Why the SME’s needs blockchain technology right now

Published by Ashish on

Blockchain is one of the most hyped technology in the modern world. According to the CNBC reports, 84% of companies benefited from blockchain technology. Blockchain becomes of the hottest job trends in 2020. With so much demand and craze for newer technology, small-scale industries should not miss this Blockchain wagon.

What is Blockchain?

What is blockchain

To put it in simple words- Blockchain is the bridge between finance and the market. Upon further breaking down, we can find that ‘Block’ of “Blockchain” is the digital information called ‘blocks’ and it stores them in public databases known as ‘chains.’ These blocks contain information about transaction, currency, and rates. These blocks also contain information about two or more parties that are partaking in the translation example: – A customer and an online store are two parties involved in a transaction.

Blockchain technologies for Small-scale businesses

How to use block-chain technology

Payment gateways and money transfers are perhaps the most useful methods for any business. Blockchain can directly and securely transfer funds remotely anywhere in the world. Earlier, the intermediaries used to slow down the process by exorbitant transaction fees. But Blockchain cost-cutting and the non-existence of middleman in the transaction gave rise to the free flow of funds at an ultra-low-cost. Another benefit of Blockchain is the cloud storage that works as a warehouse for your data. Security and safety go hand-in-hand as most of the cloud-storage companies offer security and safety for companies and individuals. Another less known factor about blockchain is the supply chain and shipment tracker.

If supply chain, shipping, logistics, and E-commerce is your forte then Blockchain technology can help you bring your efforts to the minimum while the technology does all the hard work for you. You can use various blockchain websites and apps for keeping a track of shipments and inventories from the comfort of your smartphone.
There are a lot of unique ways, blockchain is helping to bring small-scale industries and opportunities under a single roof. Payment gateways and cloud storage is just the tip of the iceberg, Blockchain is a bigger concept that requires another article.

So that was our take on Why the SME needs blockchain technology right now.

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Ashish

Ashish Khaitan is a content writer based out of New Delhi. He usually writes content for business owners, websites, and filmmakers. He likes anime, mangas, and Kdramas and often spends a lot of time reading books. He enjoys his own company and rarely goes outside unless there is a sale in the local clothing stores.

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