Blockchain Technology — A Catalyst for Small Firms
Blockchain
Technology is no longer jargon. So, let’s skip the monotonous definition and move forward
to a more important aspect.
(In case you need a formal introduction to Blockchain, I would request you to go through this post before reading forward: Blockchain is not what you think (And what it really is!))
If
you have been thinking blockchain
has one 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 significant benefits!)
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, timesaving 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!
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