The blockchain is emerging and businesses need to face the change, drastic how drastic it is. Solutions must be found to bridge the gap between the emerging technologic phenomenon and business operations.
Smart contracts are one of the new ways under the blockchain umbrella that businesses need to get hold of. Smart contracts have the potential to bring extra layer security to a negotiation the business or its clients are part of.
Johann Zammit, founder, and CEO of Smart Studios explains below how the company is helping clients to handle the technology and implement the best strategy possible.
With businesses and the general public still need to understand what blockchain is about and why it is important, the aim of Smart Studios.io is to act as an intermediary between blockchain and internet of things initiatives and the business itself.
What started with a meeting to understand now, Smart Studios is moving in the direction of implementing a concept and providing long-term plans.
With Cryptocurrencies and Blockchain having a huge hype at the beginning of 2018 and end of 2017, the hype is dying out a bit. In fact, cryptocurrencies prices are falling out and ICO’s aren’t creating cryptocurrencies randomly.
With information and education provided more to the public, people are starting to understand what and why blockchain is important, which eventually leads to use the technology for the right reasons.
“A business needs to understand what is so special about blockchain.”
One key importance of blockchain for businesses is to understand that the technology can’t be used for everything and everyone. Some industries can profit from it, others don’t need it.
For example, smart contracts can help real estate agencies as it cuts a lot of the unneeded costs such as paperwork, Insurances can use it also to give the money back instantly to the customers for canceled or delayed as the smart contract automates the transfer.
In Malta, initiatives are already kickstarting such as KYC Blockchain, which can be used to do compliance on the blockchain.
“Blockchain is a wonderful invention, with it we can do things that without it we couldn’t do”
With the phenomenon of Blockchain being an important innovation for now and the future, business needs to understand that it’s still in its infancy. Bar Bitcoin, other blockchain technologies are still 2 to 3 years old such as Ether were much of the smart contracts are created.
Blockchain being a technology, companies opting for its usage need to digitize their operations, for instance, a land registry needs to put any hard copies or softcopies of details of registrations into the blockchain which requires time and other resources.
However, it is worth it as the files would be trackable, fast accessible and no one can tamper with them without access as the blockchain would automatically kick them out.
In Malta, the blockchain journey is kickstarting and acts are being implemented such as the Malta Digital Innovation Authority Act.
The Malta Digital Innovation Authority Act is a platform to provide trust and regulatory framework in Malta and businesses, both locally and internationally.
Blockchain growing, information and educational courses are being provided by both MCAST and University of Malta and this will lead to businesses to target this market and take calculated risks to change the needed business operations into the blockchain.
About Smart Studios
Smart Studios is a venture to bridge the gap between digital innovation and businesses. With 20+ years of experience, Smart Studios provide solutions to organizations who are looking at blockchain, AI and IOT based products. More information can be found on http://www.smartstudios.io/