Strategic Blockchain Consulting is a Division of Remonix Inc. a Lakeland, Florida based Corporation.
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!
AI and Blockchain Working Together:
Artificial Intelligence (AI) and Blockchain have now evolved into leading technologies that power innovation across almost every industry from food supply logistics to healthcare record sharing to providing financial security for a company’s assets.
Artificial Intelligence (AI) refers to machines that are built to preform intelligent tasks that have traditionally been accomplished by people. Blockchain Technology is gaining traction globally as decision makers better understand the power of this technology.
AI and Blockchain are proving that by working together they can make dramatic improvements to the operational performance in hundreds of industries while building and organizing immense databases and strengthening cybersecurity protocols.
Blockchain and Cryptocurrency Consulting Solutions
Our Management Team has the technical knowledge of the Blockchain Technology Platform to assist Organizations develop and implement successful blockchain projects, including Cryptocurrencies potential impact on Global Organizations.
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.
Smart contracts can be used to perform functions in a great variety of industries. These include regulatory compliance, contractual enforceability, cross-border financial transactions, property ownership, home buying, supply management, material provenance, document management and many other applications.
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.
A blockchain is a decentralized ledger of all transactions across a peer-to-peer network. Using this technology, participants can confirm transactions without a need for a central clearing authority. Potential applications can include fund transfers, settling trades, voting, and hundreds of other financial issues.
The revolution in “Digital Currencies” will change how financial transactions will be handled globally. Today, all the major banks on wall street and other financial intuitions are all involved in the fact that the financial world is being turned on its head.
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 quickly realize this is a true revolution. They either adapt to these new realities or the companies that do embrace it will take their customers.
Fear of "losing out" is a great motivator!
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 Exchange Commissioners (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.
The Future of Bitcoin:
Never in the history of cryptocurrencies has a new product like Bitcoin caused so much interest globally. Bitcoin enthusiasts point to developments in recent years within its ecosystem as proof that the virtual currency has staying power.
But the potential new players like the SEC (Security & Exchange Commissioners) which has not ruled on its importance on what it plans to do with the entire spectrum of the cryptocurrency market. The Bitcoin ecosystem also continues to grow, including a suite of products that expand its range of use cases. In addition to trading with Bitcoin you can use it as collateral for loans or to buy expensive jewelry for example.
According to some reports small and mid-size businesses have also begun using Bitcoin’s blockchain to make wire transfers because it costs less.
But the biggest change in Bitcoin’s fortunes could come from regulation. Even as the rejection of Bitcoin exchange traded funds (ETFs) by the SEC grabbed headlines, there has been a visible softening of the regulators stance. Bitcoin and other cryptocurrencies have become a prominent topic of discussion at Fintech conferences.
The COVID-19 pandemic has also raised concerns that inflation will pick up as the U.S. economy bounces back aided by vaccines and fiscal aid packages. This is expected to boost Bitcoin further. However, equally possible is that governments crackdown on Bitcoin could greatly alter the future of Bitcoin.
The SEC and their commentary on the topic has changed from criticism to clarity regarding the status of some cryptocurrencies. While the SEC has cracked down on cases of funds and the manipulation within cryptocurrencies, commissioners have also encouraged players within its ecosystem to clean up their acts.
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, therefore 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” and then they maintain records of these blocks so they can all 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:
After an impressive growth between January and May 2021, the market capitalization of the Decentralized Finance (DeFi) has dropped significantly in just the last two months from a high of $87 billion dollars to below $48 billion dollars. This huge drop in the market could have been caused by the significant drop in the prices of over 100 different cryptocurrencies. This could have caused many investors to pull out of the market.
Decentralized finance offers various benefits compared to traditional financial services. Most DeFi apps run on the Ethereum blockchain, and they operate without a central control service over the entire system. 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 compared to a traditional financial system.
Blockchain and Supply Chain Improvements:
In an era of global e-commerce companies across most industries are developing logistics and supply chain management processes to improve the globalization of their business world. It can also introduce a new set of challenges such as higher risk, longer lead times, and less inventory. Supply chain issues have a direct effect on their business performance and profits. It now becomes critical that organizations select and implement solutions that provide answers to these new challenges.
When the supply chain suffers, the bottom line also suffers. The modern consumer expects speedy, on-time delivery, easy channel fulfillment and a smooth return process. The company that fulfills those desires is likely to earn repeat business, and vice versa.
To address these and other breakdowns in their supply chain, top executives are now using blockchain technology to focus on critical productivity improvements.
One way to improve communication with supply chain stakeholders is to build bridges between disconnected business units who are relying on their own set of systems, data, processes, and networks to get work done.
Even though technology has advanced rapidly in helping to streamline and integrate these organizational changes, some companies are still losing money, wasting time, operating reactively, and missing key productivity gains due to supply chain issues. Blockchain technology can provide solutions to these supply chain issues.
Strategic Blockchain Consulting was founded to work with company executives on a global basis as business partners to develop meaningful solutions that improves their operational performance.
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
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