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24 June 2019

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Blockchain technology use is well known. It is used a lot in big corporations. Now, it is growing everywhere and even entering the realm of small businesses. The fact is  blockchain can easily overcome all competition even if is by giant competitors.  Here, it enables increased transaction and data transparency, top security and tamper-proof contract management. It has gained efficiency in technology that provides a platform for Bitcoin, and also plays a big role in small size business, mid size business and large businesses.Hence, there are many applications of blockchain for businesses.
https://digitalmarketing.ac.in/images/blockchain
Image Source: cointelegraph.com

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. The contract then a self-verifying and self-enforcing one. 
          **How do smart contracts work? 
  • 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 executes by itself
  • Users and/or 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 a single entity so, there are the reports of assembling many components that are sold by a chain of suppliers directly to the company which markets the  finalized end product(s).Also, if one of the company fails with the system then the whole final brand has to suffer. This is noted and kept track of.



  3.Digital identity- 

  

50% of cyber attacks 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 and so on.

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 (Internet of Things) to supply benefits to small business is very large.The bridge it offers between human being and machines improvise agility,collaboration , knowledge sharing and so on. By using IOT business owners can easily setup their company anywhere. They can also 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 data, maintenance and backup of large data , access files and so on.
  • Small business owners initially turned their to  Amazon Web Services, Google Cloud Platform and Oracle Cloud , but these platforms do not give full security and also provide limited transparency.  Therefore, this was surely not a complete success story. People did keep looking for solutions. Now, blockchain technology is providing all the necessary technology that cloud could not give. 
6. Paying Employees
Since the blockchain has it’s roots in cryptocurrency, it only makes sense that it could be used as an application to compensate employees. This process is taking place slowly but steadily. Here, this is beneficial both to employers and employees. Geoff Weiss states on Entrepreneur this fact as he is clear that if one's company regularly pays wages to international workers, then incorporating Bitcoin into the payroll process could be a major cost saver.
Bitwage  is a Bitcoin-based payroll service. It says that blockchain technology will save a lot if time and money for employers and employees. 
There is also the process of paying remote employees and contractors. This is also bound to increase in all businesses, small to big
7. Electronic Voting
BitShares, that is a globally distributed database, states that Delegated Proof of Stake (DPOS) is the fastest, most efficient, most decentralized, and most flexible consensus model available. 
This system utilises the power of stakeholder approval voting to resolve consensus issues in a fair and democratic way. All network parameters can be tuned via elected delegates. Block producers can be selected and this allows transactions to be confirmed in an average of just one second. Most importantly, the consensus protocol is designed to protect all participants against unwanted interference.
The future of blockchain will be growing in the coming years and one must capitalize on this. The world is digital  now and block chain technology is an integral part of this process.
In Sum

We all must realise the world is changing and we must change with it to obtain maximum benefits. After all, the digital world is now very pertinent to all of us today. We are  experiencing a paradigm shift. From thinking in terms of closed systems we now now thinking in terms of open networks. We live in a “networked” world that is characterized by networks both online and offline. Networks are non-hierarchical, inclusive, connected, complex, and open. They are constructed out of both humans and nonhumans. This is a kind of blueprint for the way in which society is being organized. 



As humans, we all have the ability to learn and require only passion to learn. 

Hence, it does make sense to learn an evolving technology, blockchain. Earlier, it was necessary needed to learn Maths and English. Science was also added to the list. When science keeps changing, it is indeed necessary that we keep learning all that is emerging in this field. Is it not necessary then for us to learn this too?


In fact, other than places  to visit, we could add blockchain technology in our things to do list. This is the only thing that shall make us fit in to the new world, especially in the area of technology. Hence, we all must make note of this without too much delay.
For further reference, see the video given below : 



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    We know that the internet is the biggest revolution of the 21st century. Its uses are continuing to expand having already roped in every sector of the economy. While there are amazing advantages, the internet also has an unfortunate downside which is its vulnerability to hackers carrying with it security risks.
    https://digitalmarketing.ac.in/images/cybersecurity.jpg
    Image Source : consoltech.com
    Research has found out that small businesses are appealing to hackers because these businesses have a moderate amount of data and they also do not see cyber security as a priority.
    So, hackers  use information gotten from these platforms or businesses to steal from many people.
    Know this as a business, a data breach can damage your relationships with employees, customers, and vendors; and it has been estimated that approximately half of small businesses that have been victims of cyber-attacks go out of business within six months.
    Do not allow your business to be part of this statistics. You need to try to build up your business’ cyber security. You also  need to protect your data, your network, your customer information, and your reputation.
    In Amercia. malicious cyber attacks are costing the American economy billions of dollars every year. As per WebFx, 71% of attacks are aimed at companies with fewer than 100 employees. This is not something to worry about, For, there are many safety precautions that businesses can implement to curtail this threat. 
    In India too, as we are investing heavily in building e-services for its citizens by providing higher bandwidths and integrating national economy with digital marketplace, the is an increased need for emphasis on cyber security.
    We do need to know this is critical for success in the digital world.
    We give you below some simple tips you could apply.
    1. Protect all your information from cyber attacks

    Do invest in the latest security software, web browser, and operating systems. This is essential as it a defense against viruses, malware, and other online threats. Regularly scan your site and computers for malware. Run antivirus software after each update. Further, install other key software updates as soon as they are available.

    2. Firewall protection

    Make sure employees working from home also use a firewall.

    3. Don’t click

    Don’t click on links unless the sender is known.

    4. Password protection

    Do ensure that passwords are updated every three months. In addition, make passwords strong and unique otherwise use a password generator. Do not write passwords or other sensitive information on a note that everyone can see  Try implementing multi-factor authentication that requires additional information beyond a password to gain entry.

    5. Email

    Emails also need to be managed.  Archive email to a secure site. Ensure that you use encrypted email for sensitive information. Ensure that login credentials are safely protected too.

    6. Wi-fi

    Do not do business over unsecured wi-fi. Hide your Wi-Fi network by seting up your wireless router so it does not broadcast the network name. This method is known as the Service Set Identifier (SSID). Password protect access to the router.

    7. Lock it

    Both software and hardware needs to be protected too. Keeping hardware it in a secure area. Have a reporting procedures for lost or stolen equipment. Similarly, store digital keys and certificates in a secure, tamper-proof, data storage container.

    8. Take regular backups

    All important information should be routinely backed up. Store all copied critical data offsite or in the cloud. Do not keep information that is no longer needed. Make sure you properly discard old records.

    9. Limits of authority

    Form regulations on who has access to confidential data. Remember, it is a good practice that employees should only be given access to the specific data systems that they need for their jobs. Give authority to only the individuals responsible for software downloads and maintenance. In other words, administrative rights should only be given to trusted IT staff and key personnel.

    10. Payment systems and financial transactions

    Do use SSL or HTTPS for your website. Enter information or buy from secure websites only. Remember, this does not protect you from phishers. They can have a secure, but fake, site. Tell your clients to only send wire transfers after checking with your company about the procedure. They should also confirm the instructions beforehand with the intended recipient.

    11. Deal with cyberattacks

    Ensure if you have a cyber attack,  a plan in place to deal with it. You would need to evaluate your business model and determine if you need a breach notification policy. You could also possibly need an action plan for your employees. This needs to include how to handle notifying the appropriate people to ensure your information is secure.

    12. Learn from mistakes

    After any breach and incident response, once you are sure that you are no longer being hacked and can go back to normal operation, you should conduct a review. The review should allow you to discuss your incident response plan and decide if you need to make any adjustments to the plan based on the mistakes you made the first time around.

    In Sum
    Today, people are becoming conscious of this need. Around nine out of ten businesses reported they have some cybersecurity measures in place, with the most common ones being: 1) antivirus; 2) firewall; and 3) employee education. .
    People also often outsource their activities as cyber security professionals are extremely expensive to hire.
    Many transfer the financial risk of cybersecurity incidents are transferred to insurance companies, a move that makes sense when the insurance cost is less than providing additional cost-effective protections.
    Whatever the decision, do ensure you take this aspect seriously.


    References:



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