Businesses World And The Use Of Crypto Currency Essay

Length: 2 pages Sources: 4 Type: Essay Paper: #91549232 Related Topics: Currency, Jp Morgan, Blockchain, Digital Technology Published June 22, 2022
Excerpt from Essay :

Use of Crypto Currency in Businesses Today

Most businesses have now moved on to dealing in cryptocurrencies since it is more convenient and fast. Managing transactions with the help of blockchain technology have upsurged by 89% in comparison with the last year, especially for government and corporate transactions (Forbes). The investment in blockchain tech has even surged to 95% of the previous year. This has shown that cryptocurrency has been gaining popularity among companies quicker than expected as they have started to maintain their online transactional ledgers without hassle.

Reports have found that Ethereum is one of the fastest-growing cryptocurrencies today as the development of this currency and management of blockchain technology is quite favorable. JP Morgan has recently declared that it uses Ethereum as its digital corporate token. It created Quorom, a business-focused version of Ethereum specially designed for making online transactions in traditional back-office tasks (Comben). For this, it has worked on its digital infrastructure so that public and corporate transactions become faster. It worked by developing and testing the initial digital coin representation of the US dollar. The transactions were meant to be conducted between two parties or users who had access to their respective Ethereum accounts online. JP Morgan is carrying out successful Ethereum transactions on digital platforms with tokenized fiat currency with extreme confidentiality so that the privacy of their…more than millions of users and the functioning of hundreds of nodes at one time. Network size matters for Ethereum to work effectively so that viability of the network could be worthwhile. With the formation of private consortia, the digital transactions with Ethereum become completely secretive with numerous transactional layers (Sankaran). With such consortia, the privacy rate surges, and outperformance of the business reliability goes up in the graph. Hundreds of transactions per second could be flawlessly managed online based on the configuration of the networks between firms. With global reach, great integrity, and resilience, Ethereum can prove to be a useful cryptocurrency tool in the future, as investments in this currency have…

Sources Used in Documents:

Works Cited


“11 Ways Ethereum Can Benefit Enterprise.” ConsenSys, https://consensys.net/enterprise-ethereum/best-blockchain-for-business/11-ways-ethereum-can-benefit-enterprise/


Coben, Christina. “Three Huge Names That Are Making Ethereum Their Platform of Choice.” Yahoo Finance, 16 May. 2019, https://finance.yahoo.com/news/three-huge-names-making-ethereum-140010121.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAK13_uu-lph-FIIlEf3eAPXDaCWSkkSvmxXAMzQguclIro0BSfGxaTMdeJd6K_PGB_6xK6gjyWA0GccFc-EoCAjahyUabZPOtCtAB7On_w_8fDvQy0zrb6i4oz9QkYS2emf6e8VKKTjDnNsuICd6baEdSAInKJYEJFik0-hDvVt0


“Forbes Releases Top 50 Billion-Dollar Companies Exploring Blockchain.” ConsenSys, 17 Apr. 2019, https://consensys.net/blog/enterprise-blockchain/forbes-releases-top-50-billion-dollar-companies-exploring-blockchain-over-half-are-working-with-ethereum/


Sankaran, Aparna. “EY Launches the World’s First Secure Private Transactions Over the Ethereum Public BlockChain.” EY, 30 Oct. 2018, https://www.ey.com/en_gl/news/2018/10/ey-launches-the-world-s-first-secure-private-transactions-over-the-ethereu-public-blockchain


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