The Importance of Blockchain in the Financial World

blockchain & cryptocurrency

Vignesh Sundaresan is one of the most astute investors and entrepreneurs in the world of cryptocurrency and he is rightfully so. He is part of the first set of people to birth the idea of Ethereum, which has now occupied the position of the second most popular cryptocurrency in the world. He has also built up to 100 Bitcoin Teller Machines starting from Canada and now present in up to 18 countries across the globe.  Vignesh Sundaresan blockchain knowledge and experience is benefiting the world and his opinion about blockchain cannot be swept aside for any reason. Vignesh Sundaresan is of the opinion that blockchain is positively affecting the business world and we will discuss some of his ideas about this in the remaining part of this write-up.

Protection of intellectual property

Blockchain helps to provide top quality security to data and this is benefiting great corporations like Target and Yahoo, who have suffered from security breaches in recent times.  Blockchain is capable of providing an incomparable protection to the public distribution of private information because it cannot be hacked.  This assured security has given business owners a means of recording digital transactions in a transparent, efficient and very safe manner.  Blockchain provides an incomparable cybersecurity and many cybersecurity companies are already buying into the opportunity for protecting intellectual properties. Vignesh Sundaresan blockchain ideas are bent on transforming the way we do business in the world today.

blockchain & cryptocurrency

Reliable for bookkeeping

One other way in which blockchain transforms the business world is by functioning as a bookkeeping tool.  Many of the finance companies all over the world are now exploring the possibility of using blockchain for tracking all manners of transactions.  With the help of blockchain, a company can successfully maintain a highly comprehensive database of financial transactions and assets, which is a mandatory activity for a successful business management.  Accountants are the ones doing this job in companies today, but blockchain can do it more successfully and can deliver better accuracy than the human professional.

Decentralization of payment methods

Blockchain can equally be trusted for the decentralization of payment methods since blockchain does not have any central authority governing any of its transactions.  As a result of its decentralized nature,  the only set of people that has oversight responsibility for blockchain transactions are the buyers and sellers, leading to a complete removal of a third party or central body from the picture.  Because of this,   the value of cryptocurrency cannot be deflated or inflated by any government or by any third party, like world events.  This gives blockchain-backed cryptocurrencies the perfect requirement for transaction facilitation.  Many businesses out there today have already begun using cryptocurrencies to carry out financial transactions because of the reasons given above.

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