Cryptocurrency. Blockchain. ICO. A few short years ago, these strange words meant nothing to the ordinary internet user, considering “crypto stuff” to be a nerdy fad. Yet everything has changed. Quite recently the price of Bitcoin started to swell, what generated a strong uptrend for cryptocurrencies. Some business owners zoomed in on the crypto world, with all of its tokens, ICOs, blockchains, hashes and cryptographic keys. They soon figured out that cryptocurrencies not only have the potential to disrupt entire industries, but can also be a rich source of investment capital for their companies.
There are plenty of advantages of blockchain technology used in business. Blockchain commands an immense computational power that allows users to transfer cryptocurrency in just a few seconds. There is no central entity to confirm and manage transactions. Thus, nobody can hack the network to maliciously manipulate ledgers in their favor. The blockchain, which is the cornerstone of some cryptocurrencies, allows startups to massively reduce frictional costs in transaction systems. A secure, transparent and resilient blockchain technology that is impenetrable to any third-party interference can solve the problem of data breaches through the use of smart contracts. The self-executing nature of smart contracts allows parties to streamline and digitize the administration of business management processes accelerating transactions and reducing their cost, eliminating multiple business management mistakes thanks to automation, shortening business cycles and increasing their efficiency, reducing the risk of fraud and mismanagement and increasing trust between contracting parties.
Among all the banks that are emerged into crypto sphere, FEON is one of the most convenient cryptobanks that offers a wide range of services and can be your helper whether you are an ordinary user or a business runner. If you want to know more about FEON, go to www.feon.io