The main tendency in business process optimization consists in searching and applying the latest methods which allow to reduce the number of intermediaries when concluding deals or realizing financial operations. Another important task lays in reducing deal realization time and simplifying authentication process between the parties (individuals and legal entities). For now the progressing tool in this case is the blockchain technology implementation. This technology integrates successfully in SME systems worldwide creating a totally new format of business relations.
Peer-to-peer network in business strategies
According to the TMR analytical agency prognosis in the following six years the share of blockchain projects will grow up to 58.7% at the world market. First of all it refers to electronic commerce, management and data exchange.
In the blockchain technology Peer-to-peer one range network is used for financial contract management which allows the contractors to realize transactions and conclude deals directly. The other participants are just warranters who confirm the party rights for a deal and make representation. Blockchain operations provide safety for these deals because of data decentralization (that is there is no a unique control center). Thanks to the foregoing there are a lot of possibilities for business transformation.
The first. Free financial flow
In the traditional banking system very often commission for money transferring represents a real problem which strains the wallet. And for international transactions the total sums may be of a fancy price. But today there is a reasonable alternative choice — you can use decentralized platforms with internal cryptocurrency which help hugely lower transaction commission charge.
For example, a money transfer made with the CREDITS platform with internal cryptocurrency will be up to 0.0001%. Moreover, if we speak about the CREDITS, this platform solves the problem of slow transactions by carrying them out in 3 seconds. These conditions are the same not only inside a certain state but even when transferring money between countries. This simplifies significantly the process of international trading.
Another blockchain advantage is that the asset holder personal data always stays anonymous.
The second. Smart contracts
When speaking about document management more and more often we think about smart contract system and its application in the business. This provides a safety registration of deals of any type referring to asset management and transfer.
Smart contract is a smart algorithm made in a code format, and not on paper. This algorithm guarantees execution of obligations which are written in it mathematically. Smart contract monitors task execution per indicated conditions of achievement or violation and makes decisions programmed in it. This contract executes automatically and the parties do not need to check it or sign the insurance papers because you know before if your contractor has money to pay.
According to one of Bitcoin Core developers Jeff Garzik, if you use smart contracts for leading a smart business you will solve lots of tasks in logistics and procurement automatically.
Unfortunately, for now you cannot use smart contracts in full volume for all the platforms. For example, Bitcoin, Side Chains and NXT platforms offer a limited number of smart contracts and there is no such an option as writing your own code. At the same time, thanks to such platforms as CREDITS users can develop their own docs in the Java language.
The third. Financing sources in the world of cryptocurrency
In the year 2017 the interest for blockchain has only grown up and given to the world a new way of development in investment sphere. Habitual crowd finding which originally was oriented for money collection has transformed into ICO (Initial Coin Offering) projects. This scheme is similar to IPO (Initial Public Offering). Nevertheless there are some differences between ICO and IPO:
— for ICO there is no government control which tends to be for other types of investments;
— investors who buy tokens have the rights other than shareholders do have.
Blockchain has developed to a certain level and is able to change the world economics. And now we shall highlight the priority business spheres which already have the first positive effect and the prognosis of high results. They are the following:
- Realty operations — decentralized registry of ownership rights without resorting to notary offices or state registrars.
- Telecommunication systems — contact base formation, smart contract concluding in roaming system.
- Agriculture and fishery — product quality control and supply management.
- Manufacturing — robotized systems can exchange data and carry out and control the manufacturing process without human participation.
- Domestic and international sales, Internet commerce.
- Logistics, cargo and civil passenger traffic.
At that there is no doubt we shall choose projects with open program code and possibility of creating our own applications powered on it.