Blockchain will become a foundational layer for everything
Visa’s blockchain-powered business-to-business payments service, first made public in October 2016, has officially gone live.As reported by Reuters on Tuesday, the payments giant has launched its Visa B2B Connect network — a product that was originally developed alongside blockchain startup Chain.Visa B2B Connect at launch will serve businesses seeking to make payments to 30 markets, according to the report, with 90 more corridors expected to be covered by the close of 2019.
While bitcoin and other cryptocurrencies seem frozen in a bear market, corporations worldwide are quietly co-opting the underlying technology for their own purposes
DTCC” is emblazoned across the top, but few outside of Wall Street realise that in this building, occupied by the Depository Trust & Clearing Corp., are records for most of the world’s securities, representing some $48 trillion in assets — from stocks and bonds to mutual funds and derivatives. In the 1970s, Wall Street created a DTCC predecessor to replace a system that had been powered by young men running around the cavernous alleys of lower Manhattan delivering stock certificates from brokerage house to brokerage house. DTCC still has paper certificates in its vaults, but records related to the 90 million daily transactions it handles are kept electronically on its servers and backed up in various locations. Thousands of financial institutions and exchanges in 130 countries rely on DTCC for custody, clearing, settlement and other clerical services.
Major players are investing in blockchain technology
To sustain success in today’s economy, business owners need to regularly evaluate the mission and vision they have established, making necessary adjustments to ensure they are best serving their customers and communities. Sometimes this means making big changes to core infrastructure. Blockchain offers a new and fresh ways to accomplish this goal. The ability to create a robust and transparent incentive system lies in platforms that utilize this up-and-coming tech solution.
While blockchain may never be a panacea for solving all business transaction problems, it will eventually become a foundational technology across industries that will lead to new business models. blockchain can be an open, transparent electronic ledgerable to remove the middleman — a central bank or a corporate supply chain database — and that will fundamentally change the way businesses transact.Blockchain can document the contribution from suppliers to a manufacturing process by tracking parts as they move. The technology doesn’t necessarily prevent the introduction of improperly sourced raw materials, but it does enable the identification of who introduced those materials into the manufacturing process.
Bridging to Consumers
Beyond simple profit share with users and tokenization features, blockchain technology is also allowing companies to increase user loyalty and customer rewards. Because blockchain allows for transparent interaction between platforms, it also allows consumers to migrate between platforms, increasing usefulness for reward programs.
Ever-Changing Business Technology Needs
If you started a business 10 to 15 years ago, you likely focused on building a comprehensive website, incorporating keywords, and optimizing your Google ads. If you have not yet updated your strategy, chances are, your relevance is waning. Blockchain-based incentive marketing programs are trending and now is the time for entrepreneurs to jump in. The pool is warm.