Why Small Businesses Need Blockchain

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Why Small Businesses Need Blockchain
The current business atmosphere puts many small
and medium-sized ventures in a disadvantageous
position. Although they play a crucial role in
building any major economy, they continue to face
barriers to entry. In such challenging times, it
has become evident that small businesses
need blockchain technology to fuel their growth
and survive in a market that is heavily tilted
against them currently.
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Streamlining Business Flows with Blockchain
Small businesses often neglect the fundamental
processes of inventory, invoicing, and payroll in
their bid to focus on scaling their businesses.
However, business flows that support their
products and services also need to evolve. Small
companies often resort to purchasing a CMS or CRM
platform or hiring the services of a service
provider. Blockchain, through smart contracts,
offers a more economical alternative. Using this,
they can create and enforce deals between users,
who will serve as their clients and merchants.
With smart contracts, companies can solve the
issues of handling inventory fulfillment,
settling interest fees, paying employees and
bills, closing new deals, creating insurance
policies, or any other transactional activity.
While this may sound too complicated, blockchain
online courses for beginners can help them learn
the basics of technology and employ them in their
processes.
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Boosting Security and Enhancing Privacy
Any significant reduction in overhead costs is
advantageous for small businesses. But security
and transparency are also value-added benefits,
which is why small businesses need blockchain.
Through a system of cryptography-protected public
and private keys, small businesses can ensure
that they are verified by the services without
giving away their personal or financial
information that is sensitive. Also, web-based
attacks cost small businesses a lot of time and
money. However, the decentralized nature of the
blockchain requires the hacker to breach all the
peer nodes simultaneously. Thus, it becomes
almost impossible to carry out DDoS attacks.
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Bridging the Gap Between Big and Small
Businesses
The rigorous procedure for obtaining a bank loan
often starves businesses of the time they could
otherwise devote to more productive activities.
As such, small businesses are usually starved for
funding. However, several past ICOs have raised
much more funds than their expectations. An ICO
is a way for startups to raise capital by
offering their crypto tokens to willing buyers.
This has made it convenient for ICOs to raise
funds as the team employed to create the token,
and the track record of the company fuel the
tokens value. Although inconsistent, it has
helped to fund hundreds and thousands of new
businesses.
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Conclusion
Blockchain is a new technology, and the
infrastructure that exists in most places is
struggling hard to support it. However, it
represents a rising tide, and small businesses
need blockchain if they want to be successful in
the near future. As blockchain gains more
stability, small and medium-sized enterprises
will explore new ways of business are emerging.
Source
https//blog.cryptoknowmics.com/why-small-business
es-need-blockchain/
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