Blockchain Technology for Crowdfunding and Crowdsales – NEWSBTC


Bitcoin, the new age currency making rounds around the internet relies upon people, who are part of the network to keep it alive. In other words, the crowd keeps these cryptocurrency protocols alive by contributing processing power to the network (miners) and by executing digital currency transactions. Apart from being dependent on the crowd for its own survival, bitcoin and its underlying blockchain technology have something more up their sleeves, making them invaluable for the crowdfunding industry. The blockchain technology is a perfect fit for crowdfunding applications. The decentralized nature of the digital currency technology combined with security and immutability makes it so. The main application of blockchain technology, when it was introduced along with bitcoin by Satoshi Nakamoto was for it to be the distributed ledger that facilitates and records each and every transaction that ever happens on the Bitcoin network. By maintaining a record of all the transactions, the blockchain prevents users from double spending their bitcoins during the confirmation phase. However, the benefits offered by blockchain technology is much beyond its use as a ledger for digital currency transactions. To list few of the benefits, Blockchain technology offers a secure platform for data storage and management, it offers universal authentication, it builds a trust factor on trust-less networks, it can be used to automate various processes, easy to audit, offers frictionless transaction capability and it offers a certain degree of anonymity. Having such a long list of benefits under its belt, Blockchain technology has grown beyond bitcoin and its use is being explored by virtually every industry.

Source: Blockchain Technology for Crowdfunding and Crowdsales – NEWSBTC

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About Stephen G. Barr, Group Publisher

Author, Syndicated Columnist, Editor In-Chief and Group Publisher at SGB Media Group, a social media marketing firm specializing in digital media content production, publishing, affiliate marketing, public relations and advertising. Over 25 years experience in retailing, advertising, website & online forum development, niche social networking, affiliate marketing, search optimization, branding and identity, site location, non-profit fund raising. Event planning, promotion, production and MC/Host at public events. Author, Editor & Publisher of 35 syndicated, digital publications utilizing multiple digital distribution channels in conjunction with launching and administrating national advertising campaigns for major Fortune 500 advertisers in partnership with Google, Ning, Facebook, Myspace, Yahoo, DoubleClick, LinkShare, PepperJam and other industry leading third party affiliate networks. Product development team member from conception to launch on many websites, tangible goods and organizational structure for start ups. Specialties: Public relations, retailing, advertising, website & online forum development, niche social networking, blogging, email campaigns, affiliate/performance marketing, search optimization, branding and identity, site location, event production & promotion, non-profit fund raising and tasteful, responsible adult content publishing. An internationally recognized and read social media columnist & pundit on The Examiner, Associate Content, Vator.tv, X-Biz.net and Technorati and his own affiliated sites.
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