How blockchain technology can benefit small businesses?

Published on August 5th, 2018


What does blockchain technology mean for business? Blockchain is being seen as the most promising business application technology for securing everything from secure transactions to securing self executing smart contracts to secure business applications. It provides endless opportunities for business to integrate blockchain technology in every business process they follow. According to one estimate, blockchain technology business will reach $2 billion by 2021.

Popularity of blockchain results from huge success of its product Bitcoin, one of the most valuable Cryptocurrencyies. Bitcoin is a digital or virtual currency that replaces actual currency in all forms of online transaction.

Where does small businesses see themselves taking advantage of the new level of security in doing business transactions or integrating it while developing enterprise web and mobile applications? What is the benefit of blockchain for businesses? As security is at the heart of the blockchain architecture and as high security is required for all online transactions, blockchain technology can be integrated while developing financial and transaction processing applications in all the banking applications.

Blockchain business opportunities are immense in the area of business contracts and execution such as in mergers and acquisitions (M&A). Doing business globally usually involves signing lot of contracts from time to time and keeping a track of terms and conditions to executive it or make contracts null and void in certain conditions is a tedious tasks not to mention the financial cost involved in maintaining a legal team managing and overlooking such contracts constantly. Wouldn’t it be nice to have self-executing contract where contracts automatically comes into effect as soon as terms are met and become null and void otherwise? Well, we have smart contracts – where contracts execute automatically when certain terms are met and payments released or terms and binding to both the parties. Smart contracts are computer programs developed in blockchain intended to enforce the contracts without much hassle.

Another area where blockchain technology can be beneficial is the digital identification and verification process. As data in blockchain is stored as blocks connected to one another by storing information of previous and next blocks, tempering data is virtually impossible. Also, since each transaction is stored as history verified by multiple systems (miners), only when all the miners verify a transaction to be authentic, that a transaction is processed or genuine.

There are not just blockchain small business ideas but there are also blockchain based businesses who entirely exist to offer their expertise in developing and managing blockchain business applications.

How blockchain technology can benefit small businesses? was last modified: August 5th, 2018 by WebNet Creatives

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