Blockchain technology offers business benefits regardless of their size

Blockchain technology has become one of the most popular words when it comes to new technologies. Unlike other innovations, it can bring major benefits including small business, without incurring significant costs. So what can blockchain technology be used for?

Smart contracts

The automation of contracts brings benefits from two points of view. First, it eliminates the need for an intermediary, such as a lawyer. Smart contracts run automatically if certain conditions are met. This eliminates the risk of fraud because the data is verified and confirmed. Second, a smart contract is immutable meaning it cannot be modified once it has been written.

Cloud distributed storage

Cloud storage solutions offer lower prices and more security with the help of blockchain technology. The best part is that these decentralized solutions are cheaper than centralized cloud options and are becoming more widespread.

Money transfers and payments

Of all the blockchain applications, this is probably the most popular. It allows individuals, as well as organizations, to receive and send payments anywhere in the world in seconds, with minimal fees. Moreover, there are no intermediaries involved in any transaction, which makes the process completely decentralized.

Blockchain technology for digital identity

Due to blockchain technology, small companies can avoid fraud by using digital identity. The data is immutably recorded on the blockchain, generating an identity verification system that uses digital signatures and encryption techniques.

Loyalty programs and gift cards

Loyalty programs and gift cards are considered valuable in building customer relationships. Blockchain offers many solutions for such programs, at much lower prices than traditional systems. In addition, it eliminates intermediaries and enhances the security of collected data.

Notary and copyright services

Small firms can take full advantage of blockchain technology to benefit from notary services in an economical and convenient manner. There are numerous solutions that offer blockchain-based ownership evidence for different types of content.

Blockchain technology Supply chain management

Another major benefit to business that blockchain technology offers is managing the supply chain. Firms can check the delivery status at any time or identify errors. Blockchain-based systems provide complete transparency with documentation of every minor detail, including the materials used together with their origin, at each stage – from manufacturing to sales.

Blockchain technology is undoubtedly an innovative technology that offers benefits to companies regardless of their size. Its applications offer the option of transparent and safer business, while helping companies reduce costs.