Blockchain technology is problem solver

Updated: Jun 14

Blockchain technology has been a disruptive force in the era of digital transformation. According to research conducted by Statista, worldwide spending on blockchain solutions is expected to grow to $19 billion USD by 2024. Blockchain works as a distributed ledger technology, as it uses independent computers to record and share activities. This decentralizes the record of transactions, makes data more secure, transactions more transparent than those housed on a single server or central entity. While blockchain has gained notoriety through cryptocurrency, the technology is used by many businesses across industries including finance, healthcare, retail operations, supply chain, etc.

Watch more about Blockchain. https://youtu.be/SSo_EIwHSd4

In a recent survey, Deloitte found that 90% of emerging blockchain disruption are actively hiring blockchain talent. They learned that these founders aren’t approaching blockchain as incremental change, but are interested in fundamentally changing how business is conducted. Performix recently produced a bleeding edge mobile app for one of our clients using the powerful new crypto public blockchains.

What is Ethersign?

Ethersign is a web3 fintech startup using blockchain technology to empower SMEs conduct seamless trade in the emerging crypto economy via a suite of financial tools to achieve economic freedom. Small and Medium Enterprises (SMEs) play a major role in most economies, particularly in developing countries. SMEs account for the majority of businesses worldwide and are important contributors to job creation and global economic development

They represent about 90% of businesses and more than 50% of employment worldwide. Formal SMEs contribute up to 40% of national income (GDP) in emerging economies. Yet, 50% of SMEs globally do not have access to ANY financial tools. Ethersign aims to bridge the gap by offering simple financial products via crypto economy.

EtherSign + Performix

EtherSign came to us with a vision. Performix helped them turn that vision into performant, attractive and functional software.

· First we produced a simple and quick proof of concept. This was an inexpensive way to make sure there were no technical barriers to completing the functionality they had envisioned.

· Next we worked with them to produce wireframes which described in detail what the user would do in the app.

· Wireframes in hand we turned our attention to technical architecture. We were very careful to layout the software patterns and object models to ensure the finished product would be robust and reliable.

· After the technical decisions were made we started developing the applications. We wrote and deployed Solidity contracts to both the Ethereum and Polygon networks.

· We wrote native mobile applications for both IOS and Android.

· Meanwhile we engaged one of our designers to help with branding and style guides. Our designers produced a style guide and logo.

· Our designers then took several of the wireframe screens and produced fully style compliant mock-ups of the screens.

· Using these mockups our developers applied the styles to the actual software running on the mobile devices.

· Our designers even pitched in to make sure the screen shots and store listings looked great.

EtherSign is available and public now. Download Ethersign for FREE from Google Playstore and iOS Appstore.

Business case to start using crypto:

More than 2,300 US businesses accept bitcoin, according to one estimate from late 2020, and that doesn’t include bitcoin ATMs.An increasing number of companies worldwide are using bitcoin and other crypto and digital assets for a host of investment, operational, and transactional purposes.

To spark your company’s thinking about crypto, here are some of the rationales behind why some companies are currently using crypto:

1. Crypto may provide access to new demographic groups. Users often represent a more cutting-edge clientele that values transparency in their transactions. One recent study found that up to 40% of customers who pay with crypto are new customers of the company, and their purchase amounts are twice those of credit card users.

2. Introducing crypto now may help spur internal awareness in your company about this new technology. It also may help position the company in this important emerging space for a future that could include central bank digital currencies.

3. Crypto could enable access to new capital and liquidity pools through traditional investments that have been tokenized, as well as to new asset classes.

4. Crypto furnishes certain options that are simply not available with fiat currency. For example, programmable money can enable real-time and accurate revenue-sharing while enhancing transparency to facilitate back-office reconciliation.

5. More companies are finding that important clients and vendors want to engage by using crypto. Consequently, your business may need to be positioned to receive and disburse crypto to assure smooth exchanges with key stakeholders.

6. Crypto provides a new avenue for enhancing a host of more traditional Treasury activities, such as:

– Enabling simple, real-time, and secure money transfers

– Helping strengthen control over the capital of the enterprise

– Managing the risks and opportunities of engaging in digital investments

Crypto may serve as an effective alternative or balancing asset to cash, which may depreciate over time due to inflation. Crypto is an investable asset, and some, such as bitcoin, have performed exceedingly well over the past five years. There are, of course, clear volatility risks that need to be thoughtfully considered and implemented.