Using smart contracts in business can help streamline a lot of internal and external processes. It can help automate a lot of internal tasks and help save time , money and resources. Businesses learn this quite early after they saw the potential of blockchain when it was introduced to mainstream public adoption. However, what the businesses did not realize is the true potential of decentralized public blockchain versus a private blockchain.

Since smart contracts are self enforcing, it is easier to implement complex tasks that might have taken a few days of time in just a few hours.

Take Blockchains like Concordium for example which has an extremely sophisticated technology stack, comprising multiple layers that enable it to achieve the aims of high throughput, fixed low transaction costs, and easy-to-deploy smart contracts which is really important for businesses. However, the unique selling point of the platform is in its ability to ensure that enterprises can meet any legal order to identify counterparts to their transactions, so that the relevant authorities can verify who is involved.

At the same time, in the normal run of business, users are guaranteed that they can transact in private without airing their operations or financials on the public blockchains.

Some of these advantages could never have been thought of in a public blockchain but were only available in a private DLT are now accessible in public blockchains like Concordium which we spoke about with the power of privacy and various other regulatory features obtained in private blockchains.

Public blockchains have now understand the pain points of private businesses and are now better equipped to handle their woes. At the same time, businesses and enterprises have understood that the true power of blockchain lies with public blockchains and are now opening up to them as they realizes that they need not have to compromise on anything ( infrastructure wise )  to benefit the full potential of blockchain and can finally move on from a private DLT.