the industries, including finance, supply chain, gaming, healthcare, and others, have started adopting blockchain solutions to secure their place in the changing times. Organizations and enterprises are implementing this technology to stay ahead of their competitors. 

Despite the decline in cryptocurrency prices and the flattening of Blockchain’s hype period, the job paths in the blockchain domain appeared to be advantageous.

Want to become a Certified Blockchain Expert? Get started today with the Blockchain Council!

The Growing Demands for Blockchain Specialists

Today, Blockchain is one of the fastest-developing skill sets, with jobs in this domain growing at a breathtaking rate and Blockchain professionals’ salaries being higher than IT professionals. 

The first and foremost reason for the growing demand of blockchain talents is due to the limited talent pool despite the fact that there are tremendous high-paying employment opportunities. Tech giants, including Microsoft, Facebook, Amazon, and others, have launched new teams to work on research into blockchain space. The demand for such professionals is not only restricted to the BFSI sector (Banking, financial services, and insurance), but also by supply chain, healthcare, gaming, real-estate, including government institutions and federal agencies. 

Best Blockchain Career Options and How Much They Earn

If you want to take your career in the blockchain space, it is crucial to understand the various career options. When it comes to the technical side, there are highly valuable positions open for the blockchain industry, which includes positions such as blockchain developer and blockchain architect. Let’s understand these professions in detail.

Who is a Blockchain Developer

A Blockchain Developer is one who understands Blockchain technology profoundly and can build Blockchain-based applications for businesses. He/she specialize in creating and implementing technical solutions for organizations with Blockchain Technology. 

A proficient blockchain developer holds a strong knowledge of bitcoin-like blockchains, including other types of blockchain technologies like Ethereum, Hyperledger, Corda, etc. and responsible for Blockchain evaluation and smart contract development. He develops interactive front-end designs for dApps(decentralized apps) and supervises the entire stack running their dApps.

According to job recruitment firm Hired.com, the average blockchain developer salary ranges from $150,000 to $175,000 per year. Glassdoor reports that the average base salary of a blockchain developer is $ 91,715/yr. 

Who is a Blockchain Architect 

A Blockchain architect offers end-to-end solutions to its customers using Blockchain technology and helps develop an overall blockchain ecosystem engagement strategy. 

An architect progressively makes critical decisions in terms of implementation, operations, and maintenance that define a specific direction for a system and act as a technical liaison between customers, service engineering teams, and support.

According to Glassdoor, the average blockchain architect salary ranges from $146,258 to $157,987. Neuvoo reports that entry-level positions start at $18,525 per year, while most experienced workers make up to $31,493 per year.

If you’re interested in working in the blockchain/crypto space, you should gain knowledge in programming languages related to open blockchain protocols such as Ethereum and learn solidity, a smart contract language. Moreover, if you want to work for financial firms, you should know how to create private blockchains. This is because the majority of financial firms rely on private blockchains, which are governed by a single entity. 

Want to become a Certified Blockchain Architect? Get started today!

Conclusion: Start Your Journey with Blockchain Council 

So if you want to become a successful blockchain developer/blockchain architect, then it’s a pretty golden time for you because opportunities are thriving.

Blockchain Council, a globally renowned online training and certification organization in blockchain space, is believed to be a one-stop solution for aspiring trainees to render the desired competence to have a successful career in this domain. It offers most in-demand certifications, especially in the cryptocurrency and blockchain domain. Such training and certifications focus on making the concepts accessible to those who have little prior knowledge of blockchain technology. 

To get instant updates about blockchain certifications and become a blockchain expert, check out Blockchain Council.

Blockchain Career Path with Salaries- A Complete Guide

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Filed Under: blockchain, blockchain technology Tagged With: amazon, Apps, article, Banking, blockchain, blockchain career, blockchain certifications, blockchain developer, blockchain expert, blockchain salary, blockchains, Career, cryptocurrency, decentralized, engineer, ethereum, facebook, finance, financial services, Gaming, government, healthcare, Hyperledger, insurance, Jobs, Ledger, microsoft, other, p2p, real-estate, smart contract, solidity, Space, supply chain, tech, Technology

Americans don’t want to give up their paper money, but they should

September 27, 2020 by Blockchain Consultants

The recent health scare surrounding the COVID-19 outbreak seems to have accelerated the move toward a cashless society, with cashless payment spiking in concert with viral cases.

Yet, our findings in a Genesis Mining study called “Perceptions and Understanding of Money 2020” indicate that a significant majority of Americans are not psyched about parting with their paper money on a permanent basis.

To be more specific, we found that 60% of respondents are opposed to the idea of paper money being replaced with “digital-only money.” This could be a “devil-you-know” versus a “devil-you-don’t-know” situation where familiarity with paper money is the driving force behind the wariness of giving it up. This is understandable, but if resisting change were humans’ driving principle, then progress of any kind would be impossible.

It is possible that better acquaintance with the advantages of digital transactions could change the minds of those willing to have their minds changed.

It is also possible that the movement toward a cashless society is a non-Democratic issue — that is, it could be inevitable, depending on who wishes to see a cashless society emerge. Embracing the benefits of digital money could ease our transition into a new financial frontier.

COVID-19 has accelerated the cashless revolution

The U.S. news outlet Axios cites several figures and facts indicating that increased health-consciousness amid the global pandemic has accelerated the migration toward a cashless society. Its findings include that:

  • People in various nations are wary of physical money, which they see as a potential conduit for viral transmission.
  • 63% of consumers report using cash less often than they did before the pandemic.
  • Payment for goods and services through apps and websites, rather than with physical money, has increased.

Of course, we must consider the fact that quarantine measures have prevented many from accessing ATMs, paying for goods and services in person, or engaging in activities where they might normally use cash. In some sense, the increase in cashless payments has not been completely reflective of voluntary consumer attitudes. It may, however, be habit-forming.

The idea that your dollars and coins are dirtier than you would like to consider is — unlike the coronavirus — not novel. A 2017 study found that a collection of bills circulating around New York City contained various bacteria and viruses.

Many people’s aversion to unnecessary risk has been illustrated by widespread willingness to wear masks, quarantine and take other health-conscious precautions. Foregoing physical money in favor of primarily-digital payments could be increasingly viewed as yet another way to protect oneself from possible viral infection.

The benefits of going cashless

Even before “COVID-19” became a universally-recognized term, advocates for digital payments were touting the perks of completely or largely-cashless societies. We’ve already touched on the potential health benefits of eschewing dirty cash for cleaner forms of payment.

In addition to health benefits, the advantages of cashlessness — among others — may include:

  • A greater difficulty for muggers and thieves to rob you of your physical money.
  • A greater ability to trace illegal activity that could be more easily perpetrated by laundering cash through businesses, banks and other means without a trace.
  • Commerce-related perks, which Visa notes include faster transactions (on average), less hassle for customers who would otherwise have to procure, store, count and dole out cash, and the fact that customers are statistically more likely to spend more at a business using a card rather than cash.
  • Ease of currency exchange.

Some forms of digital payments may also provide greater security. Security standards used to protect cryptocurrency wallets are being adopted for other purposes, as Big Four audit firm Deloitte noted, and the further adoption of such practices could further bolster asset protection in a cashless society.

The move toward cashlessness falls in line with the general shift toward global uniformity, for better or worse. Some note that uniformity itself is not necessarily a net positive — one of several critiques of emerging cashless societies.

Critiques of going cashless

It would be unfair to pose the prospective benefits of going cashless without mentioning known drawbacks and still-unfounded critiques of the cashless concept.

For one, there is the notion that moving all nations and individual cultures toward a universal standard of exchange is akin to whitewashing. There is something to be said about coming home from a vacation with a paper bill or coin that you had never before seen or held as a keepsake of your trip. Losing the uniqueness of different currencies is a fair concern, to be certain. But is it a greater loss than the potential benefits of cashlessness?

The answer to that question may vary, depending on your values and beliefs. Other critiques of taking societies cashless include:

  • The elimination of cash will be followed by the imposition of ubiquitous transaction fees for businesses and consumers, which, without the alternative option to pay with cash, may be unavoidable and costly over time.
  • Cashlessness represents a greater trend toward limited choice and autonomy.
  • A reduction in cash services will eliminate a substantial swath of jobs that revolve around cash processing, issuance and management.
  • Less cash and more easily-traceable digital transactions mean less privacy.

These are not illegitimate concerns, and there is a debate to be had. Alleviating these concerns with robust security measures and good faith will be necessary to make a fully cashless society work as it should.

Conclusion

With proper oversight and security, the move toward cashless payment mechanisms could provide numerous benefits, and cryptocurrency-level security may be an integral feature of the move toward cashlessness.

There are certainly kinks to be worked out and concerns to be addressed, but the age of COVID-19 has further reinforced that a shift toward all-cashless payments may be not only beneficial but more necessary than many previously realized.

The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Marco Streng is the CEO and a co-founder of Genesis Group and Genesis Mining — one of the largest crypto mining companies in the world. Prior to co-founding Genesis in 2013 and becoming an impassioned advocate for blockchain technology and cryptocurrencies, Marco studied mathematics at the Ludwig-Maximilian University of Munich.

Americans don’t want to give up their paper money, but they should

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Filed Under: blockchain technology Tagged With: Adoption, Apps, Banks, Better, blockchain, Business, Cash, ceo, Co-founder, Companies, coronavirus, COVID-19, crypto, Cryptocurrencies, cryptocurrency, Currencies, Currency, exchange, Future of Money, health, Jobs, mining, money, New York, news, opinions, other, payments, Privacy, security, Study, Technology, u.s., United States, visa, world

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