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Small business, Smart Contracts, and the Power of the Blockchain

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Among the numerous touted applications of blockchain technology, smart contracts are perhaps the most publically accessible application. Some blockchain applications are just beyond those of us that qualify as members of the average “non-tech” population. Fortunately, however, Halo Platform is working to change all that. By creating an all-in-one and fully customizable place for every cryptocurrency user, Halo Platform is working to bring blockchain technology to the masses.

Smart Contracts for Beginners

Smart contracts are a concept even the most technology-resistant individual could embrace, but they incorporate often complex blockchain applications, such as digital assets and cryptocurrency. So, smart contracts can essentially serve as a beginner’s introduction into the blockchain ecosystem.

Under traditional legal systems, contracts often require supervision and enforcement of numerous parties. Take for example two parties contracting for the sale of goods. The parties may employ lawyers to draft the document, another third party will be required to oversee and enforce the terms of the agreement, and a financial institution is needed to control funds being sent or received. A smart contract, however, does not require a third-party to enforce its terms and condition. Rather, the terms of the agreement are written into the code. Once a triggering event or payment occurs, the smart contract will perform its designated task. This is because smart contracts work on an “if this happens, then that happens” format. They self-execute without the need for supervision and enforcement, which makes the entire transaction easy and efficient. This is known as a “trustless system”, since it requires no trust in human accountability.

An example of a smart contract at work better demonstrates its potential utility. Suppose two vendors enter into a contract for the sale of 100 high-powered laptop computers by January 1st for the price of 1 bitcoin (BTC) per laptop. If the seller sends 100 of the laptops ordered by January 1st, then the buyer will automatically receive 100 BTCs. However, if the seller fails to send 100 laptops by January 1st, there will be no payment. The program could then automatically notify the parties of the breach, and all of this occurs without human intervention or oversight.

Smart Contracts for Entrepreneurs

As described, smart contracts streamline agreement-making. This offers small businesses owners a well-deserved reprieve from costly and time-consuming traditional contracting.

Small businesses are particularly suited to benefit from smart contracts because they save business owners time, money and aggravation. They remove the need for an intermediary to oversee and enforce agreements, as well as any need for consumer trust. This is because the contracts effectuate and enforce themselves — there’s no need for a centralized bank, because employees, buyers, clients, and anyone else for that matter, could be paid automatically using cryptocurrency. Smart contracts further eliminate the need for cumbersome manual record keeping, because the agreement is maintained on the blockchain forever without the threat of loss or unintentional alteration.

Smart contracts are transparent and immutable, making them perfect for transactions involving digitized or non-digitized assets as well as tangible and intangible goods. They can even be used for service-based contracts — for example, upon the performance of an event, the smart contract could release to the performer a private key or password allowing them to access digitized assets. The technology could also be applied to sharing enterprises, with applicability relevant to car sharing, apartment/house sharing, and even city-bike sharing. As one could easily see, the possibilities and utility of smart contracts is endless, and certainly stand to revolutionize the way small businesses conduct themselves.

Halo Platform wants to make sure that the potentially life-changing benefits of smart contracts and other decentralized applications are available to businesses and individuals alike. That’s why we offer a suite of services that can bring the benefits of cryptocurrency to entrepreneurs — including business services and decentralized applications. If you are interested in learning more about how you can harness the power of the blockchain to benefit your business, join Halo Platform today.

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