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24 June 2019
Blockchain technology is excellent for businesses of all sizes all over the world
While blockchain technology use is widespread and used a lot in big corporations, it is growing everywhere and even entering the realm of small businesses. In fact, blockchain can easily overcome major competition even 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.
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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/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.
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. Here, blockchain technology is providing all these 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. 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, a globally
distributed database, states that Delegated Proof of Stake (DPOS) is the fastest,
most efficient, most decentralized, and most flexible consensus model
This system utilises the power of stakeholder approval voting to resolve
consensus issues in a fair and democratic way. All network parameterscan 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 capitalise on this. The world is now digital 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 now experiencing a paradigm shift from
thinking in terms of closed systems to 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. They are now 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. Here, we must add blockchain technology in our bucket list.
For further reference, see the video given below :