0746wZ principles of social business - intelligenthq.com

Social Business

More recently a wider body of academic research has looked at how the Blockchain and specifically smart contracts can support the development of the social business concept. Researchers are of the view that the Blockchain alongside smart contracts can act as a catalyst for sustainable social businesses. Unlike a profit-maximizing business, the prime aim of a social business is not to maximize profits (although generating profits is desired). Furthermore, business owners are not receiving any dividend out of the business profits, if any. On the other hand, unlike a non-profit, a social business is not dependent on donations or on private or public grants to survive and to operate, because, as any other business, it is self-sustainable. Furthermore, unlike a non-profit, where funds are spent only once on the field, funds in a social business are invested to increase and improve the business’ operations on the field on an indefinite basis. Philosophically, social businesses are based on what Yunus identifies as the two basic motives of human beings, selfishness and selflessness.