While the potentials of blockchain are still in the process of being discovered, this revolutionized technology is slowly paving the way into a myriad of industries.
Since its first application that is the cryptocurrency – Bitcoin, blockchain has not looked back. It continues to surprise people with its innovation and excellent capabilities. Today, the uses of this technology are not limited to the financial sector. It is disrupting other sectors, like healthcare, agriculture, social media, and many more.
In 2017, only 0.5% of the population across the globe was using blockchain in various ways. But today, the number has increased considerably. In recent times, many people are shifting towards the Steem blockchain, one of the latest innovations in the field. As a result, there is a surge in demand for seed node setup and Steem witness setup services.
You must be wondering what is making blockchain a legitimate disruptor? For this, first, you need to get familiar with the fundamentals of blockchain.
- The basics of blockchain
Blockchain is a digital ledger that stores records in a distributed network rather than a single server. It allows you to keep records of anything, such as financial transactions, physical assets, and works. While the technology has a small global following, the market is growing at an exceptional rate. From better security to transparency and more control, there are many reasons why more businesses and individuals are adopting blockchain technology in their processes.
To help you understand better how blockchain has taken the business world by storm, we have listed a few crypto-based companies that are flourishing at a fast pace:
- Coinbase – With headquarter located in San Francisco, California, Coinbase functions in the FinTech industry. It is a digital portfolio that allows users to trade cryptocurrencies. Coinbase comes with features like vault protection and recurring buys, which make managing cryptos hassle-free. Since its inception in 2012, the company has carried nearly $150 billion exchanges. And more than 20 million people have used it with the number increasing continuously.
- Ripple – There is a constant debate among blockchain experts whether Ripple is a decentralized cryptocurrency or not. Regardless of the ongoing arguments, there is no doubt that Ripple is a potential cryptocurrency given the recent growth curve. Do you know in January 2018, the CEO of Ripple was named among the ten richest people in the United States?
If you are looking for a reliable cryptocurrency platform to trade in, Ripple seems like a good investment. Besides its SEC issues, XRP – the digital currency, will make a big hit in 2021 due to its capability of bridging a gap between currencies. Thus, crypto-owners can trade one currency for another.
- Steem – Another well-known crypto-based firm is Steem – a decentralized social media platform. It is a blockchain-based rewards platform that allows users to make money by publishing quality content or do any other engaging activity. Steem depends on Smart Media Token – SMT. It can be launched by anyone for monetizing digital content and earning rewards.
Steem has come far from being considered a scam to one of the most respected decentralized applications. Given the easy roll-out of money using Steem, many investors have already started to invest in Seed Node setup services.
- LedgerX – LedgerX is a New York-based startup that can achieve what seems next-to-impossible. It is a Bitcoin trading platform, legalizing this cryptocurrency as a reliable financial instrument. Initially known as NYBX INC, LedgerX was issued a derivatives clearing organization license from the U.S. Commodity Futures Trading Commission. With this license, LedgerX can settle contracts in Bitcoin and Ether.
- Stellar – Stellar is co-founded by Jed McCaleb, one of Ripple’s founders. It is an open-source, decentralized platform that facilitates cross-border transactions between any desirable pair of cryptocurrencies. The platform has gained popularity within a little period due to several reasons. The perks of using Steller are 3-5 seconds confirmation time for each transaction, carrying thousands of transactions per second, enabling smart contracts, and many more.
These are just a few crypto-based enterprises that are making a big impact. However, there are numerous out there unveiling the potentials of their businesses using blockchain. If more and more individuals come-up with innovative startup ideas based on this technology, the day will not be far when blockchain becomes a common method of performing transactions.
If you are looking for a company that helps you develop a blockchain-based application, get in touch with Steem Experts. We also help you set-up Steem witness if you want to explore the potentials of Steem.