Strategic Blockchain Consulting is a Division of Remonix Inc. a Lakeland, Florida based Corporation.
The Company was founded to work with executives to develop solutions to improve their operational performance via the Blockchain Technology Platform. We have the technical knowledge to assist organizations in developing and implementing successful blockchain projects to increase revenues, and understand the potential impact of cryptocurrencies on their business.
Blockchain Technology Defined:
A decentralized, distributed digital ledger consisting of records called blocks. The blocks are used to record transactions across many computers so that any single block cannot be altered retroactively without the alteration of all subsequent blocks in the blockchain, making it almost impossible to hack information.
Blockchain Technology is bringing us the "Internet of Value" with a robust distributed platform that has the power to reshape the world of global business. Blockchain is improving "Trust" where information and assets are transferred.
It is truly a revolutionary technology!
The most significant advantage of the blockchain technology is cutting out the middle-man. This means that without third parties, ads will be less expensive and more accurate. That way, marketers can target the right audience and consumers without higher spending. Blockchain can also reduce the chances of fake ad clicks or bot views.
Why Blockchain Technology Matters:
This new technology was first introduced to the world in 2008, and blockchain technology has given rise to over 6,000 cryptocurrencies as of October 2021, including the very famous Bitcoin. It did not take long for blockchain to become synonymous with cryptocurrencies, and that is changing the entire financial world in the way people can buy and sell goods and services and pay for them with these new digital currencies.
There are hundreds of other applications for blockchain that apply to a series of important fields including the secure sharing of medical data, supply chain improvements, logistics monitoring, digital content management, real estate processing and much more.
Blockchain technology can improve the environment by solving many of the environmental problems the world faces today, with “global warming” at the top of most people’s list.
It is important to link blockchain technology with environmental initiatives, especially in areas that call for large amounts of data collection, verification, and cross-border payments on a global basis.
The future of blockchain technology is almost limitless.
Smart Contracts and Blockchain Technology:
Smart Contracts use blockchain technology to verify, validate, capture and enforce agreed upon terms and conditions between multiple parties. In a blockchain a record in one computer cannot be altered without changing the same record on all the other computers in the entire network.
Transactions executed through a blockchain are grouped in blocks that are linked in a chain. A new block is created only when the previous block is completed. The blocks come in a linear chronological order, and each block contains a cryptographic hash of the previous block.
Smart Contracts on the blockchain allow for transactions and agreements to be carried out among anonymous parties without the need for a central entity, external enforcement, or legal system. The transactions are transparent, irreversible, and they all are traceable.
Blockchain Technology and Cryptocurrencies:
Blockchain is the technology that enables the existence of cryptocurrencies. Bitcoin is the name of the best known cryptocurrency and the one for which blockchain technology was invented. A cryptocurrency is a medium of exchange, such as the US dollar, but is digital and uses encryption techniques to control the creation of monetary units and to verify the transfer of funds.
The revolution in “Digital Currencies” will change how financial transactions will be handled globally. Today, all the major banks on wall street are all involved in the fact that the financial world is being turned on its head, and they need to develop their own "Digital Currencies" in order be competitive.
When Citicorp, Bank of America, Morgan Stanley, and Goldman Sachs and giant technology companies like Facebook, Amazon and Google are all developing their versions of “digital money” you realize this is a true revolution. They either adapt to these new realities or companies that do will take their customers.
The implementation of new “digital money” will only accelerate as this sea change continues to gain momentum. The huge challenge ahead is how governments around the globe will react to these digital currencies. Already, the Security and Exchange Commission (SEC) is starting to take a more supportive position on these rapid changes because they realize they cannot stop how quickly the entire world is embracing these digital currencies.
Bitcoin Mining Explained:
Bitcoin mining is performed by high-powered computers that solve complex computational math problems and these problems are so complex that they cannot be solved by hand. Bitcoin mining is the process of creating new bitcoin by solving a computational puzzle.
Bitcoin Mining requires using the most powerful computers on the planet, and they use tremendous amounts of electricity. It is a very expensive process and requires experts in cryptocurrencies to accomplish a successful outcome.
Bitcoin mining is necessary to maintain the ledger of transactions which bitcoin is based on.
The result of bitcoin mining is twofold. First, when computers solve these complex math problems on the bitcoin network, they produce new bitcoin. And second by solving computational math problems bitcoin miners make the bitcoin payment network “trustworthy and secure” by verifying its transaction information.
When someone sends bitcoin anywhere in the world it is called a “transaction”. Transactions are made online and are documented by banks, point-of-sale systems, and physical receipts. Bitcoin miners achieve the same thing by clumping transactions together in “blocks” and adding them to a public record called the “Blockchain Nodes”. They maintain records of these blocks so that they can be verified in the future.
Blockchain and Non-Fungible Tokens (NFT)
Non-fungible tokens or NFTs contain identifying information recorded in the smart contracts between a buyer and a seller of a Concert Ticket for example. Non-fungible tokens are not divisible, and you cannot send someone part of a concert ticket because the ticket would not be worth anything and would not be redeemable.
Non-fungible tokens have unique attributes and they are usually linked to a specific asset like a fine art picture to prove ownership. The market for companies providing NFTs is exploding and Venture Capitalist are spending hundreds of millions of dollars to fund companies. NFTs will help to greatly expand the Blockchain Technology Platform.
Decentralized Finance (DeFi) Market:
Decentralized Finance (DeFi) leverages smart contracts by automatically executing code residing on blockchains. This code replicates common traditional finance market actions such as "lending or trading" but without facing off with traditional financial market intermediaries.
Decentralized finance has grown to a $122.6 billion dollar industry by September 2021, and is poised to explode 10-fold according to DeFi Pulse a Crypto Market Research Company. Given the current dramatic growth trends, a 10-fold increase in DeFi would be attainable.
Ethereum, underwent a technical upgrade on August 5, 2021 and this upgrade has also been called “London Hard Fork”. Apart from using it as a cryptocurrency you can also run smart contracts and build applications using the Ethereum Platform.
Through DeFi lending users can lend out cryptocurrencies as a traditional bank does with an official currency and earn interest as a lender. Interest rates are typically more attractive than traditional banks while the barrier to entry to borrow is significantly lower than a traditional financial system.
Good business relationships are built on "trust" by thoroughly discussing the expectations of projects, and setting realistic milestones to closely monitor the progress of the project.
Delivering the expected results on-time and within budget allows for further "trust building" and is the cornerstone of a long lasting business relationship!
For additional information and scheduling a meeting please contact William Dollar, Founder and CEO
Mailing Address: 523 Belmar Street Lakeland, FL 33803
Sign up to hear from us.