Clarifying Blockchain Myths: The Transparency of Businesses on Blockchain

Sessia, a New York-based blockchain innovator, is reaching out to the community to clarify certain misconceptions regarding blockchain technology. It is currently being traded on two of the top-ten cryptocurrency exchanges: Coineal and Bitforex, the latter of which is holding a promotion for Sessia’s premium token offering.

Blockchain technology works by linking together a growing list of records, called blocks, using cryptography. Each of these blocks contains a cryptographic hash (a digital key) of the previous block, a timestamp, and transaction data.

The Sessia app is built on the foundation of blockchains and a real-time social network. When someone visits a business that has partnered with Sessia and uses the app to pay, the user’s feed will automatically update with the details of the transaction; thereby, promoting the business to the user’s friends. When a user’s friends visit the business and conduct transactions, the original user will get cashback and kickbacks. This Sessia loyalty program model is already in use by over 250 organizations, with over 100 of them based within the United States.

The general sentiment of Sessia users has been well-received. One user noted that “the app is just so easy to use. The point, click, cashbacks.” The Sessia app couldn’t be easier to use.

Additionally, businesses ranging from aestheticians to restaurants to IT services have found impressive results in using the Sessia platform. While some businesses have seen a modest return on investment of 5-10%, some businesses are seeing a return upward of 12.7%. Clearly, this kind of return makes Sessia appealing to business owners and investors alike.

Due to its nature as a new form of technology, there are more than a few misconceptions about blockchain, with one of the biggest being security. However, as Sessia’s President Narek Sirakanyan explains, people need not worry. He says,

We wouldn’t have developed Sessia’s business on blockchain model if the underlying technology wasn’t reliable. How blockchain works are that every time a transaction occurs and is verified, that data is stored in a ‘block.’ Each of these blocks will have a specific hash associated with it, and each block contains the hash of the previous block. Since the data in each of these blocks can be verified by simply cross-referencing blocks across multiple devices, blockchain technology is, by design, resistant to modification of the data, making it an extremely secure technology.

While Narek’s explanation is technically correct, it only briefly touches on the details about the impressive levels of security that blockchain assures. Due to the nature of how the cryptographic hashes are generated, if someone were to hack into a block and edit a record in it, it would change the block’s hash. However, the next block in the chain will contain the original hash for the previous block, the hacker would also need to hack into and edit that hash, which would then change the second block’s hash, requiring the hacker to hack into the next block, and so on.

In order to alter the data in a single block, a hacker would need to change every single block after it on the blockchain. Without an enormous amount of computing power, recalculating all those hashes is simply impossible. In other words, blockchain is amongst the most secure forms of modern cryptographic technology.

There are also questions raised about blockchain’s transparency, as the identity of users is hidden behind powerful encryption, which means that linking users with their cryptocurrency addresses is difficult to achieve. However, blockchain technology accounts for this fact by having the holdings and transactions of each public address be open to view. Using a blockchain viewer and equipped with a user’s address, it is possible to view every holding and transaction someone has carried out. This level of transparency is new to financial systems, especially when it comes to large businesses; it adds a certain degree of accountability that has not existed to date.

According to Narek, Sessia strives to do its part to allow more transparency. He says,

We actually want to create better trust between businesses and consumers. As part of Sessia’s feed, each transaction receipt can be seen by a user’s friends/followers. This allows for complete transparency about what was purchased, how much was spent, and ultimately how Kicks—Sessia tokens that have multiple uses—are distributed.

When asked about how Sessia’s Kicks work, Narek says that “users will receive cashbacks and kickbacks from Sessia partner companies in the form of kicks, and they can use kicks to fully or partially pay for SessiaMarket orders, transfer it for other uses, or even exchange them for real money.”

Those interested in learning more about Sessia can find further information on the company’s website. The current valuation of Kicks can also be found on Bitforex and Coineal, two of the top-10 cryptocurrency exchanges. In addition to this, interested parties can also find Sessia on Facebook, where the company regularly posts promotional content, shares up-to-date information on new Sessia partners, and interacts with their community. Sessia can also be found on Twitter.

Leave a Reply

Copyright © 2020. Coinatlast. All Rights Reserved.