The blockchain technology is a relatively new and, doubtless, an innovative one. The technical aspects of it include the distributed ledger technology, the cryptographic safeguard and an interesting little feature whereby one can code into existence a smart contract. In practice, the above components of blockchains allow individuals who do not overly trust each other to engage in legitimate transactions. It’s the smart contracts themselves that make sure that a transaction is successfully finalized without the need for a trusted third party.

The financial aspect

One of the best known applications of the blockchain technology is in the field of finance. Especially notable is the role it plays in the improved liquidity of financial assets and the real estate market. As mentioned, liquidity of assets is improved by blockchain — assets initially not enjoying sufficient liquidity can be transformed into a tokenized form and then fractionated, traded and accounted for in the distributed ledger. This method of financing can unlock the previously untapped liquidity of small company owners, entrepreneurs, real estate owners and alternative investments such as stagnant venture and private equity capital. Also included are commercial properties and art in a broad sense.

As a result, investments previously only available to institutional clients come within reach of anybody who’s interested. The blockchain technology helps allocate assets effectively, streamlines asset circulation in the world market and helps investors diversify their portfolios. By making possible a broader array of possible operations, blockchain increases the liquidity and market depth of assets.

Better management

The blockchain technology likewise finds use with the supply chain and related management operations. The most serious problem supply chain-related enterprises had to contend with previously was insufficient transparency. The blockchain technology, meanwhile, allows multiple parties access to a database where all recorded transactions are unalterable. All they are is recorded and then updated with newer transactions on top of the older ones facilitating a neatly timestamped audit. Blockchain allows for changes recorded in real time helping bolster transparency while, at the same time, limiting paperwork and substantially reducing cost. From the consumer’s point of view, meanwhile, the blockchain technology serves as a means to ascertain the claimed value of the goods on offer.

The decentralized nature of the blockchain technology means that there is no centralized point of weakness vulnerable to hacker attack. This speaks to the technology’s feasibility as a medium for digital identity management. A kind of self-sufficient identifier could be used for identity verification without the need for multiple documents to be supplied for verification purposes.

wee have adopted the blockchain technology for our own needs and are now tokenizing our cashback program through the weeMarketplaceAccessToken (WMA). The WMA utility token will provide both the traders and the clients access to a new and improved blockchain-based weeMarketplace.

By adopting the blockchain technology, weeGroup is endeavoring to further improve its existing and fully operational cashback-based business model and to broaden the scope of its capabilities through the inclusion of up and coming new technologies like secure mobile payments.