Blockchain technology: useful applications for small businesses
People associate blockchain technology with bitcoin and other cryptocurrencies only. Its potential in other applications has largely remained untapped. Undoubtedly, people have admired technology as a key to financial transactions, and it is obviously a huge achievement. But realizing its power and adopting it in various other useful applications for small business is essential. It is important to understand that technology is a boon for us. It has immense significance. In the article, I have discussed some other applications too, where blockchain technology can be used to make small business operations more effective and efficient.
Most businesses are still away from recognizing the scope of blockchain technology in transforming their business and seeking a competitive edge.
However, I have bought you an article about how blockchain technology is transforming the small business to improve the working model of the organizations. Blockchain has come a long way beyond just being known for cryptocurrency for financial transactions.
Check out how blockchain technology is useful for small businesses
Cloud storage enables users to store data online and access the same from any part of the world anytime. The word cloud storage is age-old. But what’s new is the way people are using it nowadays. Google Drive, Gmail, Dropbox, and many more are all examples of cloud storage. Many cryptocurrency exchange platforms like Vertex Market also use cloud storage for storing and accessing their database.
Let’s assume that you want to know how to buy bitcoin in the UK, conveniently by sitting in your own country with the help of cloud storage. This is the biggest advantage of cloud storage that you can store, access, transact the data from any part of the world anytime.
So you can quickly expand your business to part of the world without having much hassle with the help of blockchain technology. Blockchain technology allows you to have a cloud storage facility. With blockchain technology, the data is wholly decentralized, which means no one has the authority to manipulate the data. Your data will be in tight security under blockchain technology.
Moreover, blockchain technology will cost much less when compared to other sources. It is the cheapest and efficient method of storing your business data securely. Heavy load balancing mechanisms are deployed for data redundancy and quick access.
Many businesses have already adopted this application of blockchain technology. Experts are viewing blockchain technology as the future of cloud storage. It is expected that after a few years, almost every business will be working on blockchain technology.
Smart contracts are codes represented in the form of lines and stored on the blockchain. The contracts automatically execute when the predetermined and agreed conditions are met. This application of blockchain technology is of immense usefulness. The application eliminates the need for mediators or a third party in the contracts. By eliminating the third party, the business saves on huge money that is wasted for hiring the third party.
Let’s assume that you have to buy bitcoin at Vertex market, and you have Indian currency. Then how will you execute the transactions? However, the answer is very simple. We do not want you to convert any currency with a third party. You can simply buy bitcoin by using your local digital wallets like skrill to btc at Vertex Market platform. If we include any third party to exchange the currency, it would definitely charge us high. So, to lower the expense of your business, you need to eliminate the middlemen transaction as much as possible.
Moreover, if we include the third party for currency exchange it would need your identity and verify it. The third-party may check you out a few times for confirmation. The process thus leads to frustration and long time duration, Thus it is important to eliminate the middle person.
Smart contracts streamline your process by following if/then statements. It does not work on the identity of a person involved. It just carries on the process by determining the established conditions and if they are met, it further continues to the next step. It is how contracts are fulfilled.
Supply Chain Management
The products are not fully made by a single entity. It involves the transfer of products from one entity to another to complete the product. Thus blockchain assists the business in maintaining transparency, reliability, and better management of inventory and goods. Moreover, it avoids delay and reduced fraud. It is a decentralized technology so manipulating data is not possible. So organizations can save huge money and reduce their loss that happens due to the misplacement of goods or fraud by employees.
In addition, it also reduces human error and provides you the correct data. It promotes transparency and confidence in the organization. The growing credibility of the organization will help you to build a strong consumer base too.
You can use the technology for logistics and shipping data handling. These functions need a reliable source and what else than the blockchain technology can best fit in. Moreover, it helps you to keep track of the deliveries of your products in real-time with the help of technology.
However, the applications of blockchain technology are not only limited to these points only. In fact, it is a huge technology that poses much more potential. Adopting this technology will not only help you to expand your business but also improves the credibility and customer base of the organizations. Transparency, reliability, security, cloud storage, inventory, management, smart contracts, networking, IoT, and many more applications of blockchain technology can skyrocket your business. You can even use it for payroll systems, customer payments, money transfers, shipping, logistics to efficiently manage your business. Being a decentralized system, no one has the access to change the data and hence you can build your business on this technology. Streamlining the business is important to keep the operations working with integration with each other. Blockchain will help you to avoid dependencies and piling work that can be an obstruction to your business success.