ISME April 2018

SME Tech
Why
Entrepreneurs
are going the
Blockchain
Way?
The transparent nature of
Blockchain Technology is
the main reason that keeps
entrepreneurs coming back
to it for more. The fact that
this transparency comes
with a mix of security based
applications make the
deal even more alluring.
It is very possible that the
decentralised platform that a
Blockchain Technology has
will revolutionise the business
world as we know it.
Let us look at the industries
that are going the Blockchain
way to give their businesses a
competitive advantage.
1. Real Estate:
Real Estate is one industry
that moves really slowly
thanks to the participation of
a large number of people like
buyers, sellers, agents along
with the lengthy processes of
escrow and processes of title.
Entrepreneurs in the Real
Estate industry are increasing
looking at implementing
the Blockchain Technology
because it can reduce the
risk and increase the trust in
the real estate transactions
thereby making it shed its
slow image.
The possibility of a home title
being issued on the Ethereum
Blockchain, something that
has been experimented on
provided with a solution to
real estate’s long transaction
processes.
Apart from the transaction
process, the Blockchain
technology can also be
used to give buyers the
possibility to conduct a
transaction through various
cryptocurrencies. There has
also been a report about how
all types of homes are now
being placed on the real estate
market for cryptocurrency rather
than only for Fiat currencies.
Needless to say there is an
increasing number of people or
buyers who are interested in a
real estate that gives them the
flexibility of purchase options,
the benefit of a fast transaction
along with an assurance of
security. Given this scenario,
many entrepreneurs in the real
estate market are looking to go
the Blockchain way.
This is one industry that is
definitely trying to jump on the
Blockchain Bandwagon to add
a competitive advantage to their
business.
2. Banking:
The Banking industry has
been very sceptical about the
whole cryptocurrency and
Blockchain Technology. These
very banks are now looking at
accommodating the Blockchain
Technology in their industry.
The big guys of banking namely
the Barclays, J.P.MorganChase,
Goldman Sachs are some of the
organisations that are looking at
the applications that they can
make use of.
People in Banking are now
opening up to discussions on
Open Banking and the like. There
has also been recent legislations
that has forced banks to allow all
third-parties access to client data
via APIs.
This has brought about a new
banking system where different
banks, deposit /Insurance
accounts, Crypto Holdings/
Intelligent SME | April 2018
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