What A Small Business Can Get from Blockchain Technology

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The Blockchain is said to be the system of the future. It changes how we do our activities. Moreover, it has many advantages that we can use to optimize our small business. In fact, small business will get more Blockchain benefits than the bigger scale business. The community-based concept in Blockchain helps small business to have equal position and chance on the market, just like the current big business.

The Payments System

One of the benefits that small business can get from Blockchain is the better payment system. The current system makes you go through many steps to transfer, receive and send the payment. This will only increase the extra fee that party, the company and the customer, must pay.

A Blockchain-based platform eliminates all those complicated processes. All transaction can be done directly. This will increase the effectiveness as well as ensure the safety of money when it’s being transferred. Moreover, it’s not only beneficial for you and the customer. But, if you have employees who work from other places, this feature also helps you to save time, money and energy to transfer their payment.

The Smart Contracts

The smart contract is like a programmed code that will run like what it was programmed. So, you don’t need to worry about downtime problem or the involvement from the third party. This system is like the rule that everyone must follow when they do the activity inside the Blockchain-based environment.

There are already many companies that use the smart contract with Blockchain technology. For example, the Slock Company use smart contract to provide the easiest method to rent anything for their customer. The Synaps, one of the banks, also use this system to deal with the loan market.

The good thing about the smart contract is you can’t break the rule that has been set since the beginning. It will ensure that the agreement will be like what it’s exactly agreed in the beginning. This will bring the fairness and equality when a small business makes a deal with a bigger scale business.

The Notary Service

The process to put the legal rights on content will need a longer period of time with the current system. However, Blockchain can do that instantly. Moreover, the Blockchain technology also makes it affordable for everyone, which is suitable for small business that has limited fund.

Some of the famous company actually has already used the Blockchain technology for notary purpose. For example, you can find it on Uproov service. This app can easily put the legal mark on the image, video, or sound that you record, instantly. Stampd.io also does the same by providing the proof of ownership.

The Cloud Storage

The Blockchain technology change how we can save and use the cloud server for storage. This technology allows us to store 300 times over than what we can do with the current storage system. It brings many benefits for small business. With Blockchain, small business doesn’t need to rent bigger space, which means they can save more money. Then, they can use the excess money for developing other parts of their business.

The Identity

For a small business that runs their business on the internet, it will need a better safety system that can protect their data. This is where Blockchain technology takes the biggest role. This technology has a special stamp and recognizing system. With this system, you won’t be able to fake your identity and other people also can’t see or steal the information about your business.

The Supply Information

A product consists of many materials or parts that are made separately. In most case, these parts are made by several different companies. Therefore, if there is a problem with the production or supply distribution on one part, it will ruin the whole product and the company that sells that product.

You can use Blockchain technology to provide detail records about the condition of the production. This record is permanent and can’t be changed or tempered. With this data, you can show the state of your business to the inventor. So, whenever you have a problem, you can solve it as soon as possible. It will useful for small business that wants to develop their company to a bigger scale company.

Conclusion

A lot of benefits from Blockchain technology, aren’t they? All those advantages bring only one thing for the small business. It’s a simpler way to run their business. If you have a small business, you don’t need to worry about an unnecessary thing. You can focus on an important thing and increase the chance to make your business succeed.

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