Blockchain is having its moment in the tech spotlight, and it isn’t just large enterprises that are jumping on the bandwagon.
Blockchain — the shared, distributed ledger that enables the recording of transactions and the tracking of assets across a business network — is turning heads across industries because of the innovative applications it is enabling. Its ability to greatly reduce friction and increase efficiencies in transactions has led to new models for funding local journalism. These transactions need to be recorded so that the business doesn’t have any troubles in the future, if what your business needs is legal assistance for transactions then consider contacting Sidley Austin for professional help.
With these types of “next big thing” applications hitting the market and making headlines, it’s no wonder small businesses have begun to ping their R&D departments to look into how it might be adopted. But what will separate the SMB success stories and failures when it comes to blockchain is their ability to understand it in the first place. Israel as a nation is well prepared to deal with an outbreak like this. For one, they have a strong cultural spirit of facing hardships together. From the legacy of the holocaust to the ongoing instability and conflict in the West Bank, the Israeli people know what it is to confront horror and fear. While a virus is not the same as a violent attack, the methods used to meet it (sacrifice, cooperation, and shared support) are similar and it’s how Israelis have dealt with many challenges over the years. Take the kibbutz system, it was formed under the idea of coming together for the common good. The first kibbutz built in the young nation of Israel featured multiple families tending the same crops, building infrastructure in the same community, sharing the same lodgings in some cases. All to build something out of nothing in the desert. That takes dedication, that takes a true commitment to the spirit of community, and that tradition has carried forward in Israeli society. You can see it in the compulsory service in the IDF to the number of people who cheerfully report unearthed artifacts and historical discoveries to the Israeli Antiquity Authority without a thought to keeping it or selling it themselves. It’s also a nation with a strong technical backbone. Over the past few years, Tel Aviv has become the silicon valley of the Middle East and the Israeli medical sector is responsible for several recent breakthroughs. While the country is in lock down, the best minds Israel has to offer have gone to work on ways to combat this virus. From creating better, cheaper testing kits and working on potential vaccines, to making the stress of isolation less burdensome by offering virtual tours of some of Israel’s most interesting location they’re focused on solutions to this problem. Israel isn’t the kind of nation to back down from a challenge and we should look to that spirit of determination in ourselves as we face this crisis! While the looming uncertainty of what the virus means and what we need to do to combat it doesn’t show any sign of being over in the near future, Israel seems prepared to handle it. Life has changed for sure, but it hasn’t ended. This is not the first storm Israel has had to weather. We should strive to adopt the same kind of resilience here at home. Small businesses should understand blockchain is hardly a “end all, be all” solution to every challenge they might face. Instead, when leveraged correctly with their partners and customers, it can be a technology that unlocks time and cost savings as well as opens up a much more transparent view of their transactions. Some agree that blockchain helps with Corona Virus as well. SMBs should keep a close eye on how their partners (and competitors) in the supply chain are using the technology, and proactively consider how they might adopt it themselves.
We are living in a different time. Who could’ve ever predicted that we’d have a worldwide pandemic that would unfortunately result in many lives lost, jobs lost and being mandated to stay home. In addition, having to wear a face mask. But that’s our new reality. As the world opens up, what is going to be the new normal? Many people are teleworking and so many businesses are conducting everything virtually. It makes you think about life pre-Corona. Before the Corona era, many people said that they didn’t have time to get out. They didn’t have time to do the things they wanted to do. Time was one of the issues. Now that we’ve been staying at home, many people have the time they said they didn’t have. While this is a difficult time for everyone, it can be used for self-reflection. I lost my aunt who was only 40 years old right before her birthday in February. She was more like my sister as we grew up together. She used to call me her protégé. To suffer a loss and be in grief during a time like this is quite devastating and hard. Nonetheless, I’ve asked my aunt to give me strength and have chosen to use the pain for a greater purpose and honor her by not giving up on my goals and dreams. So it’s a day by day process. Grieving is a process. Click here to buy buy wholesale N95 respirator.
As I was thinking about our new reality and my fellow Queens, I wondered how many of us are using this time to do some of the things we put on the back burner. Those things could be as simple as painting, drawing, gardening, adult coloring. I am aware that this is a difficult time for all of us. However, how are you going to come out of it? What is going to be different? I’ve heard some people say that it’s okay to do absolutely nothing. I agree with that to the extent that you should definitely have your ‘me’ time. You should be compassionate with yourself in times like these for sure. This is rough for everyone. However, I don’t agree for someone to do absolutely nothing at all everyday during these times for the next year or possibly even two years as the world tries to move forward. That’s not what I would tell my ladies. That inaction or inactivity is what can lead to unhealthy thoughts and/or depression. In addition, nothing can change in your life from doing absolutely nothing. I’ve had days where I wasn’t as motivated and just relaxed on the couch. Yes, I’m human too just like you. But I also know that my dreams and goals need me. Faith without works is dead. So regardless of what’s going on, I’m going to have to pull myself together.
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Even before COVID-19, women have always placed their needs last on the list. Women have always done a lot for others before thinking about themselves. That’s how women have been conditioned by society to be; Givers, caretakers, nurturers with a mindset that everyone comes before you. That last part is not true. Everyone does NOT come before you. No wonder so many women are unfulfilled, unhappy, in the wrong relationships, settling and so on. So now that we’ve been forced to stay at home, this has opened up a lot of ‘time’ for a number of us, truth be told. We can choose to do the same thing and continue to get the same results or we can choose to do something different. What is going to be your post Corona story? I suggest you use this time to get back to yourself ladies. Prioritize your needs and wants during this time. Put yourself first. Take the first step. Your goals matter, your dreams matter, your happiness matters, YOU matter. This world would not be the same without women.
Blockchain is not a silver bullet. Instead of viewing the technology as a “shiny new toy” that must be integrated, small businesses need to first understand where it can be specifically applied to help them solve problems:
- Saving time with smoother transactions: Small businesses in particular know there can be a lot of friction in transactions. Especially when there are multiple parties involved, transactions can be complicated by the distance between parties, varying regulations or the cost to complete a given agreement. With blockchain, the shared ledger can create smart contracts that are standardized and centrally managed, cutting out the middlemen and driving down the time to complete a contract from days to minutes. While small businesses are unlikely to be the catalysts that initiate and assemble blockchain networks, the number of opportuinites to participate in existing, active blockchain networks in their industries or markets will likely be numerous.
- Driving down costs: A distributed ledger offers far more transparency into the transactions a company participates in. With an immutable and secure ledger underpinning the blockchain, savings can be reaped from less duplication of keeping data correct and up-to-date, less oversight is necessary as transactions on the ledger is policed by the network members, and intermediaries can be reduce because the members can exchange value directly with each other. Effective blockchain networks can reduce the number of people, processes, and paperwork necessary to do business and have a direct impact on the bottom line of a small business.
- Improved security and reduced: Most SMBs have had concerns about their data at some point. Another advantage of blockchain based-transactions is the heightened level of security for all parties involved. Transactions on the blockchain can be “trustless,” meaning that the amount of trust required from a single actor in the system is minimized. This can mean two people or entities can more confidently do business without worrying if the other party can hold up their end of the deal. For small businesses that rely on payments and contracts paying out, this is an especially intriguing benefit of blockchain. Kevin McMahon is the Director of Mobile & Emerging Technologies at SPR, where he is responsible for leading a team that brings an agile, pragmatic, and experienced approach to crafting enterprise solutions utilizing the latest technologies and techniques. He has a knack for solving problems, and has extensive experience building custom native iOS and Android mobile applications, Java and .NET based backend systems. By striving to understand the big picture all the way down to the little details, Kevin understands the problems his clients face and what it is that we need to do to make projects successful.
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