Cryptocurrency Is Only The Start: Promising Areas of Blockchain Projects Development
Like everything new and not fully examined, the innovation-based concepts give rise to lots of controversy and the most incredible predictions. Blockchain technology is no exclusion.
The year 2017, which witnessed numerous and controversial discussions around blockchains is left behind, but there are still open issues left.
It’s not deniable that the possibilities of the technology are far beyond the limits of the finance matter. Safety, transparency, openness, rate, and absence of intermediaries can increase significantly the efficiency of processes in diverse areas.
The interests of Umbrella IT clients in blockchain-related project development were initially focused on cryptocurrencies and financial transactions, but lately, we develop projects for such areas as logistics, voting, copyright law, medicine, and others.
For example, in one of the projects for the client Umbrella IT automated the performance of the contracts for the trading platform. Using the smart-contract allowed to ensure accurate fixation and regulation of the terms and conditions of the contract with more than two contracting parties (seller, buyer, carrier). Each of the parties wanted to make sure the terms and conditions of the contract are fulfilled and the payment for services is made in due time. In case the contractual terms are met, the payment shall be made, otherwise, penalties shall be imposed.
Under such circumstances, when several participants need a guarantee and transparency of the processes performed, the smart-contract presents an ideal solution. Every party acts in accordance with the terms of the same contract, which is kept in the blockchain and remains accessible and unchanged.
We collected for you information that illustrates the current relevance of blockchain technology and is intended to help you to decide in what processes and areas of your business the technology will deliver the highest efficiency.
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