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Blockchain for SME’s – It’s tough to lie when everyone’s watching
10th February 2021, 1:28 pm
Blockchain – why is it important? Blockchain technology is rapidly gaining traction, but according to a Global Blockchain Business Council survey reported in Cointelegraph, the majority of senior executives (63%) still don’t know what it is or why it matters. It’s time to get up to speed — because this game-changing technology isn’t going away. In fact, the global blockchain market is expected to increase by 80% between 2018 and 2023, from $1.2 billion to $23.3 billion, according to ReportLinker.
- Secure Payment Transactions
Financial transactions are the most popular Blockchain applications. The technology is the backbone of all cryptocurrencies. Small business owners can bypass intermediaries and high transfer fees that banks charge. Above all, the transaction is recorded in the Blockchain networks and the code is seen by everyone as proof.
- Fraud-Proof Contracts
A smart contract is a computer program designed to facilitate, verify and execute a contract digitally. Smart contracts on the Blockchain eliminate the need for third parties. The transactions are tamper proof and irreversible after they’re created. Ethereum and Hyperledger is are Blockchain technologiesy that enables the smart contracts.
- Cloud Storage
Your business can take advantage of the Blockchain for fast and affordable cloud storage. The Blockchain enables the storage of data and digital assets without the need for a server farm, and commonly uses a private key. You can use other people’s hard drives to share data with the world. A Blockchain farmer leases hard drive space, while renters pay to use it. Every piece of information stored on the network is encrypted.
- Proving Provenance
Provenance proves the ownership of assets or intellectual property through a traceable data system. On the Blockchain, the buyer and the seller do not need different ledgers of the transactions when assets change hands. Both parties can share a ledger that auto-updates after every new deal.
- Digital Identity
Fraud is now rampant in the financial world and in many other industries. Businesses are turning to the Blockchain technology as a reliable fraud protection measure. Blockchain solutions make it easy to track and manage digital identities in access authentication.
It is much safer to use Blockchain applications instead of standard ledgers. It eliminates human error in all accounting activities and makes it impossible for fraudsters to tamper with data.
- Supply Chain Management
In the supply chain, Blockchain solutions reduce costs and make it easier to track the movement of goods. This creates transparency in the ecosystem and simplifies payments and other transactions.
- Greater Transparency
Even though the Blockchain’s biggest selling point is its potential for security and privacy, it also has greater transparency in business operations as well. From contracts to financial transfers and accounting, everything is done on a central platform, leaving a clear audit trail.
- Quality Assurance
If there is a problem in the supply chain, Blockchain solutions can help you track its point of origin. You can then execute the required actions to prevent downtime in your business.
- Energy Supply Blockchain technology can be employed in tracking energy expenses in your establishment. Typically, renewable energy usage is monitored with tradable certificates, whose efficiency has been a little disappointing. Blockchain solutions can breathe a new level of effectiveness in this task.