Leading Bitcoin Blockchain infrastructure provider and transaction processing company, BitFury, has recently released a white paper entitled “Digital Assets on Public Blockchains”. The paper demonstrates methods of storing and transferring digital assets securely on the bitcoin-secured public blockchain.

Blockchain infrastructure enables digital asset management

During the process of drafting its white paper, the BitFury group discovered blockchain infrastructure can be utilized for digital asset management that would allow the global economy to store purely digital assets and control them online.

Major blockchain networks, most notably the Bitcoin blockchain network, hold the capacity for storing various sets of data apart from the main transaction data. The Bitcoin blockchain, for example, enables senders to store alternative data sets on the actual transaction, such as texts or strings of data.

This secure storage of data on an irrefutable and unalterable blockchain like the Bitcoin blockchain is made possible due to the unique property of the bitcoin blockchain that allows senders to embed additional information.

The usage of digital assets in financial services

Since early 2015, the Bitcoin and cryptocurrency community have seen the rising interest of financial firms and global corporations in the blockchain technology. The R3 consortium, which is composed of the world’s largest and most powerful banks have already used the Ethereum network to build their own permissioned blockchain to send and receive international payments at lower costs and process traditional financial settlements on the blockchain network.

The BitFury team explains that blockchain-secured digital assets can be used effectively in financial services and on emerging consumer-to-consumer markets. Digital assets stored on the blockchain network can be further used for alternative activities such as crowdfunding, charity, peer-to-peer lending and smart properties purchases.

As the Bitcoin blockchain network is transparent, it allows anyone to track the digital asset on the blockchain network. Thus, the transparency expands the potential applications of the blockchain technology.

Tips for corporations and businesses

In the white paper, the BitFury team says:

“Use of blockchains could also facilitate management of assets by businesses, e.g., for discounts, gift cards, vouchers, and coupons. Blockchains could also prove effective in reducing the cost and expanding the reach of electronic money services for currencies both pegged to fiat money and alternative currencies. Additionally, the algorithmically enforced properties of public blockchains, including impossibility of counterfeit and increased transparency and auditability, could prove attractive for regulatory bodies.”

The BitFury Group is dedicated to the growth of the bitcoin and blockchain ecosystem. The firm will continue to issue white papers that propose alternative solutions based on the bitcoin blockchain to solve real world problems.