It is an era of smart gadgets, cool apps, and big data. In this time of emerging technology, do you often wonder how you can tap into the right technology to empower your small business?
This article will put light on one such technology which could completely change the way you manage your business affairs: Blockchain!
Started as a public transaction for bitcoin, blockchain has now evolved into a technology used for dynamic purposes — from cloud computing & storage to business contracts and from payment methods to supply chain management.
No wonder entrepreneurs, businesses, and enterprises, all are trying to grab hold of this innovative technology for its benefits.
Multiple blockchain applications can help you boost your business while being easy on your finances. But, before we dive into that, let’s first get a solid grasp of what exactly is blockchain and how it can benefit small business owners.
Simply put, blockchain is a growing list of records called blocks that are linked using cryptography. It is a time-stamped series of record data that is managed by a cluster of computers not owned by any single entity. These blocks are secured and bound to one another through cryptographic principles.
Some of the features of the blockchain application include:
- Enhanced Security
- No Transaction Cost
- Decentralized Technology
- Distributed Ledgers
- Faster Settlement
In the coming years, your business can escalate towards success if you get on board with implementing these 5 most impressive blockchain applications:
1. Payments and money transfers
The massive inflow of cash can make your banking experience a mess. And often, you are expected to pay hefty transactional fees to banks to transfer a lump sum amount of money.
In such a scenario, blockchain emerges as a warrior that can defeat your adverse banking experiences while giving you a smooth and secure transaction method. Having its roots in cryptocurrency, this seems to be the most prominent and beneficial application of blockchain.
Through blockchain technology, you can instantly transfer funds in an extremely secure manner without any intermediaries or extra fee.
It also comes in handy while paying wages to international/remote employees and contractors. Abra, Bitwage, and Coinpip are a few companies that are leading the path of transferring funds or handling payrolls via blockchain technology.
2. Smart Contracts
Be it starting a new firm with fresh contracts or entering into new terms in your existing business, documenting fair and reasonable contract often becomes an uphill battle. And to add to your problems, there are always middlemen or third parties making the situation more complicated.
Now imagine if self-automated computer programs could carry out the terms of any contract. It isn’t a far-fetched dream — it is precisely what “Smart Contracts” is.
The term “smart contract” may sound like a newly coined technological jargon. However, you’d be surprised to know that the term has existed since 1993. It was only after a decade that “Smart Contract” became the buzz in the business world. The credit for this goes to the Ethereum Project, which “is a decentralized platform that runs smart contracts: applications that run as programmed without any possibility of downtime, censorship, fraud or third-party interference.”
Blockchain Technology will allow you to form self-executing contracts, i.e., smart contracts, while eliminating the need of a third party. It will not only save you a decent amount of money (which your lawyer would have vacuumed out of your pocket), but it will also enhance security, traceability, and accountability.
3. Cloud Storage
Are the various cloud hacks in the news making you question your cloud storage charges? Do you often wonder if the price you paid for your cloud storage solution worth it? Its exorbitant fee can become overbearing for your business as they lack security and transparency.
However, it is practically impossible for a firm to store data without these clouds. It is where the introduction of blockchain can prove to be beneficial. Blockchain cloud storage solution takes the user’s data and breaks it up into small chunks.
Further, it adds an extra layer of security and distributes it throughout the network. Each chunk of data is stored in a decentralized location. This method makes it impossible for hackers to gain access to your complete data. If intruders try to hack into it, they first get encrypted data and then get only a chunk of the data. It makes blockchain cloud storage solution one of the safest options while being easy on your finances.
4. Supply chain management
Today’s consumers are curious and well informed. They are attracted towards a business that can provide them the complete details of their products-from manufacturing to sale. However, it isn’t an easy task to keep full track of each transfer of your goods.
This is where you can rely on blockchain supply management to help you get real-time information of your data. It would increase transparency and visibility, improve inventory management while reducing delays and frauds. Tracking the supply chain and digital trail information would help you to build trust among your consumers.
5. Raise Capital Globally
If you are willing to raise more capital for your business via global investors, blockchain is the way to go. As digital currency operates independent of geographic boundaries and can be transferred easily without any international fee, it gives every business an equal opportunity to raise funds.
Summing it all up
These blockchain applications will help you scale up your business and gain maximum profit by optimally utilizing the blockchain technology. With blockchain, you don’t have to worry over things like data breach and lack of privacy anymore — your business transactions are protected by a system that you can rely on.
On top of that, with blockchain, you don’t require a central hub anymore; it serves as a bridge between vapors devices and help you carry out transactions at low cost.
Lucy Manole is a creative content writer and strategist at Right Mix Marketing Blog. She specializes in writing about content marketing, SEO and social media. When she is not writing or editing, she spends time reading books, cooking and traveling. You can follow her on Twitter at @rightmixmktg.