The launch of blockchain technology popularized back in 2009 by Satoshi Nakamoto, was seen as the next big disruption. However, the technology hasn’t reached the scalability level of scale up until now to live up to its expectations. Now, that doesn’t mean that that the technology doesn’t have the nearly unlimited potential.
In fact, we believe that in near future it may be even more important for businesses than the internet. Just some of the business applications for blockchain and cryptocurrency can be found at btsr.io.
Here are a few blockchain applications that we think can bring a big difference to small businesses.
Here are a few blockchain applications that we think can bring a big difference to small businesses.
Top 4 Big Benefits Of Blockchain Applications
1. Money Transfers
Without a doubt, one of the most impactful applications of blockchain technology is its ability to send and receive payments. The cryptocurrencies (Bitcoin is just one of the many being launched worldwide) are already made headlines in the financial world for sometimes. But we believe, this is just the beginning.
The improvements in the blockchain technology are increasingly enabling small businesses to securely and directly transfer payments worldwide at ultra-low fees. This is primarily because the technology doesn’t require any intermediaries to either increase the transaction fees nor to slow down the process.
For small businesses, this means that they are more than ever in control of their finances as well as can optimize their business operations by hiring remote employees in the global marketplace.
2. Smart Contracts
While you may not be aware by the term “smart contract” was first coined back in the ’90s and only recently it has been associated with Blockchain. The launch of Ethereum Project was seen as a milestone for “smart contracts” where a decentralized platform is able to take over traditional contracts without any risk of fraud, third-party interference or downtime.
“Smart contracts” in essense is a self-regulating program that is held in escrow by a network. By implementing smart contracts, small businesses are in a better position to get through the regulations and significantly lower their operational costs for financial transactions. Lastly, these smart contracts are unbreakable; bringing robust security for small businesses.
3. Cloud Storage
Another beneficial avenue of blockchain technology for small businesses is the cloud storage that can be used as fast, reliable and affordable cloud storage. With the blockchain powered cloud storage, users can store 300 times over data as compared to traditional cloud space. This could save significant revenues for small businesses.
4. Digital Identity
Today businesses are exposed to cybersecurity issues more than ever. To give an estimate, annually the cybercrimes cost the industry over USD 18 billion, which can simply be translated into a loss of $1 on every $3 spent.
Perhaps, the best part about blockchain technology is its robust security, where the digital identities can be stored efficiently without any risk of frauds. The technology gives out solutions to various digital identity issues currently faced by businesses. The system relied on irrefutable identity verification based on cryptography; thus ensuring security at all times.
Build Business With Blockchain
Small businesses can easily implement blockchain dapps development services in various areas including IDs, birth certifications, account management, and others, and avoid any possibility of cyber fraud. The possibilities are truly endless when it comes to building your business with blockchain technology.
1. Money Transfers
Without a doubt, one of the most impactful applications of blockchain technology is its ability to send and receive payments. The cryptocurrencies (Bitcoin is just one of the many being launched worldwide) are already made headlines in the financial world for sometimes. But we believe, this is just the beginning.
The improvements in the blockchain technology are increasingly enabling small businesses to securely and directly transfer payments worldwide at ultra-low fees. This is primarily because the technology doesn’t require any intermediaries to either increase the transaction fees nor to slow down the process.
For small businesses, this means that they are more than ever in control of their finances as well as can optimize their business operations by hiring remote employees in the global marketplace.
2. Smart Contracts
While you may not be aware by the term “smart contract” was first coined back in the ’90s and only recently it has been associated with Blockchain. The launch of Ethereum Project was seen as a milestone for “smart contracts” where a decentralized platform is able to take over traditional contracts without any risk of fraud, third-party interference or downtime.
“Smart contracts” in essense is a self-regulating program that is held in escrow by a network. By implementing smart contracts, small businesses are in a better position to get through the regulations and significantly lower their operational costs for financial transactions. Lastly, these smart contracts are unbreakable; bringing robust security for small businesses.
3. Cloud Storage
Another beneficial avenue of blockchain technology for small businesses is the cloud storage that can be used as fast, reliable and affordable cloud storage. With the blockchain powered cloud storage, users can store 300 times over data as compared to traditional cloud space. This could save significant revenues for small businesses.
4. Digital Identity
Today businesses are exposed to cybersecurity issues more than ever. To give an estimate, annually the cybercrimes cost the industry over USD 18 billion, which can simply be translated into a loss of $1 on every $3 spent.
Perhaps, the best part about blockchain technology is its robust security, where the digital identities can be stored efficiently without any risk of frauds. The technology gives out solutions to various digital identity issues currently faced by businesses. The system relied on irrefutable identity verification based on cryptography; thus ensuring security at all times.
Build Business With Blockchain
Small businesses can easily implement blockchain dapps development services in various areas including IDs, birth certifications, account management, and others, and avoid any possibility of cyber fraud. The possibilities are truly endless when it comes to building your business with blockchain technology.
