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Demystify Blockchain for your customers

5 min reading

An understanding on Blockchain and how it is relatively easier to decode it in comparison to the other cryptocurrencies.

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The world of cryptocurrency is full of technical jargon. You have your irreplaceable token (NFT), your Ethereum, your Solana, your known customers (KYC), your altcoins, your stable coins - not to mention where it all started: Bitcoin.

If all this jargon had a home, it would be a meta universe or a parallel digital world where cryptocurrency and NFT transactions could take place. And the meta universe would not be possible without blockchain, a decentralized database system where all interactions are encrypted and stored forever. In the proverbial chicken or egg debate, cryptocurrency business and blockchain happen at the same time, says Robert Consdorf, CEO of Facings, a Michigan-based company that creates easy-to-use tools for blockchain issuance. Bitcoin is the first blockchain to debut publicly and the first cryptocurrency. About 12 years ago, its inventor, pseudonym Satoshi Nakamoto, wrote a famous document known as the White Paper on Bitcoin, which explained the concept of the world.

Today it is reported that hundreds of blockchains are floating in the metaverse, each with varying degrees of functionality and relevance. “You can take the code for each blockchain and create a new one from it,” Consdorf said. "So, there are a lot of stupid or dead people who have no real investment or operation." But as ridiculous as blockchain may seem - or whatever it is - the technology will still be around. So, if you or your customers have questions, we have some answers to help you.

Explain the appeal of blockchain

Simply put, a blockchain is a special type of digital database that is spread among computers or groups of computers called nodes. The nodes are the hubs where all electronic information is generated, sent and received on their respective networks. Blockchain is a registry that collects and stores this data in groups or "blocks". Hence the name. Blockchain technology is still in its infancy. “I always tell people that blockchain is very slow, very expensive, and databases are very public,” Consdorf said.

But the database is the same, says Ashok Ranadiv, director of professional services at blockchain firm CasperLabs, which is changing the game. “History is neatly written,” Ranadiv said, in contrast to the myriad of messy records that underpin most of our institutions today. This implies an unprecedented potential for financial transparency. Once you make a transaction on the blockchain, it can never be deleted, only changed. The book consists of a continuous series of additional entries that delete nothing and preserve everything.

After all, blockchain is decentralized. They are not regulated by any government, bureau, company, bank or other entity. Using so-called "smart contracts", each blockchain transaction contains instructions in coded form. “The way money is controlled is actually exactly what it says in the software,” explains Philip Gara, director of strategy at Render Network, a company that uses blockchain to process high-quality graphics. It can be argued that some form of automatic regulation appears in the instructions of the Code and this theoretically eliminates the need for mandatory compliance with all types of regulatory bodies.

Unlimited potential of blockchain

Once blockchain is widely accepted, the average person may no longer need to know exactly how it works, but rather how to actually use it. Think about the internet. How many of us know what an IP address is, what routers they use behind the scenes, and how traffic control protocols work? We just need to know how to log in, enter your password and go to the website we want to visit.

According to Consdorf, blockchain is likely to be a place where "humans can create the most important public records for society". Smart contracts can be written, for example, to document currency exchanges, voting protocols, actions, and proof of authenticity. "These are all constructs that can benefit from a high level of public data integrity," Consdorf said.

The potential of blockchain as an infrastructure seems limitless, with recent events on Wall Street demonstrating growing trust among crypto and technology investors.

We are preparing to start

To get your customers to start using blockchain, talk to them about opening their first crypto wallet. The easiest way for beginners to start learning about crypto and blockchain is through a centralized exchange which monitors transactions and uses standard KYC protocols to validate user identities.

As with the most sensitive information, encourage your customers to practice good data hygiene, such as: And if your customers are not interested in crypto business, there are ways in the future to invest in more passive blockchain-related securities. Companies that develop this software are growing rapidly, and eventually technology and venture capital companies will go public and trade on all the major exchanges. While a craze for cryptonews and NFT can easily lead to FOMO, reminding customers that we're just getting started and staying up to date with the latest blockchain news is a good move for someone who isn't sure how he or she wants to get into the action.

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