Push Needed for Businesses to Harness Blockchain’s Potential

Blockchain technology offers a plethora of benefits in several key areas. The potential of blockchain for business use (e.g. supply chain management, accounting, quality assurance, smart contracts) exceed the technology’s stated intention. The potential for startups, entrepreneurs, and businesses to harness the power of blockchain is there, but it needs a push before it really gets going.

So What’s the Problem?

Apart from the issues surrounding popular cryptocurrencies, blockchain technology itself has a few limitations namely: transaction costs, time, scalability and most importantly inter blockchain payment capabilities. For example, Bitcoin can accommodate 7 transactions per second, while Ethereum can go as far as 20.

Adding to this, the fee for Bitcoin can cost between USD$20-$30, taking 10 minutes at the least and up to several hours to transfer cryptocurrency from one party to another. Almost all of the blockchain systems be it Bitcoin, Ethereum or Ripple have one limitation in common: scalability, where each computer that connects to the network (the node) must process every transaction.

Further, given that each of these platforms is governed by its own set of protocols, there is no way for them to communicate. Someone looking to send Bitcoin on the Ethereum network will first need to convert the currency via an exchange and transfer their Ethereum assets to a supporting wallet. Time-consuming, tedious and costly processes do not make blockchain currencies attractive for modern businesses neither large nor small.

What Needs to be Done

A protocol is needed that has the ability to process several hundred transactions a second in order to compete with the likes of fiat currency. Lower transaction costs (sometimes near zero) and transfer times (milliseconds) will be a huge bonus. Finally, connecting all crypto blockchains, bringing them together under one roof, improving performance and scalability while eliminating reliance on crypto exchange intermediaries is also a must.

New Roads Open Up Ahead

There are currently several wallet platforms that handle different cryptocurrencies, but lower transaction times and reduced fees are definitely ways a new wallet platform will benefit businesses. With the likes of speed, cost and scalability limitations solved, blockchain will become readily available and be appealing for everyday business uses.

With 1,000’s of transactions processed per second businesses, entrepreneurs etc. can provide their services at reduced costs through blockchain (compared to fiat transactions). Lower cost services have the power to result in increased business-dealings. In particular, this has the potential to give economic impetus to impoverished and deprived regions through a leveling of the commerce playing field.

So What Service Provides This Boost?

The QuickX wallet uses a protocol that speeds up transaction times, reduces costs and eliminates the need for several currency wallets. Your crypto money is stored securely and backed up on remote servers. Finally, it can help businesses both old and new looking to leverage the benefits of blockchain technology with cost-effective dealings and the greater transparency inherent within the blockchain protocol.

Visit QuickX today to learn more about how it can benefit your business.