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How Smart Contract Blockchain Can Streamline Your Business in 2023
During our small business weeks, it can feel like we’re drowning in paperwork, especially where agreements and transactions are concerned. If you long to streamline and automate these tasks you need to know about smart contract blockchain. Via this technology, you can transfer anything from bitcoin and fiat currency to internationally shipped goods. Read on for the pros, cons and added value blockchain could bring to you.
Smart Contract Blockchain – Adding Value to You
Since the 2014 launch of Ethereum, smart contracts have been gaining popularity. Their secure, self-executing powers enable you to create agreements or transact with ease. Whether you are ‘buying’ or ‘selling’ they can help you to transform the way you manage your business days.
Frequently designed via an Ethereum-based, blockchain platform, smart contracts are changing the global contracting landscape.
Whether you’re in financial services, commerce, legal, health, property or supply chain, smart contract blockchain can add value to your business and partnerships alike.
Read on to discover the pros and cons and decide if blockchain solutions could deliver for you.
The Blockchain Pros
- Decentralisation – in this age of surveillance and control smart contracts avoid governmental red tape and are not logged on third-party servers.
- Autonomy – the self-activating, smart contract cuts out the cost and time of a third person to validate the deal. We can collect payments, forge deals and distribute resources.
- Security – smart contracts are secured via encrypted code, reducing the risk of data loss, tampering and theft.
- Efficiency – once a smart contract is live, all essential actions, including the transfer of monies and other verifications happen automatically.
Whilst there are ‘pros’ to smart contracts, no tech solution is perfect; consider these ‘cons’ before moving forward.
The Blockchain cons
- Legal uncertainty – due to is newness, blockchain technology is not fully ratified by professionals outside IT. Modern legislation doesn’t currently regulate blockchain or guarantee smart contracts, leaving a vulnerability.
- Market volatility – crypto, include Etha, Ethereum’s token is subject to market highs and lows. Whilst blockchain is a ledger, not a currency, by association, the technology can be impacted by the shockwaves in the crypto ecosystem.
- Human factor – smart contract design requires programming smarts. As a business, you shall likely need to source experts to perfect your digital code. Outsourcing can be costly, in terms of financial outlay and the potential for human errors.
No redo – once the smart contract is written and released it is hard to alter or terminate the deal. If you do have a change of heart, there will be a money outlay to modify.
Smart Contract Spotlight: Talking to ‘Habits'
There’s no doubt that blockchain powered smart contracts can take your business forward. Our client, Andrea Santi, CEO & Founder of Habits, the world’s first augmented reality, blockchain powered fashion e-commerce app, shares his thoughts on the tech process below.
“Our main goal was implementing the marketing part using blockchain technology to validate the impressions. And on the other side, to implement a marketplace section inside our services.
The Heveloon team developed the system for the implementation of marketing try-ons inside our platform. On the other side, they created the NFT marketplace of our platform. All worked very smooth and fine, and all the timelines were respected. Their commitment is super serious and professional.”
Whatever your view on smart contracts blockchain solutions, as 101 Blockchains Community Professional Members, we have the expertise to help you find success.
So, when the time is right, reach out to learn how blockchain integrations can make a difference in your world. If that day is today, click on the link below to schedule a call with our CEO Samuel.
Heveloon
Content Writer
