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5 reasons your business cannot live without the blockchain

5 reasons your business cannot live without the blockchain

Articles / 2019-12-05 18:26 PM

The technological start-ups and the representatives of medium enterprises were the first to get interested in the blockchain technology but for the last recent years, the blockchain area has considerably expanded. Support of the digital wallets, payments and cryptocurrency exchange has become popular services.

As the cryptocurrencies greatly grew in 2017, it seemed that with the decentralization and tokenization it was the blockchain to solve all the existing problems with no dependence on the industry or scale. The trend reversal in 2018 turned out to be that shake everybody needed so badly. Cryptocurrency collapse didn’t diminish the blockchain potential but it brought the understanding that to use the advantages of the technology decentralization and tokenization won’t be enough. Just like in case of other technologies or innovations, the benefits the companies will be able to reap from the blockchain will depend on such things proper application, feasibility, consumers’ preferences, etc.

NOT EVERYBODY NEEDS DECENTRALIZATION

Many organizations are interested in getting rid of control and influence from the state authorities. And here we have unimaginable benefits from democratic processes of decision making to the upgraded security when the information is not concentrated in one place.

Nevertheless, not every activity needs to be decentralized and unfeasible use of decentralization can not only increase costs but to result in less efficient operations in comparison to the traditional centralized system.

BUT if the following 5 points describe the way your business operates then you definitely should take a closer look at the blockchain.

 1. You Need A Good Database

Usual and well-known databases more often use client-server network architecture. A user (client) with permits connected with his or her profile can manage the data that are kept on the central server (to add, to delete or to change them). Server management is the administrators’ job. They work with the technical support and structure change, of there is a need. They also have different levels of access that allow them to perform different activities. Blockchain can be called a database but has some considerable differences. On the blockchain, each participant supports, calculates and updates records in the database. All the nodes work together; everybody comes to consensus providing built-in network protection.

 2. You Need To Conduct Completely Traceable Transactions

We have already noted that the information in the blockchain is open to everybody. It means you can look through the transaction history and the way it was conducted. The information on the size of the deal is open as well. That is how transparent blockchain mechanism works.

 3. You Have To Address The Middlemen

Peer-to-peer or decentralized networks have no administration and all the participants have equal rights. In such a model, each user is not only a consumer but the supplier of the service. It means that the system makes the space for the participants to exchange values without any middlemen such as banks, notaries, etc.

 4. You Need To Conclude Contracts

Then you will definitely be interested in the smart contracts. They are certain codes in the blockchain that can manage assets in frames of the blockchain. When the job is made automatically, it is tracked, cannot be changed or canceled. How does the smart contract work? First, assets and conditions are coded. They are installed as the blocks in the chain and then the parties start implementing the contract. As soon as all the conditions are performed, assets start transferring. The smart contract cannot be implemented with an error. It will be successfully performed or will not be performed at all. The smart contract technology makes the blockchain valuable for businesses as it provides secure transactions conducted exceptionally between the participants.

 5. You Need Transparency

All the parties to the deals get access to the same data on the transactions that once have been conducted. It considerably increases the level of transparency especially in comparison to ordinary systems. With the blockchain, it is possible to verify every piece of information once placed in frames of the chain.