Blockchain technology is not what it used to be in the initial stages but it has developed beyond the scope of cryptocurrency exchanges. Today, blockchain offers unparalleled transparency and security besides offering a number of other features including cloud storage, banking, and business contracting services. These features and services are allowing businesses to make significant growth in the market and achieve success rapidly.
In the recent past, the number of security breaches has put the security measures of small businesses to test and left them with no option to look for better tools or measures to enhance the level of security. Blockchain offers the ideal level of security especially to small businesses no matter to which industry they belong.
Benefits of Blockchain for Small Businesses
Some of the best benefits of blockchain for small businesses include:
- Cost Saving – Blockchain technology is highly cost-efficient and allows the businesses to enjoy various features in a very minimal amount. This is one of the major reasons why many small-scale industries in sectors like healthcare, finance, education, medicine, real estate and more are opting to this technology.
- Decentralized Model – Blockchain technology is based on a decentralized model that means there is no central authority or entity that controls the data. The data is distributed among different nodes on a global scale that makes it nearly impossible to breach or manipulate it.
- Sophisticated Authentication – Due to its decentralized nature, the authentication process is quite sophisticated backed by several layers of security. No other security tool or centralized platform can match the level of blockchain technology.
- High Transparency – In its purest form, blockchain technology is like an open ledger which is why it is transparent. A countless number of people are authenticating the huge volume of transactions that adds the security element. Moreover, each and every transaction occurring on the network are time-stamped and publicly recorded.
Uses of Blockchain for Small Businesses
There are two main areas where blockchain technology can be used by small businesses. Let’s discuss each one of them in detail:
Sending and receiving payments is one of the most crucial tasks especially for small businesses because the entire profitability is dependent on it. Most of the small businesses rely on digital ways of transferring a large amount of cash to their traders and the same for receiving payments from the customers. These ways are not that secure and there is always a question mark if the payments will be securely sent or received. However, with blockchain, this concern can be addressed once and for all. There are numerous companies offering blockchain mediating in financial transactions during the trade. These services can help you transfer funds securely directly from one account to the other.
Smart Contracts for Trade
Using blockchain technology, smart contracts can be self-executed. In the early days, this process involved several third parties like lawyers and other agencies leading to other costs that frankly, are not bearable by small businesses. Switching to blockchain technology, these costs can be avoided and better security can be achieved within the contracts. Moreover, smart contracts made using blockchain technology are accountable due to the traceability factor. There are different startups offering smart contracts using blockchain technology. No matter which industry or sector to which a small business relates, smart contracts can be used for any nature of the transaction. Not only can more money be saved but trade monitoring leading to enhanced security can also be achieved at a greater scale.
As mentioned earlier, there are different startups offering these services and ITspresso is one of them. What makes ITspresso different from the rest is that we have discovered numerous ways of helping small businesses in areas like cost saving, implementing high levels of security, and benefitting from the possibilities offered by blockchain technology. We can help you implement blockchain technology and provide blockchain consultancy on how you can use this technology for the good faith of your business. For more information or want to book a free consultancy, just send us an email at [email protected] and we will take care of the rest.