The blockchain is the platform that makes Cryptocurrency like bitcoin what they are. This means Blockchain is a method of digital record keeping when a transaction is made. It is simply a digital ledger. It keeps the records of all transactions that take place. So, probably a question may arise here, other than storing it online what makes the Blockchain different from any other ledger? The answer is perhaps easy; this digital ledger is not specifically placed in a certain place in a certain computer. It’s dispersed among thousands of computers that have the same record of series of transactions. Each and everyone present in that Blockchain, manage and maintain the ledger under open distributed ledger system. As the records are decentralized, there are no chances of any discrepancies or probable anomalies and frauds in this system. Except there is a condition that the identities of the transacting parties always remain hidden.
How Does Blockchain technology help in small businesses?
The concept of Blockchain technology is quite new but it is slowly being liked and used by various small business houses around the world. The reason is simple; this innovative technology has lots of advantages to offer to this sector. Below are some examples of it.
1) Transparency:
This system is more transparent. As the ledger is published online, all participating parties involved in the transaction can easily and clearly see the information. Anytime a transaction record is tampered with, it can be seen and confirmed by all parties. So there is no scope of any discrepancy or any kind of doubt in anybody’s mind.
2) Ease of doing business:
With blockchain technology, it becomes quite easier for small business to bring products and transactional services to market quickly and inexpensively and offload the traditionally high cost of security. This system also helps to know customer protocols, data storage, and other overheads.
3) Control and safety:
By implanting this system, a business owner can able to keep his eye on the financial speed, the transfer process etc. This technology also adds a level of safety that can’t be provided by any other organizations like banks.
4) Cost effective:
With blockchain, there’s no need to worry about the supplier’s waiting for payments. The Blockchain can save your time, money and drastically improve your well being.
There are lots more other advantages too. But the main thing is, one cannot create a Blockchain of its own. What will need an established platform that is experienced and easy to work with.
No comments:
Post a Comment