In its early days, no one would have fathomed that businesses would one day totally depend on the blockchain technology. This revolution that was seen as idealistic has now come to pass, and small businesses have two options, to adapt or lose. Blockchain consists of a growing list of ledgers known as blocks which are linked and encrypted with the highest level of cryptography. The blockchain is managed by a peer to peer network, making the records impermeable to alterations. Small business has now woken up to the realization of the intense opportunities for growth in the blockchain.
Send and receive payments
Perhaps unsurprisingly, financial transactions are the most popular function of the blockchain. This technology is the backbone of all cryptocurrencies makes sending payments easy, fast and securely. Small business owners are able to bypass intermediaries associated with other forms of payments. In addition, you will be saved from extortionist transfer fees that banks charge. Above all, the transaction is recorded in the network and the code is seen by everyone as proof. Even so, your personal data is kept secure from prying eyes.
A smart contract is a computer program designed to facilitate, verify and enforce a treaty negotiation digitally. Smart contacts eliminate the need for third parties. The blockchain is a credible platform to execute smart contracts; transactions are tamperproof and once made they are irreversible. The contracts can be used to buy or sell real estate, shares, and forex among other proprietaries.
Better still, many clauses in blockchain contracts can self-execute and self-enforce when specific conditions are fulfilled. Once the deal is initiated, you do not have to make follow-ups in the process. This technology also reduces transactional costs by enforcing contracts. It solves the problem of mistrust, for instance, you can include conditional commands in the algorithm that will only transfer property after actual money has been deposited in the account.
Today’s internet users have become impatient and not- compromising. It takes a matter of seconds to turn them on with your site or turn them off completely. To help your business stay ahead of the curve, the blockchain will enable a seamless and timely connection.
Extra storage in the blockchain will help to expose your brand to new audiences, but it doesn’t stop there. You can expect cut down costs. The blockchain enables the storage of data without server farm. You simply tap into the network and use other people’s hard drives to share data to the world.
When it comes to cloud storage on the blockchain, a user can either be farmers or renters. A blockchain farmer leases hard drive space, while renters pay to use it. Every piece of the information stored on the network is simplified and encrypted. The data in the question is then distributed to various locations in the network.
Provenance is provable ownership or custody of assets or intellectual property. With the blockchain, the buyer and the seller do not need to keep spate ledgers of the transactions when assets change hands. Both parties can share a ledger that is updated every time a new transaction is done. Blockchain’s cryptography will ensure that the ledger is locked and that only the buyer and the seller can see parts that are relevant to them.
Jumping aboard the blockchain ship is a no-brainer. This technology has immense opportunities for growth especially for small businesses eying a bigger share of the market.