Although the emergence of blockchain technology was 15+ years ago, understanding and adoption of the technology are still in their infancy. There are numerous reasons for this, particularly the early well-publicized problems with fraudulent activity and hacks. However, the technology has evolved greatly since its beginnings, with developments made to make systems, crypto wallets, and transactions much more secure.
Issues around security and accountability are the most common barrier to entry for businesses seeking to develop their own ecosystems. Now, with the introduction of the Open Rights Exchange (ORE) Network, businesses have access to a truly cross-chain experience, empowering them to build an ecosystem with trusted authentication protocols that protect both them and their end-users — while also providing a more human-centric approach to blockchain technology.
How Does Blockchain Validate Transactions?
On the blockchain, every transaction is validated by nodes that verify a digital signature. This process works for peer-to-peer transactions, where only two people are involved in said transactions. However, digital signature blockchain for business needs to factor in that there are usually multiple decision-makers within a company who would approve a transaction.
AIKON CEO and ORE Core Contributor Marc Blinder told us, “We built our identity management solution and B2B crypto, NFT wallet on ORE Network because we needed a truly secure cross-chain network for our solutions. ORE Vault helps businesses and DAOss by providing a secure, shared wallet experience. Using ORE ID login, ORE Vault requires multiple signatures to approve transactions. This provides a highly secure alternative to traditional wallets where a single user could fall victim to a phishing scam, malicious hack, or lose their keys, meaning the company has lost its assets or can no longer access them. Multiple signature authentication protocols give businesses the tools they need to avoid such issues.”
How Can Blockchain Be Used In Business?
Often, blockchain technology and platforms have a barrier to entry that excludes those who are less technologically adept. Therefore, making it impossible for some businesses to adopt as varying levels of knowledge and skill are apparent across a company. One of the ways this can be solved is by using Web 2.0 identities and using them for Web 3.0 authentication and login. The mission and purpose of ORE Network and their launch partner AIKON are to encourage the mass adoption of blockchain technology by simplifying the process for all users, making it understandable, and providing up-to-date education.
Marc Blinder told us, “ORE ID, Vault, and Network were all built with businesses in mind. Unlike other chains, the ORE Network connects Web 2.0 identities to accounts on multiple chains, creating a single sign-on for cross-chain interoperability. The fact we can offer such a seamless cross-chain experience is crucial for businesses. With the technology continually evolving and adoption increasing, their end-users, clients, and customers may be operating on a different blockchain, so they need a secure facility to process transactions cross-chain”.
The Future Of Blockchain For Business
As adoption increases, it’s likely we’ll see more businesses accumulating a greater volume of digital assets. Additionally, it’s expected cryptocurrencies will become an accepted form of tender across the world. Smart Contracts will play a huge role in this journey as they provide one source of truth for all digital items and transactions. There will come a time when the smart contract replaces the traditional receipt you receive in-store or via email, giving all items a completely traceable history and giving businesses and customers peace of mind that what they’re buying is genuine. Additionally, they empower the original creator to receive a percentage amount of every secondary sale after the original purchase.