Many business projects have seen the light of the day through use of smartcontract and cryptocurrency services and Suffice to say, this development has created many jobs for the participants. smartcontract and cryptocurrency asset have facilitated the launch and success of several business projects on the physical and blockchain world even though this industry is still at infancy.
In this case, What smartcontract and cryptocurrency system do is providing a cheaper service of raising capital for start up real and online business projects through blockchain network . The combination of these funtions are otherwise known as decentralized Finance -defi.
Understand a smartcontract as coding or programming of your business idea, agreement, logic or model in such a way that it can run automatically on computer network particularly ,on the current computer network called blockchain without inference.
Smartcontract enables conversation of a business agreement or idea to a computer software,code or programme so that it can be executed by computer alone for all partners exactly and immediately.
On the other hand, cryptocurrency is online store of value, money and means of distributing or exchanging control or ownership of a business projects to interested investors.
So the combination of these two functions of blockchain forms decentralized financial services which makes capital raising very cheaper and the future is promising the boom of these functions which may lead to explosion of real and virtual businesses that would employ entire world.
Blockchain is a head to head or peer to peer computerized network and programmable accounting ledger. Programmable Accounting ledger is online records of debit and credit in a block and chain of each completed block in the network. It is electronic accounting network system.
"Head to head" networks of blockchain is opposite of "head to centre" network of physical accounting recording system.
Head to head or peer to peer blockchain network enables processing of transactions for individuals or organization directly with each other as long as they are connecting each self to the same network.
Generally, decentralized finance means a financial services that individual or organization can offer directly to each other as long as they are connected to blockchain network which keeps the execution and record of such transaction in block of records and chain of block in the network.
For instance, if you and I are connected to a blockchain network like Tron or Ethereum on a business projects which has been coded as smartcontract, we can part our money trustless because our agreement will executed by the computer code without our watch.
So blockchain is the platform that executes business agreement, distributes and stores money and asset titles or business ownership without human interference.
So yourself or organization or a business projects can connect to a blockchain network by signing up account with any of the blockchain network such as ethereum, Tron, Bitcoin, Vite, comos etc or blockchain service provider compound, trustwallet, alphawallet depending on whether you want to invest in people's project or you want to lunch yours.
There a strong emphasy that the growth of these functions of blockchain will boost employment generation since they combine to help lunching of new business project in their numbers.
Never forget that, the most challenging venture in job creation is how to raise finance for start up business especially in a competitive economy which finance is centralized.
We used to say money is life wire of economy in our economic class. In a society where I come from, you may have business idea and training but capital raising will keep you frustrated because traditional process of raising capital is expensive and bureaucratics.
This entails either a complex process of applying for unsure loan in bank or issue of share through capital market. More so, depending on trust of physical accountability and transparency system makes even the use of informal method of raising capital like co-operative society and crowd funding becomes very. difficult.
However, the advent of running a smartcontract and crytocurrency on a blockchain network as a decentralized financial service otherwise called DeFi has cut the cost and complexity in the process of capital raising for business' projects . So world is expecting to seen huge employment generation in near future.