The technology known as Blockchain has received loads of attention in the business and tech press over the past three years or so but until recently, I never understood what it and never thought it would apply to me, anyway. Blockchain is for the big guys, right? Not really. The benefits of Blockchain play to many audiences.
Before we go any further, let’s understand what Blockchain is. Blockchain is a record-keeping ledger that is accessible only to its participating creators. Blockchain is also the ultimate permanent record because information entered into a Blockchain document cannot be deleted and will be stored forever. Registered participants may enter new data into the Blockchain ledger to update it, but nothing can be deleted.
Blockchain data is secure and permanent and each document entered into the network has an unique software code. Once the document is triggered, that’s it—the document is forever locked down. If it becomes necessary to make substantive changes, one must start over with a new Blockchain document.
Companies that deliver complex services or offer a wide array of products that are purchased from numerous sources are a natural fit for Blockchain. Think of retail operations that order inventory from overseas manufacturers. Cultural business practices, language differences and the processes of ordering, shipping, payment and confirming arrival of the goods creates many opportunities for the ball to be dropped. Blockchain enables all parties to monitor in real time every action-oriented element in a contract and can even link payments to meeting milestones that demonstrate fulfillment of terms.
Freelancers, professional service providers and small business owners can also find practical uses for Blockchain technology. For example, the Blockchain Smart Contract has potential for broad usage. Your Smart Contract is registered with the network and legally cleared as a valid agreement. Each point of agreement specified in the contract, e.g., the scope of work, milestones, deadlines and the invoicing schedule, is then automated and when fulfilled, that element is triggered and recorded as complete. That achievement allows any incentives connected to its fulfillment to be approved and awarded.
Let’s say that you contract to write a certain number of social media posts for a client. When your post is received by the client, or when you’ve uploaded it to the the client’s account, your Blockchain Smart Contract will signal that you are eligible to be paid for your work and you will not need to send an invoice to request payment. What a relief!
Blockchain can simplify and speed accounts receivable payments and as a result, enhance your cash-flow. Moreover, if you hold client credit card information that is used for automated payments, the information will be super- secure in the Blockchain network. Clients will feel more confident when doing business with you when you deliver your services with cutting-edge efficiency that includes an added layer of protection for their financial information. In other words, Blockchain is a brand and customer service enhancer.
For more information on how to set up Smart Contracts for your important projects, visit https://applicature.com/smart-contracts-development/. Plan on $500 for reusable Smart Contract development.
Thanks for reading,
Image: “Signing the Marriage Contract” (1905) by George Sheridan Knowles (private collection)