The Future of the Business with Blockchain Technology
For many people, cryptocurrencies remain a mystery. From the technology they are built on, to the utilization possibilities and advantages for businesses: many questions need answers. In an interview with “WKOimBezirk ON AIR”, Crypto Future CEO — Tomislav Matic, shares his expertise and insights on cryptocurrencies, alongside other insightful guests of this special series.
For Tomislav Matic, blockchain technology means building new possibilities for the world. Giving an example of the beginnings of the internet, he expects the same to happen with the blockchain. Its technological complexity will not remain in the foreground, but it will be simply used because of its advantages.
In the podium discussion Nikolaus Jilch, Tom Urbanek, and Guido Miklautsch emphasize the importance of utility of this technology. Adding that it is still relatively new and that as more users will join, the utility value will also grow.
As the focus of this special series is to offer an educative overview of cryptocurrencies to business owners in Vienna, Austria, the burning question remains:
Which benefits would Viennese businesses have from this technology?
Larissa Kravitz answers that it can be applied wherever tamper-proof transactions are involved. Also, one can store a contractual transaction on the blockchain.
She adds that some companies already offer cryptocurrency as payment technology for businesses. The advantage of this is that one can take payments from around the world relatively easily.
Matic adds that the biggest benefits of blockchain technology are transparency or more precisely non-modifiability of the data, which opens many possibilities. One of them is the traceability of groceries that are transparently stored in blockchain. Further, in the field of contracting, where contracts are currently made through different institutions, alternatively, they could be realized through smart contracts on blockchain technology.
An additional benefit he sees for Viennese businesses and consumers is a crypto voucher. Whereas the biggest benefit for the businesses is that the transactions are instantaneously visible, as there is no mediation organization between the two parties (customer and business). Podium discussion has also led to a conclusion that if one has a business that focuses on young consumers, it is a lucrative strategy to implement a new payment method as it has proven to have a „first mover effect“. Crypto Future CIO also shares a vision for businesses made possible with the blockchain technology of having a digital book in a software solution for the balance sheet.
Digital euro VS other cryptocurrencies
Other cryptocurrencies have a completely decentralized infrastructure, which means that a person or a business that holds certain assets is the only one who has access to them and a central institution cannot make decisions about them or hold control over them. The Digital euro would operate by the principle of the Central bank determining the amount of money in circulation, as it currently does.
In conclusion, experts advise you to familiarize yourself with what this technology offers. To be safe: first privately and then as a business owner. The first step is to inform oneself about serious crypto platforms, the second step is to get a crypto wallet. Make sure not to forget the password as you won’t be able to access your assets anymore. When choosing cryptocurrency be aware of the network effect and don´t keep all of your eggs in one basket.
