Companies in financial services, healthcare, energy and other industries are sprinting to begin adopting blockchain — the technology behind Bitcoin that promises to improve efficiency in numerous processes, plus create new business opportunities.
EOS is the first blockchain-based decentralized operating system that provides databases, it gives you account permissions, handles all the complexities of scheduling multiple tasks, handles all the authentication and key management, and internet-application communication to massively improve the efficiency of smart business development that uses parallelization to make possible blockchain scalability to millions of users and millions of transactions per second.
EOS.IO the first decentralized operating system, while using architecture similar to website frameworks, enable businesses to build blockchain applications resembling existing web-based applications. EOS also introduces the ability to fix bugs and rollback changes with supermajority consensus, rather than requiring a hard-fork.
Two features of EOS that has caught everyone’s attention:
- EOS Eliminates transaction fees ( this is via an ownership model where users own and are entitled to use resources proportional to their stake, rather than having to pay for every transaction)
- Scalability (they say it can process millions of transactions per second with asynchronous communication and parallel processing).
What is the blockchain?
Blockchain is a distributed ledger which sorts transactions into blocks. The function of this digital ledger is that it allows information to be recorded and shared between large groups of unrelated companies. It’s vital to note that blockchain cannot be controlled by a single person, identity or entity, the data is held in a public network, which ensures absolute transparency in the overall procedure and has no point of failure.
A simple application of the blockchain paradigm to the supply chain could be to register the transfer of goods on the ledger, as transactions would identify the parties involved and any other information relevant to managing the supply chain such as location, state of product, date, location and price.
The blockchain is now an exciting new alternative to traditional currency, centralized banking, and transaction methods that is not only changing the way we handle financial transactions, but also alternative uses that will change the world.
The EOS.IO can be used to apply blockchain to online businesses, other industries and change the way that you run your business from day-to-day which include the following application:
Smart Contracts
Smart contracts which is a financial security held in escrow are self-automated computer programs that run exactly as programmed without any possibility of downtime, fraud, censorship, or third party interference and equally carry out the terms of any contract. It is routed to recipients based on future events, and computer code. It also allows businesses to bypass regulations and lower the costs for a subset of our most common financial transactions. These contracts will be unbreakable.
Companies like Slock, allows customer to rent bicycles where after both parties agree on the terms of the contract, the customer can unlock a smart lock by using this application.
Supply-Chain Communications & Proof-of-Provenance
Most of the things we buy aren’t made by a single entity, but by a chain of suppliers who sell their components to a company that assembles and markets the final product. Using the EOS to apply blockchain technology would proactively provide digitally permanent, audit-able records that show stakeholders the state of the product at each value-added step.”
Cloud Storage
One other application that businesses can take advantage of is Cloud storage. Users could store the traditional cloud 300 times over, by adopting the use of excess hard drive space. Considering the world spends $22 billion + on cloud storage alone, this not only significantly reduces the cost to store data for companies and personal users, this could also open a revenue stream for average users.
Paying Employees
Since the blockchain has its roots in Cryptocurrency, payments made via Bitcoin can save both money and time for employers and employees alike. Incorporating Bitcoin into the payroll process especially if your company/Business regularly pays wages to international workers could be a major cost saver. This makes it easier as you can actually see exactly where the money is throughout the process by the use of a public ledger of all transactions in chronological order.