Why should different business areas look into blockchain right now? What is the greatest strength of blockchain? CEO of the decentralized hedge fund Godtoken, Mohit Mamoria, shared this with the Hackernoon blog.

Mohit Mamoria believes that within the next ten years, blockchain will completely restructure work process of various business sectors. He presented several priority items, which describe how blockchain technology can change the functioning of a particular company.

Smart contracts instead of regular ones

Doing business is a kind of cooperation, interaction with other people for achieving common goals and solving something that can not be solved single-handedly. Today, this is provided by various contracts, which clearly specify all cooperation conditions. If one of the parties does not adhere to these conditions, you can take legal action. But it’s quite a long process.

Using blockchain technology, you can turn conventional contracts into smart contracts. Smart contracts are a program code that is executed by a blockchain platform, and which can not be altered after their creation. Therefore, neither the manager nor the executor will be able to avoid fulfilling their obligations.

International payments

Blockchain is convenient for carrying out transnational payment transactions. Payments will be made without moderators like banks that slow down the process. Thus, money transfer between countries with the use of blockchain technology will be another advantage for business.

Staff recruitment

Thanks to blockchain, recruitment process will be much simpler. Each person will have a list of records from their past jobs. Employers will be able to quickly view these records and decide whether a person is right for a particular job.

More secure file storage

Current methods of storing files on one server are not effective. Instead, the business owner will be able to distribute files to several devices around the world. The downloaded file will be divided into several smaller parts and each of them will have its own storage location. Blockchain will record where these components are. If you need to download a file, the system will work according to such records. Thus, blockchain will provide more copies of one file.

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