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Author Topic: More businesses adopting blockchain and smart contracts?  (Read 186 times)

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Offline firepunterTopic starter

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More businesses adopting blockchain and smart contracts?
« on: September 14, 2020, 07:13:13 AM »
By design, a blockchain is resistant to modification of the data. It is "an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way". A smart contract being a self-executing contract with the terms of the agreement between buyer and seller being directly written into lines of code. The code and the agreements contained therein exist across a distributed, decentralized blockchain network.

The code controls the execution, and transactions are traceable and irreversible. Smart contracts permit trusted transactions and agreements to be carried out among disparate, anonymous parties without the need for a central authority, legal system, or external enforcement mechanism. Hence it finds applications in the business world aplenty.

Business Use cases :
The business use case of Blockchain and smart contracts are plenty.
1. Supply Chain Management
2. Digital Identity
3. Voting
4. Fundraising
5. Healthcare
6. Notary
7. Food Safety
8. Intellectual Property ( IP )
9. Energy Market
10. Real Estate

For businesses to actually start using Public blockchains they need to posses some important features such as regulatory compliance , auditability , high transaction throughput , Identity verification at all phases to ensure legal and regulatory compliance, privacy. New generation blockchains like Concordium ( has regulatory compliance at a protocol level and onchain ID verification ) . It even has fast finality and high throughput which make it suitable for business. Such a Blockchain for businesses that might help further such technologies effectively might hold the key to pushing the limits of blockchain adoption for the future.

Hence, as business evolves, there will be a growing need for blockchain application in business and more business are rapidly adopting blockchain lately. The above mentioned fields find plenty of use cases. What was the latest industry that you came across which was applying blockchain.


Offline JessicaBosworth

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Re: More businesses adopting blockchain and smart contracts?
« Reply #1 on: September 17, 2020, 03:21:23 AM »
And they do the right thing, because it is quite convenient and financially safe.


 

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