Blockchain technology is a platform capable of designing financial services that solve many shortcomings of the virtual market system today. Therefore, its use is particularly attractive for smes, as it provides them with an accessible and efficient option to make and receive payments. But also, with this resource, they can opt for investment and savings products and consolidate a credit history. Having the support of blockchain can boost the growth of smes , while promoting job creation and economic development . Read on and learn more about the blockchain and how it can benefit your small or medium-sized business. What is blockchain? When you hear about blockchain , you will surely first associate it with cryptocurrencies like bitcoin and ethereum . And you are not wrong, because that is the technology on which these virtual currencies are based . In simple terms, a blockchain consists of a list of transactions that anyone can view and verify. For example, the bitcoin blockchain keeps a record of each sending or receiving of bitcoins in a user’s account.

The technology that supports

In this way, cryptocurrencies and the technology that supports them transfer value online without requiring the intervention of an intermediary. That is, users do not require banks or credit card companies. Seen in this way, blockchain is a global option open to all the financial Philippines WhatsApp Number List services you use today and equally accessible through an internet connection and a computer or mobile device. In fact, virtually all cryptocurrencies , from bitcoin , ethereum , litecoin and others, are backed by blockchain networks . This implies that its accuracy is being thoroughly and constantly verified with a high degree of computing power. In this sense, given the cryptographic nature of blockchains , payments through them could be more secure than conventional transactions with credit or debit cards. Indeed, to make a payment with bitcoin , you do not need to provide any sensitive information.

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This is what makes the blockchain more secure

Theoretically, this means that the risk of identity theft or unauthorized access to your financial information is almost non-existent. How does blockchain work? To explain how blockchain works , some experts use the metaphor of a ship’s anchor chain. Thus, each link in the chain is a block Ecuador WhatsApp Number List of information made up of transaction data. The upper links of the chain account for the most recent transactions. Logically, the lower links contain the data from older transactions. Upon reaching the anchor, it is possible to see all the transactions in the history of the cryptocurrency . This is what makes the blockchain more secure : being an open and transparent record of the entire evolution of a cryptocurrency . When someone tries to manipulate a transaction , the link is broken and the entire network will notice. Other experts prefer to describe the blockchain as a ledger.

 

How smes can benefit from blockchain

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