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How you can level up your small business using Blockchain?
While the blockchain technology use is widespread, it is widely growing and even entering the reality of small businesses. In fact, blockchain can easily overcome through giant competitors and increased transaction and data transparency,top security and tamper-proof contract management are just among the few advantages enabled by this technology. In fact blockchain proofs to be the vital than internet.It has gained efficiency in technology that provides a platform for Bitcoin, but also it plays a big role in small size business,mid size and large business.
So, there are many applications of blockchain for businesses :
1.Smart Contracts makes smart Business-
There is often always a third party available with traditional contracts who creates contract and ensures that each one involved abides it. Also, it determines which should be allowed or not allowed.Smart contracts automates all this processes. This contract is self-verifying and self-enforcing contract.
**How does smart contract works?
firstly an option contract is written as a code into blockchain
contracts are part of public blockchain
parties taking part in contract are anonymous
as soon as the conditions are met the contract is execute by itself
users/regulators use blockchain to keep a watch on contracts.
2.Supply Chain Management and Communication-
Blockchain gives small business a boost and movement to original sources and suppliers by maintaining a supply chain track and digital trail.The products we usually buy are not singled entity so, there are the reports of assembling many components that are sold by chain of suppliers direstly to the company which markets the finalize end products.Also, if one of the company fails with the system then the whole final brand has to suffer .
50% of cyber attacks are target small business,their main concern is security.That is why first know whom you are dealing with while using electronic means of communication.A best business must acquire an assurance of an identity for further commercial enterprises like -internet banking ,trading,digital signature,e-commerce,etc.
With the help of blockchain technology, it is now possible to keep a track and maintain digital identity efficiently and securely.
4.Networking IOT :
The capability of IOT to supply benefits to small business is very large.The bridge it offers between human being and machines improvise agility,collaboration , knowledge sharing,etc.By using IOT business owners can easily setup their company anywhere ,also they can appoint employees remotely and can carry out operations securely.For the concern of IOT security Block chain technology is used.
The block chain develops a central hub and with the help of it, the other devices communicate and manage the process efficiently.
5.Decentralised Cloud Storage :
Cloud storage enables maintenance of remote, maintenance and backup of large data , access files ,etc.
Small business owners turned their way from Amazon Web Services, Google Cloud Platform and Oracle Cloud , but these platforms do not give full security and also provide limited transparency. So, the blockchain are providing all these necessaries which cloud could not give.