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Seven Unexpected Blockchain Uses That Will Improve Business

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Forbes Finance Council

Successful accounting, financial planning & wealth management executives from Forbes Finance Council share trends and tips.

Forbes Finance Council, All photos courtesy of Forbes Councils members.Forbes Finance Council members discuss what applications could be ahead for blockchain technology.

</div> </div> <p><strong>1. Reducing Carbon Footprints</strong></p> <p>Blockchain is an electronic ledger technology that has many applications, including cryptocurrencies, like Bitcoin and Ethereum. The concept behind this provides a basis for technologically sound and secure payments without leaving behind a paper trail. This new form of managing transactions makes way for industries to facilitate merchant-customer interactions while reducing the carbon footprint. -&nbsp;<a href=”https://twitter.com/ialhusseini” target=”_blank” rel=”noopener noreferrer”>Ibrahim AlHusseini</a>,&nbsp;<a href=”http://www.husseini.com/” target=”_blank” rel=”noopener noreferrer”>The Husseini Group</a></p> <p><strong>2. Internet Of Things Security</strong></p> <p>Keep an eye on blockchain integration with Internet of Things technology. Incorporating the security of blockchain with IoT devices will give customers a new level of security and comfort. This should lead to faster adoption of concepts like “smart home” technology and has the potential to spur growth in the IoT space. -&nbsp;<a href=”https://twitter.com/iwrixen?lang=en” target=”_blank” rel=”noopener noreferrer”>Ismael Wrixen</a>,&nbsp;<a href=”https://feinternational.com/” target=”_blank” rel=”noopener noreferrer”>FE International</a></p> <p><strong>3. Contract Fraud Reduction&nbsp;</strong></p> <p>Expect to see a reduction in fraud. Blockchains are going to digitize the world. Contracts are going to be embedded in digital code and stored in transparent, shared databases. Every agreement in this world will be protected from deletion, tampering, revisions, etc. -&nbsp;<a href=”https://twitter.com/justingoodbread” target=”_blank” rel=”noopener noreferrer”>Justin Goodbread</a>,&nbsp;<a href=”http://www.heritageinvestor.com/” target=”_blank” rel=”noopener noreferrer”>Heritage Investors</a></p>

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Blockchain is the new darling of the technology world, and it’s easy to see why. Its transparency, reliability and decentralized nature make it the clear choice for securing intellectual or virtual assets like cryptocurrency.

But, blockchain’s uses extend far beyond security, and experts believe we’ve only just scratched the surface of this technology’s full potential. As the tech world continues to speculate about blockchain’s future, we asked members of Forbes Finance Council to discuss some unexpected applications of blockchain that will positively impact businesses.

All photos courtesy of Forbes Councils members.Forbes Finance Council members discuss what applications could be ahead for blockchain technology.

1. Reducing Carbon Footprints

Blockchain is an electronic ledger technology that has many applications, including cryptocurrencies, like Bitcoin and Ethereum. The concept behind this provides a basis for technologically sound and secure payments without leaving behind a paper trail. This new form of managing transactions makes way for industries to facilitate merchant-customer interactions while reducing the carbon footprint. – Ibrahim AlHusseiniThe Husseini Group

2. Internet Of Things Security

Keep an eye on blockchain integration with Internet of Things technology. Incorporating the security of blockchain with IoT devices will give customers a new level of security and comfort. This should lead to faster adoption of concepts like “smart home” technology and has the potential to spur growth in the IoT space. – Ismael WrixenFE International

3. Contract Fraud Reduction 

Expect to see a reduction in fraud. Blockchains are going to digitize the world. Contracts are going to be embedded in digital code and stored in transparent, shared databases. Every agreement in this world will be protected from deletion, tampering, revisions, etc. – Justin GoodbreadHeritage Investors

This article was curated from Google News. You can read the original article here.

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