Blockchain Technology — A Catalyst for Small Firms
Blockchain Technology is no longer a jargon. So, let’s skip the monotonous definition and move forward to a more important aspect.
If you have been thinking that blockchain has one single application called cryptocurrency then correct yourself! It is neither restricted to cryptocurrency nor big firms! Smaller firms can widen their span by implementing blockchain.
Thinking how? Read on…
Here are some advantages or applications of blockchain technology for smaller firms:
(Note: The initial cost turns out to be high but once all in place yields great benefits!)
Before that, if you are struggling to understand the concept of Blockchain then I’ve got you covered:
Smart Contract: Tired of disputes with manufacturer/distributor? Try hands-on smart contract. It is a computer generated contract where a transaction executes only when the defined conditions are fulfilled.
Get more Investors: Expand your reach to global investors. As you implement blockchain, you can receive cryptocurrency as funds. As you may know, it has no boundaries and thus helps you raise the capital.
Supply Chain Management: Blockchain comes with the power of decentralization and faultless tracking. Know exactly the status of goods in the supply chain. This, in turn, will help you give a realistic deadline to your customers.
Quick Payment: The primary purpose of blockchain and cryptocurrency was to replace the traditional banking system and make the payment process faster, secure and transparent. So, there you go!
No Trust Issues: As mentioned before, blockchain comes with the power of decentralization. Thus, it’s safe, secure, transparent, time-saving and eliminating the need for middlemen to get things done.
So, these are just a few of them discovered but blockchain has much more to give! Do not take a back seat when it comes to implementing this disruptive technology in your business. It surely adds wings to your business!
