Zero-Knowledge Proof – How It Works
Zero-knowledge proof is a cryptography technique that enables one party to prove knowledge without revealing it. – Read how it works here.
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When we think about the current atmosphere of the conventional business world, we clearly see that SME (small and medium enterprises) face quite a lot of challenges. They used to be the milestones of the worldwide economy, until, of course, our universe became so digitalized that they were simply forced out of the game by much more powerful companies. At the moment, it takes far more financial expenses and human resources to actually stand strong in the market, hence there is a need for a viable solution for small businesses to inexpensively and transparently offer their services and products to the general public…and there’s one!
I know it might sound absolutely weird to you at first, but believe me, it’s worth reading until the end to see what I’m driving at. The answer to all those difficult questions that most small and medium business owners/managers have, might actually be just one word – ‘Blockchain’. Yes, you’ve read it correctly. But don’t worry, I won’t start talking about Bitcoin at this time.
I’m about to tell you why it is high time for SME to take a deep breath and make their first steps toward the blockchain universe, in order to multiply revenue, by letting blockchain technology cut down on high-security costs, giving the business a chance to compete on the same level of its larger counterparts.
To give you a better understanding of all the possible advantages of a blockchain, let’s imagine you’re an enthusiastic oenophile, whose dream to open an online wine shop is about to come true. Of course, you might easily open it and simply wait, who knows how long, for the lucky day when someone discovers your shop and spreads a word about it… But what if I told you that instead, you can design a wine marketplace, which would allow wine manufactures from all around the world to connect with such devoted wine-lovers like you, order existing bottles, and vote for new incoming selections. Sounds interesting? I bet it does!
Note: a good idea will never be left unseen; what’s more, a good business idea launched via ICO might even skyrocket with the help of crowdfunding. It happened to lots of small start-up companies in various spheres, from healthcare and politics to gaming and fintech. This means that there are more than enough chances for your wine shop to go places and become well established on the market, because, let’s be honest, who doesn’t love wine!
Considering that one of the main problems of financing a startup can be substituted by decentralized crowdfunding, there’s nothing left that can stop you from turning your unique idea into reality. No more unnecessary sacrificing, no more hidden expenses — there’s only one way left up!
One of the first perks of implementing blockchain technology into your fictional, yet soon to be successful wine store is actually cutting out the third party with the help of the internal token system. Thanks to these valuable methods of operation, every user would be able to order wine directly from the producer, and also choose which, out of the proposed bottles, should be introduced to the market next.
On the other side, a manufacturer would have an instant collection of information about which bottles are the most anticipated ones and surely this would be backed up by some so-called wine token. Nothing makes a business stronger than its reputation and trustworthiness. As a wine lover yourself, you probably wouldn’t want to be deceived and sold a fake bottle of wine, would you? Nor would your customers.
Thus, blockchain lets you prove the legitimacy of communication and transactions between a buyer and a manufacturer, and additionally, gives you valuable marketing information about the preferences of your target audience without spending tons of money.
When it comes to cybersecurity nothing can be neglected, especially the private information of your beloved wine chasers. This is why smart contracts on a blockchain can help you ensure far greater transparency for your business. Since they’re completely autonomous, they will let you save time and money on executing all the business processes that require either additional employees or expensive software or even legal support.
What’s more, thanks to cybersecurity companies like Hacken, businesses can purchase smart contract audits to eliminate the possibility of human error and ensure customers receive the best service with the best protection.
Imagine how it will simplify cash flow, as smart contracts allow fast, automated processing of transactions (like invoicing, payroll, etc), without the need to go through a thousand layer authentication, which means, of course, faster money for the business, its employees, and its customers.
As you can see, implementing blockchain technology might have numerous benefits for SME, but in order to reap them, you need to start thinking about this technology right now! This is the time to show that not only internet giants can be a source of trusted data, but also small businesses like our beloved, fictional wine shop. Clear and transparent transactions, executed with the help of smart contracts, would reduce overhead costs for the business, as well as gain the undeniable trust of its customers. Even though, at this time, it might seem a far-fetched technology, there’s not much time left until all the world’s economies will be built upon blockchain.
Don’t miss out on the revolution!
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