24 June 2019

Blockchain technology is great for businesses of all sizes to succeed !

Image Source: cointelegraph.com

The use of 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.

Smart contracts makes smart business      

  • There is usually a third party available who creates a 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? 
  • First, there is an option contract that 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). Further, if one of the companies fails, then the whole  brand suffers. 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 this technology, it is possible to keep a track and maintain digital identity efficiently and securely.

4.Networking IOT :

  • IOT (Internet of Things)'s capability 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 this, 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 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  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. 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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