How can Blockchain help the business?
Blockchain can help the business in many ways. It can improve its business in a professional manner and at the same time, secure its assets and revenues. It has helped many numerous companies succeed and stand stronger in the competitive market.
So, how does it help the companies stay powerful and stronger? How does it help its business?
Creating Smart Contracts
We know the Blockchain has distributed ledger. This will enable the simple coding for the contacts. It will execute it when the specific conditions are taken care of. The Ethereum Blockchain is open source. It was built to meet the requirements that the Blockchain needed to execute the coded contracts. And since the implementation of Ethereum Blockchain, it has changed the way Blockchain is used. Therefore, these coded contracts are the smart contracts which are programmed to perform simple functions such as the derivatives are paid out when the financial instrument is met with the benchmark. And this is how, the Bitcoin is enabling the automated payout.
Have you wondered how the companies such as the Uber and Airbnb have succeeded in a short period of time? They have succeeded due to the shared economy by enabling the peer-to-peer payments. The Blockchain helps in the direct interaction between the parties (Uber user and Uber). It decentralizes the shared economy results. For a better explanation, take the Open-Bazaar. It uses the Blockchain to create the peer-to-peer eBay. The advantage of this is that you can download the app on your phone or desktop, and transact with Open-Bazaar vendors without any payment.
Companies such as Kickstarter and Gofundme are performing the advance work for the peer-to-peer economy. They have become the popular sites, and have successfully increased the customer trust, and are okay with their direct say in the product development. This is the crowdfunding, and it helps in the capital funds.
The Ethereum based Decentralized Autonomous Organization (DAO) raised around 200 $ Million in only two months. How did this happen? Well, the participants bought the DAO tokens, which gave them the permission to vote on the smart contract capital in investments. Therefore, the voting power will be proportional to the number of DAO. It seems that the project was launched without the proper due diligence that led to disastrous consequences. And the DAO experiment has proven that the Blockchain has the potential for users in a new paradigm of economic cooperation.
The results created in the Blockchain are transparent, that is, it is publicly open to anyone. It has a distributed database technology that will show clear results of the elections/polls. For understanding this further, let’s talk about the Boardroom app. It will enable the organization for making a decision on Blockchain.
The decentralized files are stored on the internet. This does have a benefit. When you distribute the data through the network will protect it from getting hacked and lost. How? The Inter-Planetary File System (IPFS) helps in conceptualizing the functions and operations of the distributed web. It is quite similar the way a data file moves from the internet to the BitTorrent. Therefore, the IPFS will get rid of the centralized client-server relationships, and speeds up the file transfer, and more.
Therefore, with the above points, it is absolutely clear that the Blockchain can be used for the business. It is better for it and gives the best tools for improving its functionality in the market. It protects its transactions, assets, and more.
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