My opinion on Steem business support

Hi everyone, I would like to join a contest held by @okere-blessing about Contest Alert: My opinion on Steem business support. First of all, I would like to invite my friends @sabbirakib @eveetim @chiagoziee to participate in this contest.

If Steem adopts a blockchain-based business support system, then those who are most eligible to receive assistance are active users who have shown consistency, integrity, and real contributions to the community. Individuals such as productive content creators, local merchants, micro-entrepreneurs, and MSME owners who share their work processes on the platform deserve to be prioritized. They already understand the Steem ecosystem and are able to show a transparent digital footprint, which is important for assessing the eligibility of recipients of assistance.

This could be a wonderful innovation. A blockchain-based system will offer the promise of transparency and decentralization and using Steem as its application platform can provide technically streaming content. This will minimize the possibility of corruption, hasten the disbursement and let the community oversee the use of the funds. The community can decide who qualifies for a business loan or grant by a voting system or through the endorsement of delegates. Ideas such as this have started to be piloted elsewhere in blockchain and have been shown to enable the development of SME in particular.

Repayment is flexible, depending on the size of the loan and the nature of the business. It may be a prudent for micro-enterprises to have a 3–6 month grace period before they start repaying their loans. After that, transactions can be made in the way of weekly or monthly payments in Steem or other ecosystem coins. In order to make it sustainable, we can set up a smart contract system to automatically pay those whom who are active, earn income from the activities on steemit or partners of the platform.

Of course, there are risks. They won’t all be honest and responsible. Thank God for Steem’s rep / transparency process - it’s at least possible to make a boundary there with the community. Fraudulent or runaway recipients can be blacklisted or given a reputation penalty. A digital agreement that users sign before receiving support can also be part of the project.

In addition, it would be wise to have digital business and financial literacy training before someone gets support. This increases the chances of business success and smooth repayment.

If designed carefully, business support through the Steem blockchain is not only possible, but it can also be a major breakthrough in an empowered and transparent community-based economy.