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Digital Money

by BusinessDigitalTechnology
  • What is digital money?

Digital money or currency is a form of money that only exists in electronic form. Digital money lacks a tangible form like a bill, check, or coin. It is booked and transmitted by electronic codes on computers. As technology becomes more promising, people are moving into the digitized world, including digital payments.

 

  • Detailed explanation of digital money:

New forms of technology now enable safer and smoother use of digital money. Digital money can be transferred and exchanged using technologies such as credit cards, smartphones and online cryptocurrency exchanges. Cryptocurrency refers to a type of digital money protected by cryptography, making it almost impossible to counterfeit or spend time. It exists through decentralized networks based on blockchain technology, which is essentially a ledger stored across a network of computers. The important feature of cryptocurrencies is that a central bank or government does not issue them, which frees them from the hurdle of government interference or manipulation. Digital money is traced back to the invention of the internet. In the first days, there were difficulties in getting the population to use digital money; however, as people become more comfortable with the technology and the technology itself becomes more secure, more people are now willing to use digital money.

 

  • What are examples of digital money?

The most common form of digital money is money held by banks and central government deposits. Institutions hold a certain level of capital to weather economic stress; however, the money is not kept in a safe in any physical location. Instead, it is hosted electronically in the form of digital money. Banks and central governments process transactions involving millions or billions of foreign currencies but do not use physical cash. Another prominent form of digital money is cryptocurrency. As explained above, it is a form of digital money that exists over a blockchain network. Some forms of cryptocurrency include

Ø  Bitcoin

Ø  Ethereum

Ø  Ripple

Ø  Litecoin

 

  • What are the risks of digital money?

Payment fraud is a major risk stemming from the increasing use of digital money. Payment fraud can be committed in many ways. Generally, however, it includes fraudulent or unauthorized transactions made by a cyber-criminal. Some common forms of payment fraud are

Ø  Fraudulent payments

Ø  Illegal payments

Ø  Insider manipulation

Ø  Data theft

Ø  Seizure and criminal offenses

 Since money is not physically transferred, it is impossible to know who is on the other side of a transaction. It offers cyber criminals opportunities to gain access to sensitive information or scam people with digital money.

We @CloudPloys provide cyber security for you to stay secured from the hackers and invasions. Get in contact with CloudPloys today to keep your digitalized payment safe. Stay tuned for more.

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Can tech help you to manage the cost of living?

by BusinessDigitalTechnology

Technology has brought several improvements in business. It has brought concepts of automated solutions. The benefits of technology are beyond expectations. It helps improve productivity, revenue, customer relationship, ease of storing and accessing information reduces human error by automation, etc. However, knowing this much does not help conclude. Therefore, let us discuss a few technologies, which affect the cost of living.

1. Cloud Computing: Cloud computing is the storing and accessing data and programs over the internet, instead of your computer’s hard drive and data storage. Question remains the same, how does it affect the cost of living?

  • Cloud computers reduce staffing costs. The staffing cost in the organization is usually high. Because IT professionals are expensive. With cloud computing, everything comes with the package. If there is a malfunction in server or other hardware in cloud computing, it is their responsibility to repair or upgrade it. It does not cost our business anything.
  • Also, cloud computing reduces the cost of hardware. Business does not need to spend much on equipment, which can be very expensive. Cloud computing helps reduce the cost of equipment in case of moving out business to another location.

2. Customer relationship management software: Customer relationship management software (CRM) is a software that has different applications to help businesses manage clients, contacts, customer data, marketing, contracts, sales, etc. It is normally used to manage business-customer relationships and it can be used by businesses of any size. Question remains the same, how does it affect the cost of living?

  • CRM software helps businesses eliminate the possibility of misplace invoices. CRM helps store all invoices and make you chase the bills, which are pending. Therefore, it will help you decrease liability. CRM software is a mixture of many software. Every software has its yearly subscription fees. Therefore, instead of paying for every software and increasing expense, CRM only asks you once a year for a subscription.

3. Business-to-Business integration: Business-to-Business is not a new technological concept. It has been in existence since the 1960’s. It is the integration, automation, and optimization of key business processes that are outsourcing. A good example is receiving orders from customers electronically instead of mail. It makes it easy for businesses to confirm order details quickly with accuracy. B2B integrations also connect external suppliers electronically, which makes it easy for businesses to track down shipments, portfolio of warehouse or distribution centers, and automate warehouses, etc. But, how does it help reduce cost?

As you read above, B2B integration helps keep track of everything electronically, which reduces the need of staff. Therefore, less staff less expense on staffing.

By now, I guess you understood how important it is for technology to grow. Technology mentioned above are just examples of how tech reduces cost. If you go deep into this topic, you will find more technologies that help in managing the cost of living. Investment in technology is considered a one time investment, once you pay for it and then you could use it forever and it never fades away because it can always be upgraded. We @Cloudploys provide help with such software, which will help you keep track of everything in business and reduce cost. We @Cloudploys personally develop these types of software in the best interest of our clients. Stay tuned and contact @Cloudploys for more.