Global Technology Innovation – Blockchain As A Means To Help Small Businesses

blockchain technology helping small businesses cryptocurrency tech

The launch of blockchain technology 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 potential, in fact, we at Global Technology Innovation believe that in near future it may be even more important than the internet. 

Here are a few blockchain applications that we at Global Tech Innovation think can bring much difference to small businesses. 

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. 

Conclusion

Small businesses can easily implement blockchain for identity applications in various areas including IDs, Birth certifications, account management and others and avoid any possibility of cyber fraud.

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