BitFury explains how to securely store and transfer digital assets on the BTC ledger

BitFury, a leading Bitcoin blockchain infrastructure provider and transaction processing company, recently released a white paper titled “Digital Assets on Public Ledgers,” which outlines a variety of ways to securely store and transfer digital assets on the Bitcoin public ledger.

Blockchain infrastructure management of digital assets

In the process of drafting the white paper, BitFury discovered that blockchain infrastructure can be applied to the management of digital assets, which can enable global economic companies to reserve purely digital assets and manage them on the network.

Major ledger networks, especially the Bitcoin ledger network, have the ability to store all data sets in addition to the main transaction data. For example, the Bitcoin ledger allows the sender to store data sets of the actual transaction, such as text or string data.

This secure way of storing data is unfalsifiable and immutable. The Bitcoin ledger achieves this by allowing senders to embed information that can be verified on the network. This technology makes assets on the Bitcoin ledger unique.

Applying digital assets in financial services

As early as 2015, Bitcoin and cryptocurrency organizations have seen increasing interest in blockchain technology from financial enterprises and global companies. R3, a consortium of the largest and most influential banks, has long used the Ethereum network to build its own authorized blockchain system to exchange international payment data to reduce costs and conduct traditional financial management on the blockchain network.

The BitFury team explained that blockchain-secured digital assets will be very effectively used in financial services and emerging customer-to-customer markets. Digital assets stored in blockchain networks will be more flexibly used in some non-traditional projects such as crowdfunding, charity, P2P lending, and smart property purchases.

The Bitcoin ledger is open and transparent, allowing everyone to track digital assets on the network. Therefore, blockchain technology will rely on this feature to expand its potential and be used more.

Tips for companies and businesses

In the white paper, BitFury said: "The application of blockchain will make it easier for companies to manage assets, such as discounts, gift cards, tokens, coupons. Blockchain technology has also proven to be very effective in reducing costs and expanding the use of electronic currency instead of fixed legal and traditional currency services. In addition, the mandatory algorithm of blockchain, the characteristics of unforgeability, higher transparency and easy auditing, increase its attractiveness to regulators."

The BitFury team has been committed to developing the Bitcoin and blockchain ecosystem. The company will continue to publish white papers to propose solutions based on Bitcoin ledger technology to solve global problems.