The Corvus | August 2018
allows vote and result verification only on mobile phones . Results are also encrypted so government officials cannot view how individual votes were cast .
How blockchain technology can help startups / smes
Technological advancement and globalization has given SMEs access to global markets which used to be the forte of big corporations . The challenges facing SMEs are well documented and top on the list is a lack of funding sources as a large percentage of SME ’ s do not have access to , or qualify for funding from traditional financial institutions . Without funding , SMEs have little or no chance for growth or expansion and the biggest barriers is their credit risk . These challenges have also been compounded by the global financial crises as banks now apply stringent loan assessment criteria before disbursement .
The rise of blockchain technology based lending platform WishFinance and SALT have unlocked cheaper funding prospects for SMEs . Lending institutions can evaluate SME funding requests based on data stored on the blockchain . Similarly , SMEs are able to make informed decision on their customer ’ s needs and significantly impact their conversion ratios .
SMEs can pay for goods using cryptocurrencies and utilize smart contracts to automate payments and inventory supply . Companies like Slock are using smart contracts to assist its customers in renting items ranging from bicycles , cars to houses . Other areas Blockchain technology can be useful to SMEs include Notary services
and digital identity management .
Assessment of the adoption of blockchain technology ?
As it is with new technology , two factors will determine its ease of adoption by different ecosystems .
• Novelty of the application : The degree to which it is new to the world . The more its uniqueness , the more effort it will require to ensure that users understand the problem it solves .
• The complexity of the coordination efforts needed to make it workable : The number and diversity of parties that need to work together to produce value .
Blockchain is still a novel process with different levels of complex applications . This ranges from single use and low cost applications ( like cryptocurrencies ) to transformative products ( like smart contracts ). Hence , an easy place to start the blockchain adoption will be by adding cryptocurrencies as a mainstream payment mechanism . The infrastructure and market are already well developed and will force a variety of intermediaries to build blockchain capabilities . Another low risk approach would be for organizations to use blockchain internally for identity and asset management and internal records maintenance . Developing substitute blockchain applications would require careful planning , as existing solutions may be difficult to dislodge . One way to go may be to focus on replacements that would not require end users to change their behavior but present alternatives to existing business models
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37 Demystifying Blockchain Technology