All over business news these days are headlines about the blockchain and cryptocurrency. The attention to the subject prompts a persistent question: can small businesses benefit from the blockchain?
The answer is yes. And, according to an article from the U.S. Chamber of Commerce, 2021 has become the year when “every business, no matter what size, needs to start paying attention” to the blockchain.
One of the core features of the blockchain is the concept of smart contracts, in which terms and conditions are embedded in computer code. In a simple implementation, that could mean payment would be transmitted at the time when goods are delivered. It could also be used in more complicated scenarios. For instance, if an event was cancelled, ticket holders could be issued a refund automatically.
Advocates for the blockchain typically extol the idea of smart contracts, claiming that having contract terms embedded in code can make businesses run smoother. Yet skeptics rightly point out that, as with any computer code, bugs can occur. And poorly coded smart contracts could cause major problems. Github, a site used by programmers, features a section on the best practices for smart contracts.