What the heck is it anyway and it’s never going to be used by legitimate businesses right? Blockchain is an open ledger which records transactions between parties and isn’t easily modified. Amazon, Oracle and IBM, all reputable businesses, provide blockchain products.
Blockchain emerged as a business asset based on the security of transactions. The enterprise solutions from companies such as Amazon make for improved collaboration opportunities among industries without intermixing of data. Ripple offers Interledger which allows different ledgers or blockchains to connect without sacrificing security.
Can a small business take advantage of blockchain to help the business flourish? Yes, through such programs as Smart Contract. Even blockchain cloud computing is on the way, in alpha version this year.
Smart contracts cut the middleman out of your contractual agreements. You can tell your lawyer or broker to take a hike as you don’t need them anymore. Smart contracts automatically track the terms and send out payment when due. They’re available now with the help of companies like Modex, Zeppelin Solutions, and Applicature.
Is tracking product and issuing payment in your supply chain a constant headache? A smart contract with your supplier smooths the wrinkles out of tracking and payment as it automates the process. Will blockchain streamline and secure the entire supply chain management process soon? No, but initiatives are underway already in ocean shipping and tracing the food supply.
Blockchain adds security, improves traceability and reduces the cost for many business processes. Blockchain has gone legit, and its uses will continue to expand in the business world.