It has been 10 years in since the first paper about Blockchain technology was released, a link to a paper authored by the presumed pseudonymous Satoshi Nakamoto with title Bitcoin: A Peer-to-Peer Electronic Cash System, it was initially posted to a cryptography mailing list, according to Wikipedia article. Therefore the early era of cryptocurrency begin.
Today there’re countless ways to implement Blockchain. After the release and major trend of Ethereum Smart Contract, it became the first layer of abstraction for implementing Blockchain — it is treated as a framework to implement the technology by creating a decentralized application (DApps).
Many start-up companies have tried to leverage the vast advantages of using the technology of distributed ledger. Many of them have tried to implement it in various use cases, from payments to legal documents, from escrow to voting systems but majority of them was just shameful scam scheme and the rest of them failed to fulfill their plan or usually known as the Roadmap and drowned by their own promises.
In response to recent bearish trend of Cryptocurrency market that’s been happening since early 2018 there are many skeptics started objecting about the true use cases of cryptocurrency and even the Blockchain technology itself, they proclaimed their doubts whether Blockchain implementation is really useful at all. Below is a paragraph that I brutally copy-pasted from Kai Stinchcombe post.
The original intended use of the Blockchain was to power currencies like bitcoin — a way to store and exchange value much like any other currency. Visa and MasterCard were dinosaurs, everyone proclaimed, because there was now a costless, instant way to exchange value without the middleman taking a cut. A revolution in banking was just the start… governments, unable to issue currency by fiat anymore, would take a back seat as individual citizens transacted freely outside any national system — Kai Stinchcombe
Personally, there’re some bits from here and there in the article that i totally agreed on — But even after 10 years of its implementation of Blockchain uselessness doesn’t justify the excuse to render Blockchain technology as non-essential and useless except for price speculation and illegal transaction.
This is due to the nature of any new invention, history has showed us that invention itself is not an einmalig event. Even back than the imagination of a human to be able to reach the sky was considered a lunatic idea, even the person that firstly proclaimed about heliocentric theory was burned alive by the Pope. To put it into modern perspective Neil deGrasse Tyson stated something about fundamental science research in this modern era that indirectly related with the problem in his Interview with YouTuber MKBHD.
So let’s go back a hundred years, the dawn of our understanding of the atom. So how does the atom works? — I don’t know — Let’s probe it we start probing it in the 1920s through particle accelerators — Out of this come the quantum physics. On top of that Albert Einstein says — “Using our current understanding about physics, I can put them together to calculate then I’ve come up with a new thing that would in atoms it’s called the Stimulated Emission of Radiation”
Obviously, no one initially pays attention to this thing. Suppose you have a lawmakers and politicians and people saying “Why doesn’t that help me today? why you’re doing which has nothing to do with anything?” — “You’re so smart, why wasting it on atom?” — It would actually take 40–50 years before that discovery become practically useful for human being.
Obviously there will always be different sides about everything. On the other hand however a lot of massive-scaled company has been reported trying out possible implementations of Blockchain technology in their existing business model.
JD.com, one of China’s largest e-commerce companies, is launching a new Beijing-based accelerator program for artificial intelligence and blockchain startups. Called AI Catapult— Souce
Microsoft is developing blockchain tech that lets you manage your digital identity
The problem with Implementing Blockchain
Integrating Blockchain technology into an existing business model is a difficult and time-consuming tasks, but it has its own advantages — The cryptocurrency market capitalization increases rapidly. Having in mind that it is only the beginning of the Blockchain era. Knowing it — it’s unavoidable that soon cryptocurrency will be used alongside with FIAT for any online transactions. This can be a real problem especially for eCommerce that aiming to implement it in their business model . There’re tons of cryptocurrency types to choose out there with their own advantages and disadvantages.
For eCommere it’s important to have an easy access for crpytocurrency payment so users won’t be bothered and waste their time with difficult steps when trying to make a transaction using cryptocurrency. Introducing Swapy Network, Swapy Network is a decentralized protocol that aims to connect the various participants within the financial industry
With Swapy Network, individuals and/or companies are able to order or consume services and collaborate within the ecosystem to decrease the prices of nancial services, all the while being more inclusive of new entrants in the nancial industry. The fees to operate in Swapy Network will be charged in Swapy cryptographic tokens (SWAPY). This way, token holders will have access rights to use the Swapy Network, bene ting from and contributing to it, and receiving tokens in exchange.
Different businesses have different needs. The blockchain based currencies have brought a completely different approach to it as a method of payment. The fact alone that a currency can be pre-programmed to also provide additional functions in certain environments (tokens) requires a new universal tool to make them spendable.
Below is Swapy Network market-based approach to accomplish the dream of Universal Access to Credit:
It facilitates orders of credit in order to lower the costs of capital.
It eliminates information asymmetry between participants through a commonly shared and updated data network.
It provides better data so that credit companies can make better lending decisions and order lower rates to good clients.
It encourages lower cost capital and better information which can reduce entrance barriers for new companies.
In the end, the implementation of Blockchain might be overkill for some business model. But it won’t be the case for eCommerce with its many advantages of foolproof distributed ledger and potential minimal fee with blazing-speed transaction.
Disclaimer! This article was written as part of SWAPY Marketing Campign (Bounty). For more information about the marketing campaign visit here. To learn more about SWAPY visit here.
Written by nadhifikbarw