Blockchain technology is proving to be exciting for small and medium businesses by making decentralized technologies more accessible and innovative. Of course, there are bitcoin and other cryptocurrencies, which businesses can leverage as a method of payment and consumer transactions. But it’s not just cryptocurrencies. Blockchains now offer other business-focused technologies that empower SMEs to do things faster, better and with more flexibility.
Blockchains are essentially secure, immutable and distributed cryptographic ledgers that serve as a record-keeping mechanism for the decentralized tech. While many blockchain-based startups are focusing on consumer-facing applications, a good number will be useful in a business environment, catering to B2B, B2C and other such transactions.
Faster business registration through self-sovereign identity
Establishing your business as a legal entity requires registering the business either as a proprietorship or as its own corporate entity. This requires “citizenship” in a certain country or sovereignty, which is managed by a government. Some communities would like to establish an entity without having to rely on an external or centralized authority, however.
Blockchain-based startup SelfKey has a solution for entrepreneurs and businesses that want to launch, whether in a new country or their home nation. The basic concept behind SelfKey is that identity can be established, managed and authenticated through cryptographic means via blockchain. Users essentially tokenize their identities, paying key tokens to trusted notaries to authenticate and verify their identities. Such identification has privacy and granularity – meaning users can share only certain aspects of their information, and not the whole package.
SelfKey works both for individual users and for businesses that want to establish their own identity without relying on a centralized authority. For individuals, establishing one’s identity in a new country or jurisdiction is usually the first step to launching a new business. The inspiration for this identity-management blockchain actually came about from Read More Here