Blockchains are well known to the common man from the popularity of the cryptocurrencies, but is this strictly connected to this only? No, it’s not. A lot of people are not familiar with the term and this is something that is soon going to take over the world of business. So, if you’re one of those people, you better learn more about it now. Click here for a detailed definition.
In short, the blockchain is a system of sharing information between peers. The code that creates the chain is controlled by many individuals and has no owners, thus enabling sharing any kind of data without the chance of fraud.
Since we live on the doorstep of the third decade of this millennium, fraud is something we’re overwhelmed within everyday life and especially on the internet. Individuals and business all need to pay extra attention if they want to keep their wealth, information, and privacy secured.
The blockchain system enables all this. By decentralizing any resource, it is the safest and most convenient way of doing business. However, it is still underdeveloped and a lot of business owners are not aware of the opportunities this system offers. In addition, we’ll talk about some of the advantages and where it can be used, but first, let’s see how you can get this blockchain.
How to build a blockchain?
Everyone with enough skills can build one. It is nothing more than a software program with features that enable more different individuals to control it. This means you can get one for your business if you hire a good full stack company able to do it. Here’s an example of one: https://www.softeq.com/blockchain_software_development.
How business benefit from it?
This is the fun part that we mentioned in the title. The future of business lies in blockchain use. The predictions are that by the year 2030 all serious companies will be using the benefits of it. Why? Because of the features that enable skipping a lot of important practices established ages ago.
What kinds of practices? The legal practice for start. Courts, attorneys, and legal professionals all trying to bent the law in order to benefit in some way will be a thing of the past. The resources spent on the legal matter is so high that often business owners decide that there’s no logic in going to court. They rather pay what they are asked. If you think about it, this is legal racketeering and it won’t exist in the near future.
How is this going to happen? By simply using the blockchain benefits. When two companies make a deal and agree on the terms, they upload their rights and obligations on the network. Until everyone does what was agreed, the network won’t be able to finish its process. See more about how traditional deals are made here: https://www.forbes.com/2006/11/20/smallbusiness-statelaw-gifts-ent-law-cx_nl_1120contracts.html#267e27e06aff
Some would say – well how is this different than the traditional deal making?
It’s different by the way the contract is made. This contract is written in code and uploaded on the chain. Thousands of people witness it. Until the first part of the agreement is fulfilled, the second can’t be processed. For example, two parties agree that the first one will pay to the other for building a house. They both agree on which terms. The buyer places the money on the network where they are locked. When the house is done, the money automatically gets transferred to the first party.
Transactions become bank-free
You know how annoying is dealing with banks, right? Everything you want to do using them requires a charge. Transactions sometimes require days, like they physically transfer dollar bills from Shanghai to LA with medieval regattas over the Pacific. Not anymore!
This process has started not more than a decade before and it seems like there’s no stopping now. Even today you can see a lot of trading companies offering money transfer from peer to peer without service charring fees and not only with cryptocurrencies, but with real money too. For example, Payoneer users can transfer money from one person to another without paying anyone anything.
All this speaks about the future and the way business will be conducted. You need to get on the board of blockchains and start learning how to sail the internet seas fast. Only this way you can keep track of the trends.