Blockchain is a distributed ledger that can store all kinds of transactions and data. The revolutionary technology has caught a huge amount of attention in a few years and continue to amaze us with its ongoing role in different sectors. It is not only helpful to big businesses but Small and Medium Enterprises(SMEs).
Park Jae-sung, a research fellow at KOSBI, claimed that a contract distributed through the blockchain system will make delayed payment and unilateral changing of a deal a thing of the past.
“To create such an environment, it is imperative that a kind of public blockchain be developed and set up so it can be used by companies,” the research fellow quoted.
He further stated that because smart contracts that are linked to virtual currency can be set in advance so immediate payments are made when contractual conditions are met, there is no way for a big company to withhold or delay payment.
Additionally, he emphasized the fact that blockchains are widely hailed as a next-generation technology that can bring about considerable innovation.