Blockchain Technologies for Small Businesses

Blockchain, one of the thriving innovations on the market, offers limitless possibilities for companies in various industries. According to Business Wire, the blockchain industry will expand at a CAGR of 66.2 percent between 2019 and 2027.

Can Small Business Use Blockchain?

Blockchain isn't solely about e-business or large corporations. Restaurants, salons, gyms, bakeries, and other small businesses that depend on a physical location can start using the blockchain right now.

While many SMEs believe that such state-of-the-art developments are only available to big corporations with large budgets for engineers, the cost of incorporating blockchain technology into a small-scale business operation is much lower than you would expect.

Why Should Small Businesses Adopt Blockchain?

Small companies can mitigate several challenges by using Blockchain technologies. It provides a more self-reliant enterprise infrastructure that avoids the high expense of maintaining standard security requirements. Today in social distancing times, any business can only flourish with essential technological advancements such as e-payment, cheap cloud storage, and smart contracts.

Small businesses that rely on continuous cash flow may benefit from smart contracts to ensure that their payment delivered on time.

How Blockchain Will Benefit Small Business?

SMEs could benefit from blockchain technologies in many contexts as the technology progresses past the embryonic stage and sheds much of its early speculation. Here are some notable benefits:

Smoothening Supply Chains

When paired with other advancements such as the Internet of Things, Machine Learning, and Artificial Intelligence, Blockchain technology improves transparency and accessibility and efficient troubleshooting of mismanagement.

It also allows authentication of the products by enabling the following leverages:

• The number of items is monitored and checked.

• Real-time tracking of the location of goods.

• Learning the source of goods and materials.

• Streamlining the administration.

Data Storage Safety

SMEs can store their data in a secure digital sphere for a fair price using blockchain. Businesses may start storing data on each other's computers by renting extra hard drive space operated by specialized services on a blockchain.

After that, the data is under protection, and only those with the crypto-key would access it. Businesses who use a blockchain-based decentralized data storage platform are sure-fire that their information is safe and protected. At the same time, those that 'rent' hard drive space can earn extra money from otherwise unused services.

Digitization of Contracts

Smart contracts, via blockchain, will be time and cost-saving in business transactions. As the name implies, smart contracts are self-executing, programmed transactions that promise results if preset conditions are met.

In general, it functions similarly to a paper contract, except that it is already digitized and cannot be tampered with because the storage is on a blockchain.

Conclusion

Undoubtedly, blockchain technologies, like all other technology, have a price tag. Still, the reliability and stability obtained at the end— as long as you can onboard the clients swiftly— could make these innovative approaches a promising opportunity for small companies.

Freelance Health Tech Writer, Editor, multi-niche SEO copywriter, and creator at vedicinstinct.com