For the past few years, many technologies are making a tremendous impact on small businesses. It is very important for small business owners to change business strategy according to technology trends and implement them to get advantages and profit in business.
Blockchain Technology
still, there are many business owners who didn't realize it yet that blockchain technology can give their business the competitive edge needed in the competitive and changing marketplace. Let's discuss how blockchain technology can benefit small businesses.
What is Blockchain Technology?
In simple words, Blockchain is a series of data records that are permanently added to the chain. The data added once in blockchain cannot be modified or removed by anyone. The main benefit of this system is there is no chance of fraud and provides more security to the data.
Benefits of Blockchain in Small Business
Typically, when any businessman starts the small business, mostly they have limited employees. Because most of the time startups cannot afford to hire more employees but very quickly they have to develop a huge number of responsibilities. At the start, new business owners need to work for more than office hours and this time can be stressful and complex. They need to prioritize some tasks and all other tasks fall behind. So, improper management is the main reason many startups fail in the beginning period only.
With the use of Blockchain Technology, small businesses can streamline their work and functionalities in a proper way and can cut down the middle-person cost. Also, blockchain can be used to:
verify and develop the contracts
supply chain management
Making overhead bills and payments of wages, taxes, or anything else
Manage the payment flow
make and keep records that cannot be modified, changed or erased
Smart Contracts
with the help of the ledger system of Blockchain, whenever an interaction occurs between business partners, or employers and employees, contractors, or the business owner and a customer it can be recorded in a way that no one can change or modify it. Those records are sometimes known as smart contracts.
Access to the data
Data handling is the main important task in today’s business world, but at the same time, it is time-consuming as well as costly. For this reason, transparency in blockchain’s data collection is valuable for small businesses.
With blockchain technology, customers and business owner both will be able to see all data related to their transaction, and also can check whether it is changed at any point and how.
Data sharing between small companies can also be made much easier and safe with the help of blockchain technology. Because of this, small companies will no longer dependent on larger businesses and corporations.
Customer service
customer services and Human Resource are two more expensive fields in any business and that needs a large amount of paperwork, workforce as well as a lot of time and space. A blockchain system can help with this by automating these sectors. All the records of these departments can be recorded on the blockchain system and it can be safer than manual work.
Supply Chain Management
Blockchain can also help in tracking supply chain management with less time and cost. Nowadays it is very important to know that the food we eat or the toys we have in our home, from where they are coming and where products are getting manufactured. Blockchain technology can help small businesses for tracking the supply chain.
Global Capital Raising
if you’re into any business and want to take your fundraising from local to the global level, blockchain can help you. With digital currencies, investors get a more secure option to fund your business and it also it makes possible for people around the world to provide funding to your business if they find it productive in the future.
Legal Agreements and Notary
with the help of blockchain, fully automated contracts are available and with this, no one will have to wait for the signatures, scan, and email delay. In addition to this, notary services can also be time-saving and easy to access through apps that notarize digitally.
blockchain technology has proven to be useful for many small businesses as well as for big industries. the small business owner should explore and research how blockchain technology can be useful in the future in more ways.
NearLearn provides blockchain training at an affordable cost with 100% job placements. We have online, classroom as well as corporate training available for blockchain as well as for other courses such as machine learning, React Js, React Native, Python training and many more. Along with training, we also provide real-time case studies and live projects to every student to get hands-on experience. For more information, Call: +91-8041700110 or visit: www.nearlearn.com
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