Blockchain is now making noise as a global transaction with a public database. For example, if someone has to pay with a friend through online, computer networks make use of some algorithms to validate if the account is out of balance or still has enough money. Once done, the transaction will be recorded in a form of a so-called “block” of data. The data then is added to chain of previous transactions of other people. Though the two people involved in the transaction keep the anonymity, anyone can have a glimpse of the past undertakings.
If this blockchain applied widely, there’s a huge possibility that the world will run in a more reliable and accessible way.
Those businesses who incorporate modern technology see advancement in their growth margins that those that are slow in adopting digital improvement. Companies such as Microsoft and IBM are already applying blockchain to their system. However, small businesses cannot keep pace with this new technology.
Rober Opp, WFP’s Director of Innovation & Change Management, said that Blockchain aims to cut payment costs, efficiently protects data, controls risk of financial instability, and to respond rapidly to calls of emergencies.
Any business can provide the data that they are currently unable to monetize and the buyers will truthfully know the information. When small businesses can share data directly with each other, they can make a wider variants of its availability in a lower price, given that privacy mechanism of the used information is placed. Acquiring data through platforms such as Facebook or Google means a business can get some of its user’s information.
Direct data commerce means that smaller businesses can have access to many trusted info at a lower cost while having a better target for their advertisements and promotions. In return, the budget for ads can be cut down than expected.
There is also a new and unexpected benefits for the small businesses consumers if they will be a team through directly exchanging data. Blockchain brings transparency and trust to online transactors . It will give more choices to consumers and it will enable small businesses to cut the costs by working altogether which will provoke the giant rivals’ domination.
Its goal is not just all about money. Blockchain itself could revolutionize information and make the global economy to have an easier access and better engagement to people who don’t have traditional ways like mass retails or banking. It has the potential to make it more fair to everybody.