Small businesses must utilize methods that improve processes that enhance service delivery and customer success rates to grow. Business growth means that you offer customers an easy and secure way to transact with you. Blockchain technology can be said to be revolutionary for transactions as the internet was for communications.
It’s the most secure and one of the cheapest ways to transact and store data that are known today. It helps businesses keep and share data without the risk of tampering or modification. Businesses can benefit from the technology that enhances efficiency in various applications that improve their bottom line.
Reputable blockchain consultants can advise on the best blockchain applications for your business. Before diving into the three top benefits your small business can get by adopting blockchain technology, let’s take a look at why small businesses should consider hiring blockchain consultants and what to expect from them.
With blockchain consultants, you can explore the use cases of blockchain and develop skills wherever you need. PixelPlex blockchain consultants will research, analyze, develop and test various blockchain technologies for you. This also includes the documentation and maintenance of the solutions provided and their architectural integration with your business logic.
The objective of blockchain consultants is to translate your business goals into technology roadmaps that you can then easily follow to reach target outcomes. They are an incredibly valuable asset due to their ability to combine business and technical skills. For small businesses, you can expect blockchain consultants to create custom-build protocols and applications which have their focus on the particular data optimization potential of your business.
Besides that, these professionals are also responsible for ensuring compliance with regulations, laws and standards. Some consultant companies will even provide you with education and training in this field, knowing that many companies out there are still uncertain on how to benefit from implementing blockchain technologies into their business.
3 Major Blockchain Technology Benefits for Small Businesses
Blockchain technology is not only valuable for tech businesses, as many might assume. Restaurants, bakeries, nail salons and even gyms around the world are using blockchain technology as it brings really valuable benefits to small businesses.
As customers are looking more into businesses that are harnessing blockchain technology, small businesses are bringing their companies to the next level of privacy and security. Knowing that their data is stored safely in a ledger or having blockchain as an additional option of payment, customers are preferring companies who have already implemented blockchain technology in their business.
Not to mention that advertising it as a part of your marketing campaign can bring you more value than you would expect. Let’s have a look at the top 3 benefits of blockchain technology for small business owners who wish to take their business to the next level.
1. Effective Document Management
One thing that most businesses struggle with is the lack of proper document management systems. This hampers productivity, information flow and makes it difficult to track and trace information. In addition, the centralized document management systems make it easy for cyber attackers to compromise business information from a single point of entry.
With blockchain document management systems, the first benefit comes from the decentralized nature of the technology. This makes it extremely difficult for unauthorized access of information, enhancing security.
Yet, the system allows for easy access to information, transparent document history with timestamps, speedy document processing, and retrieval, to mention a few other benefits. This improves workflow throughout the business by alleviating productivity bottlenecks such as information security and authenticity.
2. Better Payment System
Besides blockchain in cryptocurrency, the other most popular blockchain use is in payment and financial transfers. Notably, these are inevitable processes in any business and are highly risky at the same time. Payment processing through blockchain offers a cheaper, faster, and more secure way of undertaking money transactions.
In addition, it’s a trustless platform that doesn’t require intermediaries or participants in a transaction to meet or be known to each other. The absence of intermediaries lowers transfer costs significantly, while the instantaneous nature of the technology can save a lot of time in the follow-up and confirmation of transactions.
3. Better Business Relationships with Smart Contracts
Contracts are another business regular business process. Like the paper contracts businesses execute with business partners, service providers, and other business associates, blockchain offers a platform to execute contracts securely. The only difference is that the contract is based on an algorithm, is tamperproof, and self-executes when predetermined conditions are met.
The nature of smart contracts, like all other blockchain applications, eliminates go-betweens, saving your business time and costs. With smart contracts, when you decide to work with another party, you can digitally initiate, facilitate, authenticate, and enforce an agreement with the other party.
Examples of a smart contract include documents such as commercial leases, agreements with vendors/suppliers and also employee contracts. Smart contracts provide small businesses with a much-needed level of protection which usually lacks due to high costs.
Blockchain technology has many other benefits in small businesses, making processes more accessible, secure, and cheaper. Blockchain has brought a new way of building trust in a world increasingly plagued with fraud and untrustworthiness. By giving business owners the ability to perform business operations on a platform that cannot be manipulated, blockchain technology can help small businesses move to the next level in workflow speed, productivity, and security.
Blockchain is a complex topic and one can lose themselves in trying to understand the differences between different platforms and frameworks. This burden can be eased by an experienced blockchain consultant on your side. Consultant will be able to assess the need for blockchain in your particular business, financial benefits and tech requirements.
Recently, people are becoming aware of the value of blockchain technology and cryptocurrency, especially in the aspects of privacy and security. Even the customers who understand and follow blockchain technology will more likely consider buying from the companies which are implementing it in their business. So, if you’re a small business owner, it’s definitely the right time to start incorporating blockchain elements into your business and make the most of it!