Blockchain will save your business. This is not a drill!

Part I

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There are many businesses and jobs that may spring up as a result of rapid advancement in technology and many of the existing ones will be enhanced. Let’s have a little flashback session and reminisce on the past, a little in comparison with the present. Most people can’t remember but we can all imagine what life was back in the days before internet came into existence. What life was before the computer, iPhone, Uber, and all other things that made life easier today. There is one thing about technology, it’s always advancing. Business before the phone and internet was interesting too. It’s all walk and talk! Knock on doors. Shake hands. Kiss babies. Win friends and influence people. Not as easy and perhaps as fast as it is now and that’s the win speech. Making it easier and faster.

“Business before the phone and internet was interesting too. It’s all walk and talk! Knock on doors. Shake hands. Kiss babies. Win friends and influence people.”

Striving isn’t enough for a business to survive, it needs to evolve. Evolution of business operation and running a company is the new face of enhanced customer satisfaction. Business owners or new startups are always in search for a way to get closer to their customers and satisfy them more. So, in order to survive in the powerful race of who wins the customer and stays in business, you need to welcome business enhancement technologies. A common business term to ponder on is “Automation”.

Companies always tend to have trust issues usually around the possibility of getting hacked and so on when it comes to use of software or any other digital enhancements. But how often do we trust antivirus or anti-malware applications to protect us. How frequently have we used software such as CRMs to make our work easier and organized. Only in one out of a hundred situations do we see companies having software personalized for their company rather than use the publicly released ones. Trust has always been an issue, but hasn’t stopped the adoption and evolution of software integration provided it makes work easier, cheaper and faster.

The usual business process has become old and traditional that they are gradually being replaced by the modern day technology. Businesses are now striving to be faster in delivery, more accountable, more customer-centric and profitable. This unfortunately we all know cannot be achieved using the old methods of running a business. For a few years, business automation has somewhat become common term, aiming at hastening the workflow and processes to achieve a faster result, more accountability and more accuracy in the business setting. Consider this and you will not only beat the time and make your customers more satisfied but acquire a trusted, fast, affordable, reliable and yet most effective way of running business.

“…beat the time and make your customers more satisfied but acquire a trusted, fast, affordable, reliable and yet most effective way of running business.

If you aren’t making enough profit in your business or you are tired of having so much to do to achieve the same result, here is a million-dollar paid summarized consultation and I will give it to you for free only if you will use it. If you will, please read the new two paragraphs below, otherwise skip it and move to the next.

It doesn’t matter who you are or where you come from, all you need is a dream and the determination to achieve it despite all odds. The world as we know it is full of infinite possibilities and countless opportunities, but you have limited time to find what you’re searching for and make your mark on the world. Although there is hardly anything new under the Sun, all we have are people doing the same thing only in different ways, usually focusing on efficiency. This is your time. So, don’t worry if you aren’t coming up with new ideas for a new business. You can do the old one differently and more efficiently and come out with a better outcome. Time is limited, so don’t waste it. Focus on something you can do and do it better. That’s your competitive advantage over others and that’s how real entrepreneurs always start.

In the history of different successful business owners, the names Steve Wozniak and Steve Jobs must definitely ring a bell. While they had been friends since high school, the two college dropouts gained considerable exposure to the computer world while working on game software together on the night shift at Atari. The third Apple founder, Ron Wayne, was also an Atari alumnus.

“In the history of different successful business owners, the names Steve Wozniak and Steve Jobs must definitely ring a bell.”

Trust is a basic issue in the world of business today which requires parties to a business to enter a contract agreement, legally enforceable to bind both parties to the agreed ingredients stated therein. This has always been done manually, requiring a human liaison in every process which of course follows the usual centralized pattern. Despite its importance to ensure smooth business transactions, a contract can’t be prepared, at least not manually, for every business transaction in everyday buying and selling for example. This makes the average salesperson or retailer to take a leap of faith when selling to the end user or a rendering service to a contractee with the expectation of getting paid in full after the service, or getting quality service after paying.

Now, it occurred to me that some people may not entirely understand what the term contract stands for. Let’s take it from the scratch before it gets more complex so that everyone can relate with the purpose of this article. By definition, a contract is a written or spoken agreement, especially one concerning employment, sales, or tenancy that is intended to be enforceable by law. Employment contracts will carefully document every aspect of employment relationships providing the business with a level of legal protection. Sales contract on the other hand covers how property, goods, and services are purchased and sold, and lay out the legal framework for transferring titles. Lastly the general business contracts will explicitly state the business structure and protection conditions for the stakeholders.

A legal contract only seeks to protect the interests of the parties involved in the agreement by ensuring there is no breach of the contents of the contract. Also stated in the contracts are remedies for breach of every condition in this contract which may not be achievable within the sphere of financial costs alone. The digital contract on the other hand, which is the modernized version of the manual and traditional contract does not only embody this in a decentralized and transparent way but takes it a step further. It makes it easier to make certain predetermined decisions without the need for further human interference in similar subsequent circumstances in virtually all ramifications of business activities. By so doing, it protects the interests that can be included in the digital codes but not in a manual legal contract due to difficulty in monitoring.

“The digital contract… embodies this in a decentralized and transparent way… a step further. It makes it easier to make certain predetermined decisions without the need for further human interference”

As indicated earlier, the usual business contracts we have fall in some well-known categories which revolve around three spheres including the sales-related contracts, employment contracts and of course the general business contracts. What are smart contracts and how are they related to these? As technology evolves, we now have easier and faster ways to do things which often comes with affordability. Smart contracts are the evolved version of the usual contracts enabling faster, cheaper and more effective deployment of contracts.

These self-executing contracts aren’t recent developments. Nick Szabo, a Legal scholar and cryptographer was first to discover its usefulness in 1994, long before bitcoin came into existence. These digital contracts will enable you to exchange money, data, goods and so on in a transparent, effective way, free of the need for a middle-man. Another interesting part of the smart contract is it doesn’t only define the penalty for the breach of the contracts, but automatically enforces those obligations.

How real is this? Well, it’s as real as what we see, and real enough to have been used by many companies, applied in many ways. In 2015, the Depository Trust & Clearing Corp. (DTCC) used a blockchain ledger to process more than $1.5 quadrillion worth of securities, representing 345 million transactions. Barclays Corporate Bank uses smart contracts to log change of ownership and automatically transfer payments to other financial institutions upon arrival. These are real life use cases in Management and Supply chain respectively with existing and possible further use cases in the Health industry, Government, Automobile and so on.

Here are some of the advantages you and your business will gain from embracing the power of Blockchain technology:

1. Autonomous settings; you make the agreement without a need for an intermediary also avoiding manipulation tendencies.

2. Transparency; the shared ledger which your documents are uploaded on will prevent it from getting lost as it will be accessible by anyone.

3. Immutability; Your documents are backed up and can’t be altered or duplicated.

4. Speed and Affordability; Tasks are automated which makes the process fast, and of course more affordable than the usual traditional contracts.

5. Accuracy; With automated contracts, you do not only get a fast and cheap contract administration but also error free.

Are you still in doubt if blockchain is perfect for your business?

Further reading:

https://kissflow.com/bpm/business-process-automation/reasons-why-you-automate-your-business-process/

https://contracts.uslegal.com/types-of-contracts/

https://www.avvo.com/legal-guides/ugc/common-types-of-business-contracts

https://blockgeeks.com/guides/smart-contracts/

https://www.linkedin.com/pulse/how-old-you-we-built-small-businesses-before-internet-clifford-jones/


Blockchain will save your business. This is not a drill! was originally published in Coinmonks on Medium, where people are continuing the conversation by highlighting and responding to this story.