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Blockchain

How Is A Blockchain Explorer Effective In Managing Transaction Cost

Recently, we have seen a lot of commotion about blockchain and what it can do for businesses around the world. It can democratize transactions. It can provide better security and safety to transactions. Blockchain transactions are more secure and reliable than the traditional methods using banks or other traditional institutes. Also, you don’t need to wait for days upon days to wait for your transaction to become fruitful. Blockchain transaction confirmation happens within minutes and you save a lot of time with it. 

There are a lot of industries that have started using blockchain to enhance their performance and upgrade their efficiency quotient. This includes the healthcare industry, the manufacturing industry, the retail industry, and more. 

Even though it is still in its infancy, blockchain technology is showing a lot of promise and more and more businesses are integrating their operations with blockchain to improve their productivity and offer their customers a better experience. Supply chain management industry is using blockchain to drive up the efficiency of their deliveries and make sure that the customers get what they want in less time and with better quality. Suffice it to say that blockchain is set to disrupt the industry in major ways and it has already begun. 

You can use a blockchain explorer to track Bitcoin transactions. All you need is your Bitcoin transaction number and you can get all the details that you want about your transactions. Bitcoin is a blockchain-based cryptocurrency that makes your transactions more powerful and transparent. If you are interested in blockchain and Bitcoin, you should know about a blockchain explorer.

What is a Blockchain Explorer?

Blockchain Explorer?
What is a Blockchain Explorer?

As the name suggests, a blockchain explorer is a software that uses a blockchain node and the relevant APIs to collect data and save it in the form of a database. This data is then displayed in the form of arranged and searchable format. When users input the transaction number or any other term for search purposes, the explorer will search for the term in the data that it has organized and then revert back to you. You can search and explore the data about the blocks that you have mined or transactions that you have recently done. You can also view a live feed of the blocks that you are mining and all the Bitcoin statistics related to it. One more thing that a blockchain explorer allows you to do is to view the status of unconfirmed transactions of Bitcoin. 

You can easily contact a blockchain technology company and build an explorer for yourself if you want or you can use one of the explorers already available in the market.

What Can You Do With a Blockchain Explorer

Do With a Blockchain Explorer
What Can You Do With a Blockchain Explorer

Apart from this, you can also do the following activities with a blockchain explorer:

  • Audit any wallet address by exploring the complete transaction history of that wallet. This allows you to improve the transparency of the wallet.
  • Identify all the receiving addresses of transactions as well as any editing that has been done. Again, this enhances the transparency of the transaction and gives you better control.
  • Find out the largest transaction of the day. Only a few blockchain explorers are capable of doing that. If you want your explorer to have this feature, you can contact your mobile application development company and let them know about your requirements.
  • You can use the Mempool status to check on unconfirmed transactions of Bitcoin with the complete details.
  • You can also check the status of orphaned and stale blocks. Orphaned blocks are blocks that are not attached after mining and their parent block is unknown. Stale blocks are those whose parent blocks are known but they are still not attached.
  • You can also find out who mined a specific block. There are various individuals as well as mining blocks that are working to mine the blocks. Explorer enables you to find out who mined the block.
  • You can also view the transaction fee of a blockchain transaction as well as the hash rate, the blockchain difficulty, as well as other important data.

Benefits of Using Blockchain Explorer

Using Blockchain Explorer
Benefits of Using Blockchain Explorer

We have already seen the uses that we can put a blockchain explorer to. Now let’s see the benefits that we get if we use a blockchain explorer instead of a blockchain wallet.

A blockchain wallet does provide you with a plethora of information, but it is restricted to the keys that are managed by the wallet. You cannot view any other type of data through a blockchain wallet. When you use a blockchain explorer, however, you can view data about any transaction that was carried out by any wallet.

Also, you get 100 percent transparency with a blockchain explorer. You can check your spending on smart contracts as well as your balance. This is especially true if you are joining an Initial Coin Offering (ICO). The transparency factor goes much further than that. You can use the explorer to find out if a wallet is authentic before sending cryptocurrency to a person. You can check if the transaction has been successful or not. If a transaction is stuck, you can view it in the explorer and find out what is wrong with it.

Conclusion

There are a lot of benefits that you can avail if you start using a blockchain explorer. You can read blockchain transaction histories, you can check your own wallet and find out the balance, you can confirm the status of a transaction and more. You can also identify the mining pool as well as orphaned blocks and stale blocks.

Also Read: Sitespect And Contentsquare: A Match Made In Heaven

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Mobile Application

Sitespect And Contentsquare: A Match Made In Heaven

If there were ever two companies that needed to integrate, they were SiteSpect and ContactSquare. If you don’t know, SiteSpect is the industry innovator in optimization and personalization. ContenSquare is one of the leading analytics platforms for all digital experiences. What they do is help businesses of all sizes enhance their customer journey which leads to more conversions. Both the companies are at the pinnacle of their own industries. Now, that they have integrated, you can expect nothing but the best digital experience for your brand. This integration brings you the best of optimization, personalization, A/B testing, as well as for analytics. With this amalgamation, you can expect to get a much better understanding of your customers’ journey and their behaviour.

When SiteSpect’s VP of Product, Justin Bougher was approached, he said that SiteSpect and Contentsquare coming together was a natural fit for integration. Both these companies provide all types of businesses with an enhanced user experience. The benefit is that both the organizations do that across multiple touchpoints and now they can bring all those together and to achieve the same goal. If you are an app development company, a fast-food delivery business, or any other type of business, you can gain a lot of valuable insights into your customers by contacting the above companies.

Justin also commented that as time is changing, the responsibility of providing a better user experience to customers is not only on the marketing team or the user experience team but also on all the other teams and departments of a business. This can include the development department, analytics team, merchandising department, and others. The entire overall team has to come together to ensure that the customers get feature-rich, personalized and customized services. This means that not only do these departments and teams have to work individually towards a better user experience, but they also have to see this as a holistic endeavour. Both SiteSpect and Contentsquare are capable of providing this to businesses.

This is especially true right now because user behaviour has changed drastically over the last few months due to the pandemic. Businesses that provide app development services or any other type of services or products have to shift their practices according to those behavioural changes. This is the only way they can survive in the current economic situation.

When Gilad Zubery, the VP of Global Business Development and Partnerships at Contentsquare was contacted, he said that in the past few months, the brands that survived had to navigate through the murky waters and the troubled times with an innovative and creative mindset and the tools that matched. What this means is that only those businesses survived who continuously kept an eye on their customers and their behaviours, and optimized their business practices accordingly.

To optimize your business, again and again, based on the customers is not something that a business can do easily. Businesses need to be agile and make smart decisions to do that. Now that SiteSpect and Contentsquare have integrated, this is exactly what they are offering to all businesses.

Also Read: 5 Effective Blockchain Use Cases For B2b Companies

Categories
Artificial Intelligence Blockchain

5 Effective Blockchain Use Cases For B2b Companies

Nowadays, everywhere you go, you will find someone talking about bitcoins and other cryptocurrencies and the ups and downs that they are going through. All of this hype about cryptocurrencies is all well and good, but it had one negative impact on society. It has pushed blockchain into the background. People are not taking blockchain as seriously as they should. The less importance we give to blockchain, the less we understand it. And the less we understand it, the more afraid we are of implementing it into our businesses. This is why a lot of businesses that could have been taking advantage of this technology, aren’t. And it seems that it is going to take some time before it comes into the mainstream.

Blockchain is the technology that has the potential to democratize monetization in the world. It is a highly sophisticated algorithm that distributes data structures and manages all types of transactions. Now you don’t have to tackle government-backed entities like banks and more.

Especially B2B companies can really take advantage of blockchain technology. Just think about a virtual bank. You can move your money, accept and send any amount of deposits, and conduct any type of transactions. All you need is a blockchain app design company that can create a custom app for you and you are on your way to monetary freedom.

What Really Is Blockchain?

We just mentioned some of the many benefits of blockchain for businesses, especially B2B companies. But, you might be wondering what is blockchain and how does it work. To simplify the process, let us imagine a decentralized ledger. A virtual database that contains all the processes that are taking place anywhere in the world. It doesn’t need a central system or intermediaries to perform any of the operations that you want. This way, you get rid of all third-parties and intermediaries like banks and more and complete the transaction easily, effectively, and in less time.

If you think that a decentralized ledger system is good only for the finance industry, think again. There are other industries like healthcare, education, and more that can take advantage of blockchain. Later, we will discuss some blockchain real use cases that will help you understand the concept better.

Blockchain Use Cases 2020 for B2B companies

It doesn’t matter if you are a service provider or product manufacturer and distributor. You can use blockchain as your own virtual bank with the help of Artificial Intelligence app development company. You can do all the things that you did through your traditional bank and some things that you weren’t able to do before. You can send and receive money, you can create and maintain smart contracts, you can accept deposits, and so much more. The major difference between blockchain and banks is that blockchain is decentralized while banks have a central authority that they report to.

Supply Chains and Logistics

Supply Chains
Supply Chains and Logistics

Blockchain can greatly enhance your supply chain management processes as well as logistics. You can easily track all the products that your company manufactures. It doesn’t matter where you reside in the supply chain path, you can easily check the status of the good and any data relevant to it. Blockchain technology also helps reduce risk factors like fraud, identity theft, and other errors. Also, since it is a digital technology, you won’t have as much paperwork to worry about as you currently do. This not only enhances the product quality throughout the chain but also instils trust in the partners. Since there is complete transparency, every partner can check the details at any time and track the entire shipment.

Secure Sales

Secure-Sales
Secure Sales

B2B sales have really picked up in the last few years, and experts are now predicting that by the year 2023, the B2B eCommerce sales will reach $1.8 trillion. In this kind of scenario, B2B businesses need a reliable and trustworthy system that they can use to ensure the security of their products, money, and more. Integrate blockchain with your B2B business, and you will automatically inject trust in your relations with your B2B clients and partners. You can rest assured that the payments will be secure and you can check your partners’ trustworthiness anytime that you want.

Smart Contracts

Smart-Contracts
Smart Contracts

Ever since Blockchain technology hit the market, it changed the way we make and maintain contracts with each other. These contracts are totally unbiased and do not rely on human control. Smart contracts came into existence for the Ethereum network. They were used so that the software houses and the app developers could conduct their deals with security and transparency. This practice then became common and more and more businesses started using smart contracts to conduct business with each other. Smart contracts help B2B companies set the terms and conditions in details and make sure that there are no misunderstandings later on. This way, no partner has the right to disregard the contract once it is signed.

New-age transactions

New-age-transactions
New-age transactions

We all know and we have already mentioned that the most benefit that blockchain provides is to the financial sector. Hence, when you remove all the intermediaries like banks and payment processors, what you are left with is a transaction process with little to no transaction fee. This means lower expenses. Now add up all the transactions that you do in a year and you can figure out just how much money you will save if you implement blockchain technology in your transactions.

Cryptocurrencies acceptance

Cryptocurrencies-acceptance
Cryptocurrencies acceptance

One more feature of blockchain is that it will enable B2B eCommerce businesses to accept and deal in cryptocurrencies. Bitcoin has garnered a lot of fame and it is supported almost everywhere you go. When you add blockchain technology to your operations, you enable others to pay you through Bitcoin or any other form of cryptocurrency that you are comfortable with. You can choose the cryptocurrency based on availability, prices, or any other feature and as long as both parties agree, it can be used.

Final Words

Blockchain is not as widely used as it should be. It is gradually making its way into the mainstream and people are slowly realizing all the benefits that it can provide to their businesses. It won’t be long when it will become a common factor in any business and become a necessity instead of being a luxury. The question is when are you going to start applying blockchain in your B2B business.

Also Read: Russian Pop Star Transfers Song Rights On Blockchain