Blockchain

Blockchain is still a confusing thing for a lot of people. The majority never heard of until bitcoin surfaced the market and caught everyone’s attention. But, things are changing now, and the ubiquitous terms of the past have become the real-time facts.

Cryptocurrency and blockchain technology are transforming the world of business at a fast pace.

We are living in the digital age of accelerations where crypto-mania is pushing people to hold digital currencies over stocks. Moreover, a close observation of blockchain and decentralized ledgers reveals their deep impact on leading eCommerce, major banks, browser powerhouses, and big data, etc.

For example, IBM is using blockchain technology in its ads for business cloud services. Also, its investments in the blockchain-enabled IoT has reached $200 million according to Transparency Market Research Report published in 2017.

Blockchain alone isn’t making this incredible transformation across the industries. Smart contracts enter the game as the next-gen solution to make intermediary-free online transactions possible.

The service providers and consumers know these tools very well. Anything without blockchain is seemingly risky, archaic and thoughtlessly expensive. The fact is that a lot of people do not even know that they are using blockchain technology in the form of fast internet, Wifi, and smartphones. Soon, the blockchain will be taking over the majority world in all walks of life.

Smart Contracts Protection from Identity Theft:

Identity theft and data breach and misuse of information always feel like other people’s problem unless it happens to you. Firewalls, offline backups, and antivirus software hardly protect you. You get this when you are on the phone with your bank telling them you didn’t buy that $200 worth gift cards or $500 worth of lottery tickets. Now, imagine if your funds are well-protected on a digital ledger in which transactions are made through cryptocurrencies and recorded chronologically.

Moreover, this digital ledger – blockchain peer-to-peer network contains smart contracts. It means the system will not process any transactions until all preconditions are met, and this happens only with your consent.

The best thing is that in case, for any reason, any of the parties in the purchase agreement fails to fulfill the specific criteria the smart contracts will guide the system to send the funds back to the parent account. Can your bank do this immediately? No, this instant action takes place only because of the smart contracts integrated into the blockchain system. 

Smart Contracts Add Credibility to your Business Operations 

Smart contracts add significant value to your business operations. It builds trust between the providers and the consumers because both know that their assets are safe within the blockchain-powered digital ledger. No one can steal it from you.

Smart contracts inherit numerous blockchain properties. They are distributed and immutable. It means any member of the network can mark an activity happening in the system as invalid. These scam alerts help to control the potential frauds and hacking attempts.

Immutable means smart contracts are inconvertible that stops the hackers from releasing the funds. Firstly, they cannot enter into the system and even if they make it possible they will be trapped in the smart contracts mechanism.

Wrapping it all, the level of security for online transactions smart contracts on the blockchain system provides makes it a necessity for the businesses.