Blockchain Application Ideas That Could Help Your Small Business

Blockchain: you have certainly heard of it. For experts, blockchain has become something familiar. For novices, this remains a subject which may seem difficult to grasp. Simply put, blockchain is a decentralized technology that allows you to store and distribute information securely and inexpensively. Mostly known as a technology at the heart of Bitcoin, a virtual currency that has taken sophisticated merchants by storm, blockchain is a technology with endless possibilities. The main advantages of blockchain include transparency, security, elimination of intermediaries and saving time. Although still in its infancy, many startups have started to explore how this technology can change the way businesses operate. Here are blockchain application ideas that could help your small business.

Payment and money transfers

We start with the blockchain possibilities in the financial sector. The blockchain is a highly encrypted database, spread over thousands of servers, where each entry is verified and encrypted. Technology now has many more advancements that see it enter the payment scene and potentially make it a much more accepted payment technology.

Encryption ensures that data is secure but transparent. The point behind this is to use blockchain to manage payments locally and internationally, without an intermediary like a bank, thereby reducing transaction costs. Eliminating intermediary expenses also eliminates delays, which means that financial transactions can be executed directly between network participants.

Decentralized Cloud Storage

Cloud storage is necessary for all types of businesses to store data. And small business owners are increasingly abandoning traditional cloud storage solutions like Oracle Cloud, Google Cloud Platform and Amazon Web Services, due to their low transparency, high cost and limited security. Major hacks in the cloud have disrupted many reputable companies like Tesla. Thus, small business owners are skeptical of centralized cloud platforms. The good news is that blockchain-based distributed cloud storage solutions provide business owners with data transparency and security. Distributed cloud storage is also cheaper than centralized cloud storage solutions.

Supply chain management

Supply chain management is the wide range of activities needed to plan, control and execute the flow of a product – from the acquisition of raw materials, production, distribution to the end customer. In other words, supply chain management is the active management of supply chain activities to maximize customer value and achieve sustainable competitive advantages.

Supply chain management has become a necessity, especially when it comes to delivering goods at low cost. The problem with this system is that if a supply chain fails or is compromised, the final brand suffers. Fortunately, blockchain is exploring new ways to play. It can be applied to record keeping and product tracking. It is a better automated and less corruptible alternative than centralized databases.

Final Thoughts

It’s not an exaggeration to say that blockchain should change small businesses as we know them. Blockchain is a huge deal at the moment. This means that countless incompetent developers are launching apps to try to ride the wave. So you may want to proceed with caution.

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