Smart Contracts On The Blockchain: Can Businesses Reap The Benefits?

It is becoming difficult for the ordinary person to avoid the crypto and blockchain buzz, and it seems that the chatter around the rollercoaster price of Bitcoin is now officially part of the mainstream news cycle. Businesses cannot shy away from blockchain either. Bubble territory or not things are moving apace.

Many multinational companies have already jumped onto the blockchain bandwagon and are working on their own projects to stay ahead of the competition.

The numbers being bandied about for the space are something. According to Accenture research published at the start of 2017, investment banks alone could save up to $12 billion per year by adopting blockchain and smart contracts, effectively a program code that automatically performs some actions when pre-defined conditions occur (i.e. if X does Y, then execute Z).

And, Gartner has estimated that by 2022, so-called ratified unbundled (i.e. defined impact) smart contracts will be in use by more than 25% of global organizations.

Major technology providers like IBM and Microsoft are offering blockchain solutions to enterprise clients. Tech start-ups too are aggressively capitalizing on the boom by building new products and services that depend on the technology. Just this year, blockchain start-ups amassed more than $3.25 billion in funding through token sales.

For other businesses, however, the big question is how blockchain adoption can benefit them. There is no question that modern business environments require companies to make technology integral to their strategy.

Many have been thrown into the must-adopt tech list including automation, analytics and cybersecurity just to name a few. Then here’s blockchain.

There is now an emergence of smart contract platforms like Jincor, which is touted as allowing any business to accept smart contracts and cryptocurrencies easily “with no legal, technical or operational complications in a cost-efficient manner.”

Boasting easy-to-use interfaces that even non-tech businesses can create and manage their own blockchain smart contracts and process cryptocurrencies for payments, Jincor is embarking on an Initial Coin Offering (ICO) to fund its plans.

They will issue 35 million JCR tokens in total (76% of Jincor’s native currency on sale from this December) at an initial price of $1. According to the start-up these funds will help “fully exploit its ecosystem” and gain critical mass. (Note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment)… 

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