When the Blockchain made its technological debut in 2008, it was intended to serve solely as a decentralized ledger for the cryptocurrency bitcoin. Today, this technology holds innovative potential for a wide range of languages. In the financial and legal sectors, Blockchain's promise of high data integrity and transparency is paving the way towards a whole new way of doing business. If your company is looking to make the move into Blockchain-based services, it's important to have a trusted and competent language service provider on your side who can help you communicate this cutting-edge approach to customers and business associates around the globe — whether in the form of professional interpreting services or high-quality translations of technical documentation, contracts and marketing materials.
Blockchain creates new possibilities
Today, Blockchain is used in a wide variety of products ranging from identity management, fraud prevention, triple-entry accounting and international payment services to data analysis and customer identify verification. Even trade finance and IT are finding ways to innovate and solve problems with platforms underpinned by Blockchain tech. As a decentralized electronic register that keeps track of data and transactions across a network of machines, the Blockchain offers virtual immutability.
And this is an innovative step forward in areas of business which have traditionally required expensive and time-consuming notary and bank services to prevent manipulation and ensure secure transactions. Two such areas are the financial and legal service sectors, where growing digitalization and Blockchain are making it possible for service providers to track and authenticate purchases of real and digital goods and provide smart legal services.
From cryptocurrencies to financial services
Originally intended as a public ledger for bitcoin, Blockchain today has the potential to revolutionize the entire financial services sector. The technology not only offers a legitimate alternative to standard currencies and transactions, but also provides a more efficient and secure way for money to change hands. London-based investment fund Santander InnoVentures [https://www.finextra.com/finextra-downloads/newsdocs/the%20fintech%202%200%20paper.pdf] sees Blockchain's decentralized record as offering a range of attractive benefits, including irreversible transactions and accurate trade books which are updated in near real time.
The peer-to-peer approach ensures that transactions are performed correctly with close to 100% certainty, reducing the need for monitoring and the IT infrastructure that comes along with it. And that means cost savings for providers. Plus, nearly all immaterial documents and assets can be expressed in terms of code, making it possible to store them in the register. Combined with Blockchain's immutability, this has the potential to significantly improve government oversight.
Smart contracts and virtual keys
Blockchain technology has also found application in the legal world. The Frauenhofer Institute for Applied Information Technology's white paper on Blockchain [https://www.fit.fraunhofer.de/content/dam/fit/de/documents/Blockchain_WhitePaper_Grundlagen-Anwendungen-Potentiale.pdf] details the potential use of Blockchain in so-called smart contracts, which are capable of executing transactions and activities under the presence or absence of specific external conditions — partially or fully automatically. And they're written in code, which makes them easy to standardize and reduces overall creation and performance costs. Other ways smart contract transactions are being put to use include smart lock systems for cars and apartments, which allows doors to be locked and unlocked without the physical handing over of keys.
With new technology comes new terminology
Blockchain comes with its fair share of unique terminology, including names and concepts such as R3 Corda, IOU model, SegWit, Ripple, Hyperledger and multichain. International financial and legal service providers looking to introduce Blockchain into their businesses need to be able to communicate the benefits of this new and often disruptive technology and address concerns in a wide range of languages. And as with any other cutting edge trend, this means being able to use, translate and localize new terminology. With EHLION's professional project managers, translators and interpreters at your side, your business can make the transition to Blockchain and tap into new applications and target groups with confidence and ease. Our expert translators combine years of experience in IT, finance and law to ensure effective communication with customers and business associates around the globe.
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