While credit cards and cash will still remain to be the most popular form of doing transactions, innovative solutions such as Bitcoin have already started changing the market.
These new technologies will only evolve to further create more convenient ways to do business, and this is where Bitcoin’s blockchain technology takes center stage. The blockchain is being developed to spill over to different fields such as stock trading, buying and selling real estate, and purchasing movies and music online.
This industry solely dedicated to the development of blockchain technology is determined to make transactions quicker, cheaper and safer.
The main idea is to remove as many intermediaries as possible without affecting the outcome of the business. This includes taking out some of the bureaucratic red tape in between the transfer of money, contracts, approvals and other data.
Bitcoin and its blockchain can reduce the time it takes to clear a $40,000 payment to a bank from 3-5 days to just 10 minutes.
Good news for Bitcoin
Bitcoin is taking advantage of the Internet’s capacity to make processes faster, cheaper and more transparent. As an effect, more merchants are enlisting the services of Bitcoin Payment Processors so they too can accept payments in bitcoins.
Bitcoin-driven start-ups have raised a whopping $375 million just in the first half of 2015. That is 11% more growth than they amassed in the whole of 2014, and their number of investments have increased by 63% compared to last year, according to investment tracking firm, CB Insights.
Venture capitalists have begun to focus on other uses for the blockchain. Nasdaq and Goldman Sachs, both transaction giants, are said to be experimenting with Bitcoin’s blockchain technology. Goldman Sachs has put up a start-up that tracks and protects dollars; and Nasdaq has partnered with China to build a “blockchain-based marketplace” catered to privately owned companies.
Ambisafe Inc. from Los Angeles is a blockchain start-up working on a tamper-proof national voting system.
Blockchain Technology Group from San Diego has started a project for blockchain-based music streaming, with a special focus on creating a database of transaction records that help artists get accurate royalty.
Block26, a venture capitalist firm from LA, partnered with Airbitz to work on enabling devices to communicate via the blockchain.
Ni’coel Stark, Block26’s managing principal, couldn’t have said it better.
“The idea is to not miss out in making history,”
And Bitcoin is the portal to doing just that.