Blockchain, Smart Contracts and Automated Business Processes Are the Future
This article provides some key insights into the world of blockchain, smart contracts and automated business process and the links between these. They are arguably three of the main advances that modern business can make and will each go a long way to making your business more successful.
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Bitcoin was the birth of blockchain, but the developers, in their wisdom, made the supporting software opensource and this has seen some remarkable developments in both blockchain and the related crypto currencies. However, the biggest improvement and change in uses for businesses has been the blockchain tech itself. The blockchain tech that businesses make use of has been primarily as a distributed database, but also trending is the use of blockchain to increase the simplicity of business and project collaboration.
Blockchain technology is fast becoming one of the major drivers of innovation inthe world of modern business and this is expected to continue well into the future. Yes there are businesses who still look to use the blockchain to access and trade in crypto, using exchanges such as OKX for the latest prices and historical exchange rates. Then there will be those who will even develop their own crypto currencies,and the use of blockchain tech to access, use, trade, make and engage in the crypto currency sector is a common means of making use of such tech to benefit your business.
It was Ethereum that initiated the idea and the software and systems for the smart contract. It is a self-executing system that automates the prescribed agreement or actions stated in a contract. Once completed and agreed it is irreversible and the entire process from initiation to signage can be tracked and monitored. They are more ‘if-then’ scripts and statements than legalistic in nature and as such can be easily executed between two parties and even used to automate business and industrial processes.
Automated business processes
Transparent, tamperproof and secure business processes can be implemented throughout the business using blockchain. Based on smart contracts and blockchain the use of smart contracts is now used to improve automated processes in the business. As aforementioned based on the computation: if x event happens, then begin to implement and action y’ can be used to start various business processes and functions using a smart contract. These process have thus far generally been linked to finance and the sale or liquidation of crypto. They will be started at a certain time or when a certain threshold has been reached.
These aspects of modern business are those that have trended over the last 18 months or so. The tech is now readily available and proving to be a major advantage to businesses who want to reach a wider audience and compete at a higher level. Using blockchain to access and trade in crypto, to access smart contracts and then to increase business automation will provide a brighter future for many a modern business.