How Small Business are Adopting Blockchain Technology

For the past few years, many technologies have emerged a lot and also had a great impact on small businesses. Mobile apps and websites help customers to interact with it 24/7 and also helps economically to reach a high level in the market place. Every entrepreneur and small business owners needs to keep on update with the latest technologies and try to implement those technologies into their business. If you want to implement this technology into your business either hire a reputed blockchain development company (or), blockchain developer. Do you know which of the technologies is on the current trend?

Most of the small business peoples have not realized it yet, but bitcoin and blockchain can be a game-changer for your business to get you at the top position in the market place. Have a look at the last technologies and how it would make benefits your business.

What is Bitcoin?Before merging this technology with your business, you have to know what it is and how can we use it for our business. Bitcoin is a cryptocurrency. It is a decentralized digital currency that we can send money from one user to another on the p2p networks. We can make any bitcoin transactions without any centralized servers.

What is Blockchain?Blockchain was invented by a person "Satoshi Nakamoto" in 2008 to perform the public transaction ledger of the cryptocurrency coin (first digital currency). The identification of a person is unknown. The Blockchain, by the word which says about what it is.

Generally, Blockchain is a group of records that are stored in each block which are more secured and linked with each other using cryptography. Each block has a cryptographic hash of the previous block, a timestamp, and transaction data.

Check More About: What is Blockchain Technology?

What makes Blockchain more Special?Blockchain is an open distributed ledger that can store each transactional record occurring between two persons in a verified and effective manner. Using Blockchain technology, you can perform any kind of transaction without using centralized servers. And also the information which is open to everyone and we can see it. Some examples of live blockchains beyond bitcoin are ethereum, dash, litecoin, and monero. Each of them has some advantage in transaction costs, privacy or ability to handle transaction volume when compared to bitcoin, but none of them are so popular.

So How Can Help Blockchain Technology For Your Small Business?

1. Smart Contracts: If you are unaware of this concept, let me give a simple explanation about a smart contract. A smart contract is a self-verifying contract. Just think about a combination of a computer program and a contract. These are stored in a ledger of the blockchain. When comes to a traditional contract, there is often a third party who made the contract and also ensures that everyone has involved besides by it and check what are the step needs to allow or not. Smart contacts automate the entire process. For example, let say you have a coffee shop you may have a business relationship with many supply agencies like local coffee roasters and also the customers who have taken a lease you shop for the party, events, and catering. There are lots of arguments available in those relationships. A smart contract will simply help to solve all the problems. With a traditional contract, you would need to prove you had funding, probably with documentation from the bank or your investors, and lawyers would need to scrutinize everything. With a smart contract, everything would be automated.
2. Payment and Money Transfers:One of the well-known blockchain applications is being able to send and receive payments. Since blockchain technology has its beginnings in cryptocurrency. But, exactly how it would be benefits for small businesses? By using this technology, you can transfer funds directly and securely to anyone instantly at a low cost. Because when transferring money from one person to another through banks they charge a high cost for single transactions. This kind of process usually helpful if you have remote employees who are all involved in the global market.
3. Supply Chain Management: When a business owner placed an order with a supplier, it is very clear to know that who’s on the other end of the transaction. But the business owner might not know who the supplier is. By getting transparency into the supply chain, blockchain enables a business owner to know that every company who is tied up in creating, growing, or manufacturing any element of a product it sells or service it delivers. This kind of information is important in the event of a product recall or if a company needs to identify ethical sourcing or to avoid purchasing pirated things.
4. Notary: By using smart contracts, you don't need to wait again for the "sign, scan, and email back" delay. It will process all the things automatically. In addition to this, notary services can be faster and easier to access through apps that notarize digitally.
5. Streamline Employee Verification: If small business peoples can’t afford their own HR department, blockchain technology is the solution. In the future, this technology could eliminate the background check and save time of verifying information on a potential employee resume by performing these tasks automatically.

Conclusion:Blockchain technology would be the emerging ones and eventually continue to grow since 2008. As with any new and exciting technology, small business owners should embrace innovation with some amount of caution. Bitcoin particularly is highly volatile and has no valuation guarantee. It is now a matter of when, not if, all businesses will make the move to blockchain. As a small business owner in today’s market, you’d be wise to explore how blockchain technology can propel your business into the future.

I am Tim Josh, Working as a Digital Marketing Analyst in the blockchain development company with 4 years of experience. And also I am a guest blogger.