Blockchain technology redefines industries by securing assets, controlling risks and overhauling transparency. By providing an effective framework in which anyone can independently verify, authenticate and comprehensively track records, any business can organically expand their products and services through a thriving, interconnected and monetizable network.
Decentralised transaction records change the nature of any type of financing by encrypting information and permanently linking each instance of activity, without relying on a centralised database or administrator. This enhances any business activity, from manufacturing supply chains to internal control and Initial Public Offerings, by providing a universal basis for consensus not only on validity- which includes proprietorship, authorisation, and licensing- but also value.
Blockchains expedite approvals and purchases while streamlining security and verification measures, which categorically sets apart organisations that can successfully adopt and implement a platform. Peer to peer networks provide a foundation for ecosystems to collectively establish market value and facilitate the efficient exchange of assets. Descriptions of blockchain applications can sound similar to the idea of existing currencies and markets because they effectively comprise a high-speed, always on, self-regulating economy that businesses can ill-afford to ignore.
Needless to say, it requires an immense level of detail to practically implement blockchain functionality, because the level of information to process scales with the complexity and volume of the business involved. Beyond technical factors, it is vitally important to consider that any application is only as good as its suitability for use by actual people.
For an international business, this requires information to be clearly and comprehensively understood across regions, language and cultures. Any blockchain technology platform should therefore be designed with quality translation provided for from the outset. International translation companies providing business translation services are well equipped for any workflow that involves processing large amounts of data with a solid technical understanding, attention to detail and sensitivity to cultural factors in the usage scenario.
Blockchain applications in the translation industry
The translation industry is no exception when it comes to the potential for disruption with blockchain. The enterprise translation workflow lends itself to transparency, accountability, valuation and security. Expert translation services already maintain detailed records on tasks and processes and in the future, individual blockchain platforms from multilingual translation services providers could be extendable to an industry-wide encrypted network that enables clients to select preferred providers and track performance with granular detail, raising standards across the boards.
Although blockchain’s disruption of the translation industry is likely to develop over the next decade, crypto enterprises and blockchain developers already need translation to get their platforms off the ground 2022.
Why blockchain developers need cryptocurrency translation?
Any cryptocurrency or blockchain platform developer needs to engage a worldwide userbase with their interface. As with legal document translation and agribusiness enterprise translation, a solid understanding of the technical background and context in which businesses utilize the material is key to providing effective services.
Expert localization services with linguistic QA specialists are well equipped to deliver comprehensive translations of complex text within the timeline required to design, develop, test and release an application.
User interface and user experience
Software localization services specialize in adapting a User Interface and User Experience to a target audience. Into23’s expertise with eCommerce translation ensures that anyone using your blockchain application’s interface is able to consistently access the records and resources they need to carry out functions.
Blockchain UI’s are currently mired in exceptionally specific technical jargon that is ill-suited to any UI intended for first-time users or people without a background in software development. Current blockchain applications often ironically fail to establish transparency and trust on a meaningful scale, because the sheer amount of information overwhelms the average person.
This issue goes beyond language and linguistics, and has to be addressed by software developers, and at the conceptual level in whitepapers. But expert translation service providers can offer key consultation on establishing connections with users and ensuring consistent engagement as a platform expands.
Payment service processing
Cryptocurrencies are increasingly gaining traction as a means of payment and remittance. El Salvador became the first country to adopt Bitcoin as legal tender in September 2021, enabling local businesses to accept the cryptocurrency as payment for goods and services.
China is the first country in the world to issue a sovereign digital currency, which is already in use. China’s Digital Currency Electronic Payment differs from cryptocurrencies in the sense that it is not decentralized, and the government tracks all transactions. Nonetheless, it is developed with a blockchain platform, with an official e-wallet app that delivers a level of functionality for ordinary users by linking with bank accounts and standard payment platforms.
Other countries are sure to eventually develop their own central bank denominated digital currencies, upon comprehensive review of the policy implications required to establish a legislative foundation for a government regulated blockchain standard.
Regardless of whether businesses want to explore alternative payments and financing or adapt ahead of time to standardized digital currency payments, the necessity for applications with a solid user interface suitable for widespread adoption is an essential priority. Extending this between countries and cultures is where multilingual translation services provide the critical link between concept and execution.
Gaming, Media and Web3
The gaming industry is forwardly positioned with blockchain applications, because of the established precedent for digital ownership and virtual economies. Blockchain is a natural progression for systems where securing virtual assets and account activity records is a vital driver of value.
The emergence of digital ownership of assets disrupts media and the arts, and NFT’s dominated news cycles in 2021 because they established a basis for a broader digital economy. Metaverse platforms like Roblox, Decentraland and The Sandbox are at the center of feverish speculation because they represent the potential for a potential successor to the internet.
Metaverse platforms bear characteristics of both gaming and eCommerce platforms, with the potential for extensive, transaction-driven user engagement. The sheer scale of investment in virtual content platforms makes it likely that markets and Web3 applications, with decentralized ownership and exchange of assets integrated with interactive media platforms, will develop in some form over the upcoming decade, even if the trajectory and timeline turns out differently from current forecasts.
Into23 has extensive experience with providing advertising transcreation, Continuous Localization solutions with scalable translator networks, and a proven track record with Gaming Translation Services and multilingual voice over translation geared towards engaging users across cultures in every kind of application, from eCommerce to eLearning.
If you are as enthusiastic as we are about the potential that blockchain applications bring to our industry as well as yours, leave a comment below or drop us a line with any questions you may have. The future belongs to flexible and innovative enterprises, and we look forward to taking the next step with our clients.