Blockchain adoption is in full swing. What does this mean for Barter?

Nansy Dunne
Jan 3 · 3 min read

Hello, everybody! 👋🏻 Today we will tell you about the rapid adoption of blockchain and what it means for Barter.

The use of cryptocurrencies and blockchain technology has become one of the responses to the opportunities and challenges of the development of the global economy, including those associated with the imperfection of government and market regulation.

Blockchain technology and one of the products of its implementation — cryptocurrency — can become a starting point for the transformation of the global economy.

Blockchain is a tamper-resistant distributed transaction log that sets the new level of trust required to exchange value without resorting to intermediaries. This logging system provides a single source of reliable data, ensuring the authenticity of all transactions that occur.

The main advantages of using blockchain are the transparency of the transactions and multiple copying of all these transactions in such a way that each participant in the process always has information about each step of all partners.

The blockchain is decentralized, there is no one common “command center”, hacking which will be able to destroy all data about the transaction and its participants or replace them.

In just a few years, the blockchain has moved from a novelty in the technological world to a tool that large banks, corporations, and states are starting to use.

Soon we will see more and more projects and platforms using blockchain. New projects on the blockchain will be based on its main advantages — openness, security, security.

A characteristic feature of the modern world economy is the internationalization of a person, expressed in the ability to be a citizen of one country, live in another country, do business, or work in a third country. In other words, a person is no longer limited by the national borders of the state and is not associated with any particular country, and can choose a comfortable environment for living and working.

Blockchain technology is evolving and in the future, it will be used in all industries, will create new business models, and provide increased levels of efficiency. Blockchain improves efficiency, reduces the need for control, reduces the number of intermediaries, and optimizes the quality of checks.

Various companies actively cooperate with each other. All terms of cooperation are agreed and signed by future partners in the form of written agreements or contracts. However, such paper contracts can have errors and fraudulent schemes that call into question the trust between both parties. Blockchain offers an amazing solution to this problem through the development and implementation of smart contracts.

Smart contracts are inviolable and reliable, which allows the parties to set any rules, they contribute to the development of companies and are a convenient tool for creating next-generation platforms where all participants in the system can easily and quickly transfer data.

Barter uses blockchain as a foundation to build its ecosystem. When a smart contract is concluded, a digital copy of the barter agreement is recorded in the blockchain, but it may not be publicly available at the request of the parties to the contract and a secret key is required to view it.

Additionally, but as the main element of the platform’s ecosystem, a service is provided for the tokenization of a real valuable asset, which can later be placed on a smartplace.

A legal smart contract with an electronic signature allows you to achieve high reliability and convenience of service. Barter is looking forward and expanding the use of smart contracts in the legal field by using digital assets as contract objects.

Today, the cryptocurrency industry and blockchain technology are at the forefront of economic development plans in every country. Many major corporations use blockchain to optimize business processes, and the use of cryptocurrencies in financial transactions allows you to cross national borders and increase the speed of transactions up to a few seconds, compared to traditional banking operations. In addition, many intermediaries are included in existing transactions that increase the final cost of the product to the consumer.

Over the past five years, many blockchain projects have made tremendous contributions to the industry by creating useful new blockchain protocols and consensus. Today, some of the most relevant areas in the blockchain industry are the confidentiality of transaction participants, the speed of transaction execution, scalability.

📢 Learn how Barter Smartplace is using blockchain technology at http://barter.company/

Join the community: http://t.me/barterteam

Telegram wallet: http://t.me/barterwalletbot

bartersmartplace

NFT marketplace for barter, auction and direct trading based on legal smart contracts