Technology is changing the scope of business. A significant interest has grown in using blockchain technology for financial transactions with BitCoin breaking records and other cryptocurrencies making their presence felt.
“The blockchain is an incorruptible digital ledger of economic transactions. It is being used to record financial transactions and other movements of value,” according to Graeme Conradie, founder of Nomad Community.
Conradie has successfully launched a number of technology startups. These include the Nomad Community, CryptoNet, Travel My City, Currency Projects, Nomad Jobs, WhatsON, UberShop, Freelancer eXpress and UberSite Platform.
Because he has used blockchain technology, he has created the first decentralized autonomous platform for the digital nomad and the remote worker community inside the Ethereum Blockchain. It is this relationship that is leading the way for acceptance as a transaction tool.
Smart Contracts and Nomad Community Platform
During a smart contract transaction, an asset or currency is transferred into a program, and the program runs a code. At some point, the platform automatically validates a condition and determines whether the asset should go to one person or back to the original person. The technology allows users to determine whether refunds are needed or if some other transaction is necessary. If a combination of refund and deposit is needed, the technology will inform the the parties involved in the transaction.
Based inside the Ethereum Network, the Nomad Community Platform is built specifically for creating smart contracts, which help companies exchange money, property, shares or goods in a transparent, conflict-free way.
At the same time, companies don’t have to use a middleman to process the transactions. The decentralized ledger also stores and replicates the document that needs verification. As a result, it provides both parties security and immutability.
Cryptocurrency is growing in usage. It works like money, such as American dollars, but it is meant to be used in the exchanging of digital information through certain principles of cryptography, which secures the transaction and controls how coins are made.
Bitcoin was the pioneer of cryptocurrency in 2009, but now, hundreds of cryptocurrencies, including NomadCoin are being used. The simplest way to understand cryptocurrency is to think of it as electricity converted into lines of code, but with a monetary value attached to it.
Governments have no control over cryptocurrencies, so they are fully decentralized. Most cryptocurrencies are designed to have fewer in circulation over time, which puts a market cap on their price.
The Nomad Community Platform is underpinned by the NomadCoin. This unique platform helps digital nomads and remote workers around the globe prosper. During a transaction, the partnership provides opportunity to promote the initial coin offering before the official sale of the good. In the beginning, the company is focusing on Digital Nomad Autonomous Platform with plans to expand it to coincide with CryptoNet, Travel My City, IndoCoin and REIT Crypto.
Types of Transactions
People will use the platform to sell unique items, such as one-of-kind antiques. They also might turn to the Nomad Community for housing transactions, furniture, technology, proprietary software and more. This platform could be used for almost anything as long as the transactions follow the parameters set.
Cryptocurrency and the Nomad Community Platform will drive financial transactions for years to come. The research says that cryptocurrency will become more important in the future. The e-commerce market is set to continue going strong through 2020 due to the use of cryptocurrency. The Nomad Community Platform’s use of blockchain technology will drive that e-commerce market even faster.
As more and more people online turn to cryptocurrency transactions, the parties on either side of the transaction will want the technology to make those sales work. The Nomad Community Platform is poised to be a leader in this field. And, when companies turn to the other innovative solutions that work with Nomad Community Platform, sales are expected to grow as well.