Payments & Transactions
Smart contract technology is revolutionizing how transactions are handled by businesses and organizations around the world. The reason financial institutions are attracted to the Blockchain industry is the relatively cheap costs for transactions worldwide, the speed in which it completes a transaction to combat highly volatile markets, and digital security.
Smart contracts eliminate costly middlemen and provide the trust companies depend on when doing business with another company. Smart contracts can replace legal-binding forms, vouchers, and be used to create better reward programs.
Purchase & Sales
Blockchain and smart contracts are changing the real estate industry in a big way. Leasing, purchase, and sales transactions can now be done on the Blockchain via smart contracts eliminating the need for costly intermediaries. Seller and buyer can complete a transaction thanks to a well coded smart contract. Increased security and transparency will also add to the benefits of conducting real estate transactions on the Blockchain. Sellers save thousands of dollars in commercial real estate using smart contracts.
Real estate companies can now buy property around the world in a safer and cost efficient way because of the use of smart contracts. Owners can enter into deals with real estate investors more safely knowing trust is not an issue because of the smart contract.
Blockchain More Secure Than Network Systems
Blockchain services move data more securely and reliably than any other network system. Blockchain stores its data on a public ledger that is virtually tamper proof because there is no administrator/root user/owner. No one is able to change the data therefore Trust-of-a-Person (ToaP) is not an issue. Using a consensus-based algorithm, multiple nodes maintain an all Blockchain-based ledger. Mediators are not needed to verify transactions due to smart contracts.
Although the Blockchain is an openly distributed ledger, the data within it is kept secured due to cryptography. When you use Hyperledger Fabric Blockchain in conjunction with Blockchain you can get even more security and confidential features.
Bookings & Loyalty Rewards
Blockchain technology has already made an impact in the highly competitive travel industry by resolving common challenges faced by companies within the industries. Those challenges are bookings for air fare, hotels, resorts, and cruises. Gatekeepers have been charging hefty fees and surcharges without much competition. That is, until Blockchain technology was introduced into the industry using smart contracts and DApps to cut or eliminate those fees altogether. Smart contracts are fairly new to the industry but as more and more companies adopt it to cut costs and streamline their processes, customers will see prices come down for travel. Loyalty reward programs will benefit the industry by way of cryptocurrency because of the low cost and security Blockchain technology offers. Want to know how we can help you take advantage of this technology? Give us a call and let us show you.