Blockchain technology has taken the world by storm in the past couple of years and transformed the way financial transactions used to take place. However, blockchain has been taking over industries other than financial industry lately. It is widely believed that blockchain will grow into something more essential than the internet in the coming few years.
In its initial stages, blockchain was only beneficial for large businesses but with its growth and usage, it is becoming very useful for small businesses as well. If you own a small enterprise and wondering how blockchain can help you, let’s take a look at top applications that can be of great value.
Since the well-known application of blockchain is to send and receive payments, it can be very beneficial for small businesses. Through the utilization of blockchain, small businesses can easily transfer their funds directly and securely without anyone knowing about it and that too, at ultra-low fees. The reason is that there are no intermediaries to slow down the entire process of transferring funds. This practice can be of great help if you have remote employees working in different parts of the world. Even if you have to receive payments from offshore clients, this technology can help you receive it faster than anything else.
Secure Cloud Storage
Cloud storage is another very useful application of blockchain technology that is highly suited to small businesses. There are different companies using the blockchain technology to provide users with secure, affordable, and fast cloud storage. Today, more than 70% companies on the global scale, store their data on the cloud that opens up new opportunities for the scammers to breach the data. However, with blockchain, data can be stored on the cloud securely.
It does not need any introduction that the fraud industry has progressed to the same extent as the businesses. This is one of the reasons why security has been a top concern for businesses of all scales. Blockchain technology presents the finest solution to this concern and makes managing digital identities efficient and secure empowering seamless sign-on and less risk of frauds. The current methods use password-based methodologies on insecure systems which if hacked, can no longer ensure the privacy and security of the information stored. On the other hand, the authentication systems based on blockchain use the irrefutable identity verification systems that utilize the digital signatures. These digital signatures are based on public key cryptography. This technology can be of great help in IDs, online account login, passports, birth certificates, and others in the validation of an individual’s identity.
The world is so interconnected in this age that the possibilities have mushroomed to a whole new level. Small businesses can utilize these possibilities and transform them into opportunities – opportunities for networking with other businesses of the same nature operating in different parts of the world. Through blockchain, a digital network can be created at a nominal cost that acts as a bridge among different devices regardless of their location. Through this network, numerous projects can be managed in an efficient manner. This can be very helpful for small businesses to create a global presence.
Through these top applications, small businesses can climb up the ladder of success, improve their profitability, and bring smoothness in their workflow. All of these aspects are of prime importance for rapid growth. We hope you find this article helpful and informative. For other applications of blockchain technology or to know how ITspresso can help you use blockchain technology, contact us now.