At the time, not many people understood the potential about Blockchain. When Bitcoin appeared in the eyes of public, the majority of people started learning such technology. It offered a new way for strangers to safely collaborate with each other. For the decentralizing money, each transaction is transparent to all and would be recorded on Blockchain for a lifetime. Even Bitcoin price is floating obviously, more and more people pay attention to the decentralized world of the future.
There is a bold prediction, the businesses who don’t adapt to the decentralized world of the future will soon become business of the past.
Overall, there are about five different ways blockchain will fit into your company in less than ten years from now.
1) Contracts
Blockchain will have a large impact on the way organizations engage with one another. Doing business means transacting with other parties to facilitate something that wouldn’t be possible alone. In such an arrangement, the two organizations need to be sure they can trust each other.
In 2017, this trust is provided by a set of pages, or contract, that lists all the terms and conditions of engagement. When a party doesn’t adhere to the promises mentioned in the contract it can be enforced by law – but this can result in an expensive and timely process.
Using blockchain technology, many of these contracts can be converted into Smart Contracts. Unlike conventional contracts, smart contracts consist of software code and are executed by the blockchain network. The beauty of these smart contracts is that they cannot be modified after they are deployed, which ensures neither party in a deal can walk away without doing their part.
Smart contracts, written in code on the blockchain, are contracts that are completely inalterable once they have been triggered.
2) Payments
If your business requires payment transactions between countries, blockchains will come in handy as well . One of the biggest promises of blockchain is that it will replace money someday. This, of course, would entail such a radical shift that it would take years, if not decades, to happen. But right now, we can already use blockchains to transfer money across the globe within minutes, instead of days.
One of the benefits of decentralized money is that payments can be transferred directly between peers, without any intermediaries, like banks, slowing down the process. Given this, cross-border remittances will no doubt be another area of your business that will adopt blockchain.
3) Recruiting
As explored in this article, blockchains can pave the way for faster, cheaper and trustless (where you don’t have to trust another human being for authenticity) reference checks. Each person would have a trail of feedback which would be accumulated over the course of their career by past employers. This would enable new employers to quickly review this trail and decide whether this person would be the right match for the job.
Convenient enough for the new employer, but what happens if this trail contains false information? Suppose your previous boss was a hateful, horrible person – will you then be forever haunted by their negative feedback?
To make sure this doesn’t happen, the reference system should be a two-way street. This way employees can also rate their employers, and if needed, each other. A bad rating from an employer with a bad reputation in the system will have less weight than someone who’s proven trustworthy.
4) Cloud storage
If you’re running a business, chances are you have company data stored in the cloud. According to a recent report by cloud services provider BCSG, a growing number of small and medium-sized companies are turning to cloud computing. Currently, 64% of small business owners have an average of three cloud solutions in place, which is expected to increase to 72% in the next three years.
Blockchains are playing a huge role in decentralizing cloud storage because they allow strangers to collaborate with each other. Instead of storing files on a single centralized server, you’ll be able to save your files on thousands of devices across the globe.
Here’s how that works: Every file you upload will be divided into several tiny chunks, and each of these chunks will be stored on several devices in the network. Which particular chunk is stored on which particular device is recorded on the blockchain. If you need to retrieve that file, the system will assemble it for you based on this information.
Your data will be even more secure in a decentralized storage than the cloud storage. While the centralized cloud storage stores your file on several backups, the decentralized storage will keep your data on an even bigger number of devices, therefore, increasing dependability.
Also, in centralized systems, the strength of the system depends on how secure one company’s servers are. Using decentralized networks, there isn’t just one device that contains the complete file, which makes it practically impossible for hackers to obtain the data.
5) Less hierarchy, better governance
Companies will thrive in an environment where power is not limited to the hands of a few, yet this is the way organizations are often structured.
These current authority structures are the result of inefficiencies in coordinating a large crowd. Blockchain itself is not a new technology – it is just a combination of technologies that we’ve had for several decades: peer-to-peer networks and cryptography. Similarly, the solutions on top of blockchains are made up of several moving parts that work together beautifully.
Using a combination of smart contracts on top of the blockchain, communities can have a governance without a hierarchy. It’s very likely that your business will soon have next to zero bureaucracy, and all the major decisions that affect the organization as a whole might be taken through a transparent voting process that gets carried out on a blockchain.
Every proposal gets submitted in the form of a Smart Contract on which everyone can vote. If the threshold defined in the company’s constitution is met, the proposal is approved and further steps can be taken.
Zhejiang Shuqin Technology Co., Ltd was founded on 2016, is a blockchain based R&D and application service provider. Core team started the research of cryptocurrency and non-currency blockchain applications since 2013, and have made certain effort on the aspects such as blockchain infrastructure, consensus algorithms, digital assets exchange, trustworthy electronic certificate, etc. Based on the practical experiences and team experts, Shuqin tech has discovered a new way for blockchain technology to be applied on real user cases. Shuqin tech has developed an open middle tier, by fusion up the technical advances for blockchain and overcome the capacity issue of public blockchain we provided a “Blockchain+” technical solutions, and established a trustworthy electronic certificate service platform – Baoquan.com.
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WHAT WE ARE SEEKING FOR:
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