Blockchain technology is easily the biggest and most life-changing invention that the world has seen since the internet itself. In fact, many believe that it might help bring the next generation of the internet, where everything would be decentralized and run by the community, and major corporations would lose their monopoly on things like social networks, streaming, gaming, and alike.
But, just because blockchain can make all of these things happen, that doesn’t mean that it is here to eliminate businesses. No, in fact, blockchain is here to improve them. And, it can do so at great lengths thanks to its advanced ecosystems rich with various products.
How can Blockchain Improve Businesses?
We cannot talk about blockchain technology improving the world of business without giving credit to Ethereum. This is the second generation of blockchain, and probably the second most important project that was ever created. Since Bitcoin started it all, it is, and will forever be the most important project in history of this technology, but Ethereum, thanks to its view of the blockchain as a development platform, is a close second.
Ethereum demonstrated to the world how blockchain can be used for much, much more than just acting as a ledger for transactions. Its use for making online payments is only a single use case, and nothing more than scratching the surface of this tech’s potential.
Since then, Ethereum has brought things like smart contracts, decentralized applications, decentralized finance, NFTs, stablecoins, various token models for easy creation of new cryptocurrencies, crypto launchpads, and more.
All of these things can now be used for improving businesses around the world, including making payments. For example, smart contracts can be used for establishing agreements between businesses. They are self-executed contracts that remove the need to trust the other involved parties, as well as the middlemen that were previously needed to conduct such contracts.
This allows businesses to save up money when establishing deals and partnerships, as well as make the process more seamless, and with less paperwork. Then, there are things like supply chain communication, which is already being used to improve supply chains across the globe and eliminate things like corruption, smuggling, theft of goods, and more.
Naturally, businesses can also use the blockchain to pay their employees, or to transfer large amounts of money across the globe for further investments, expansions, and alike, without having to pay ridiculously high fees.
But, for all of its advantages, blockchain also comes with flaws, especially when it comes to Ethereum. Its lack of scalability means that it cannot meet the demand when it comes to the number of transactions that need to be processed. This is why transaction fees tend to go up, as blockchain users who are in a hurry tend to offer greater fees to have their transactions processed more quickly. This, in turn, raises the height of an average fee, which makes the use of blockchain too expensive for all other participants.
Not to mention the issues like large data block size, high entry barriers for users, lack of clear usability at the internet bank levels, high energy consumption, low transaction speed, and more.
Enter QChain, a new, advanced blockchain of the 5th generation that can, once again, change the game entirely.
What is Qchain and What can it do to Improve the Situation?
Qchain is a new blockchain project that has developed a system of smart contracts that can be used in any aspect of life — from purchase and sale of goods and services, to accounting for logistic events, interaction with legal entities, tracking copyright, and more.
It can operate in private and public sectors alike, and it can be used by common users as well as businesses, and even the governments. It brought smart contracts with much greater capabilities, allowing for many more participants at once.
As of mid-August 2021, the project already has over 1.7 million confirmed transactions, and more than 39,388 launched nodes, with both of these figures continuing to grow almost constantly. The project has its own QToken (QDT), which can be used for staking, exchanging for fiat currency, making electronic sales and purchases, NFTs, storage, and it even has its own decentralized exchange (DEX).
The project is currently in the main stage of development and product launch, with Q3 2021 being a particularly interesting time for Qchain. This is when most of its services, like QSwap, QStorage, and alike are scheduled to be launched. Plus, this is when the project is planning to see its coin launched on multiple major exchanges, and even conduct global trade contests. All in all, this is a new generation of blockchain and token, which is using everything that the blockchain industry has learned and achieved so far, and is using that knowledge to build a more advanced network that will allow it to be more efficient than ever.