The concept of decentralization is one of the most powerful concepts of the modern business world. In today’s world of business, several pain areas have been identified which have acted as a major hindrance to the distribution of value across the supply chain. Accordingly, tech experts across the world were looking for a platform that would simplify the complexities of the world business and tech supply chain. Taking into consideration all sub chains in the global economy; we are taking into consideration a global business model.
The first tryst with a global solution in terms of a decentralized world economy came with the concept of blockchain by Satoshi Nakamoto in the year 2006. The blockchain technology offers a decentralization structure which would eliminate the complexities of a centralized economy. There are certain aspects of blockchain technology which would have a significant amount of impact on the overall functioning of value chains.
What is unique about cryptocurrencies?
The cryptocurrencies are virtual currencies that offer a significant amount of protection against the red tapes of government compliance agencies, rules and regulations. Generally, major global trading platforms have taken a hit owing to the complex response system of government agencies considerably slowing down the entire process of government regulations.
How would they bring about a transformation to the entire business network?