Let’s say that a new technology is developed that can allow many more people to complete a home business. The vclub team meets and completes the details regarding time, special conditions and money. How will these members know that they can trust each other? They should check their contracts with other parties – banks, legal associations, government registration, etc. This makes them fall back on the use of technology to reduce costs.
In another step, other people are now invited to participate in the store business and give input during the creation of the business in time. This reduces the role of the middleman. If the contract is also good, the negotiator can eliminate in some cases. Lawyers are there to prevent misunderstandings and litigation. If the issue is revealed in advance, these risks are greatly reduced. If a financial contract is secured from the beginning, it will be known in the future that the contract will be paid and the other party will honor their debt. This brings us to the last step of the example. If the terms of the contract and arrangement have been made, how will the payment be made? Part of the equation will be the money issued by the central bank, which again means doing banking. If that happens, the bank will not allow these transactions to continue without some kind of caution on their part, which will result in costs and delays. Does technology help in creating efficiency so far? It’s unlikely.
What is the solution? Create a digital currency that is not only as intuitive as the contract itself, but is actually part of the contract process. If the currency is convertible to the currency issued by the central bank, the only thing left is to convert the digital currency into a recognized currency such as the Canadian dollar or the US dollar, which will be done in time whatever. The technology referred to in the example is blockchain technology. Business is the backbone of the economy. One of the main reasons money exists is for business purposes. Trade is a large percentage of jobs, production and taxes for different regions. Any money in this area that can be applied globally would be very important. Take the example of free shopping. Before free trade, countries imported and exported from other countries, but they had a tax system that imposed taxes on imports to limit the impact of foreign products on the country. After free trade, these taxes were removed and many other products were created. Even small changes in trade laws have had a major impact on global business. Business issues can be broken down into other areas such as shipping, real estate, import/export and infrastructure and it is clear how beneficial blockchain is if it can save even a small percentage of costs in those areas a.
