How Can Small Businesses Use Blockchain in 2021?
The first thing that comes to your mind when you hear the term ‘Blockchain’ is Cryptocurrency. Trust me; you are not the only one in this category, and most people associate Blockchain only with Cryptocurrencies such as Bitcoin and Ethereum. But, Blockchain is capable of much more than that as it has broadened the scope for innovations and creation of new applications using various Blockchain platforms. With the inculcation of new ideas, Blockchain technology has redefined businesses across multiple industries around the world. Besides ensuring transaction security and data protection, Blockchain has created a world of opportunities and more efficient processing of various activities within small and medium-sized businesses.
With the ability to achieve remote, autonomous consensus between participants, enterprises have recognized and affirmed that the self-reliant data infrastructure is crucial for many other aspects of business processes other than Cryptocurrency. Blockchain can quickly and inexpensively bring products and transactional services to market, reducing the usual high costs of security, getting you Customer Protocols, managing data storage, and other overheads. Blockchain helps reduce the costs of the activities and enables businesses to compete in a more levelled field. In this article, we would try to figure out the ways Blockchain technology can help small businesses and its also possible to achieve business aim.
Reducing Overhead Costs Significantly: Smart contracts are Cost-efficient ways of handling finances and helping small businesses as smart contracts can streamlining the flows of processes inexpensively and helping them compete. Small companies use Blockchain technology-based solutions to create, check and enforce agreements between merchants, clients and customers. Smart contracts affect small businesses’ financial management in positive ways. They can quickly and inexpensively streamline invoicing, pay employees and bills, create insurance policies, handle interests, manage inventory, close new deals, and many other funds transfer related activities. Smart contracts can also ensure that small businesses requiring a consistent flow of funds are paid on time.
Improving Privacy and Security: The most value-added benefits for businesses, tiny businesses are transparency and security. Blockchain ensures that the Blockchain network participants are verified through public and private keys system to protect a cryptographic layer without exposing identity and sensitive personal and financial information. This is a boon for organizations, which no longer need to hold the challenge of handling large amounts of customers’ personal data. Furthermore, it benefits customers also, as they are sure that their sensitive information is protected against the threat of a breach. A small business that requires the financial details of its customers can verify transactions without asking for the user’s identity. That encourages a system that puts users in control of who can access their uniqueness and other personal information. Blockchain-based organizations are already drawing benefits from Blockchain’s identity protection and verification tools. Businesses depending on Blockchain’s decentralized nature and security features to leverage transparent and more secure identification tools.
Marketing and Advertisement: Blockchain has created the vastest impact on small businesses in advertising and digital marketing. There are several ways Blockchain can help small businesses:\
Increases payment options: Availability of multiple secure payment methods is the biggest challenge small businesses face. The increase in cyber-crimes, such as identity theft and data breaches, has made customers avoid using credit cards and online payment modes. But Blockchain technology has ensured them transparency and security, and now customers feel secure while making purchases online.
Eliminates Middlemen: Conventional marketing requires intermediaries’ services, for which businesses have to pay some share of the campaign budget. Due to limited resources for financing their campaigns, this becomes a significant challenge for small businesses, ultimately affecting their marketing scale and strength. Blockchain marketing eliminates intermediaries’ role by allowing work directly with publishers and helping small businesses get a good return on their investment by presenting ads now before their target audience.
Tailored and personalized campaigns: An efficient way of improving conversion rate is tailoring ad campaigns and making them more personalized. Blockchain marketing can help small businesses by allowing them to customize their ad campaigns to resonate with categorized customers and prospects. This way, small businesses can obtain maximum conversions despite limited investment. Blockchain this way leads to an increase in sales and profits. Blockchain technology also ensures data accuracy and enables small businesses to engage their existing customers and target audience efficiently. With Blockchain, companies can design better campaigns and end up generating credible and identifiable leads and subscriptions.
Manage Funding: Blockchain was the real driving force powering the token sales trend.This motivates investors and traders to fund small businesses and new enterprises. Regardless of the conventional principles, this trend has helped manage funds for thousands of companies in areas like fintech, healthcare, gaming, politics, social welfare and more. Several experts look at it as a new and more competitive financing option that can leverage endless advantages and opportunities than other methods and prevents businesses from compromising or sacrificing future revenues in equity for a chance of growth.
Blockchain is relatively a new technology that is still undergoing the process of establishment. Blockchain technology has shown an immense scope of more reliable and robust business solutions in a very short period. Blockchain experts are revolutionizing the ways of doing business, which has caused efficiency and higher productivity. Businesses are now motivating and prioritizing Blockchain training for their employees as the technology has already started drawing advantages for them. Blockchain technology is expected to gain more stability and seems to inspire the emergence of more small and medium-sized businesses. Small businesses have a lot to draw from Blockchain technology. With Blockchain, small and medium businesses are experiencing endless possibilities and opportunities, and it’s the right to harness these changes. This is the power of Blockchain technology that has inspired several organizations like Blockchain Council to be engaged in imparting the knowledge of this upcoming technological revolution and conducting comprehensive research to explore new ideas possible with Blockchain technology. Not only businesses, but the IT professionals can also draw the benefits of this technology by inculcating it in their training. The future Blockchain has shown seems to be inspiring the stability and consistency in the operations of small Businesses. More info to visit: http://aristasweb.net/