From supporting cryptocurrency and authenticating its transactions, blockchain has now evolved beyond Bitcoin and into real-world applications. Blockchain companies are now revolutionising financial transactions, offering small businesses an opportunity for more secure, efficient, and profitable operations.
How Blockchain is Revolutionising Business Operations
As more governments, countries, and big companies start to adopt the blockchain, small businesses are now seeing the potential of incorporating blockchain technology to their day-to-day operations. Here are some ways the blockchain can be used to improve businesses processes:
- Augmented Contracts
Smart contracts are computer programs that can verify and implement the terms of any agreement. The blockchain technology behind them makes the contract unbreakable. This will allow businesses owners to offer secure services from renting cars to leasing apartments by simply unlocking a smart contract once both parties have agreed to the terms.
Aside from streamlining the transaction, smart contracts will also allow companies to bypass complicated contract regulations and lower the expenses for regular financial transactions.
- Simplified Money Transfers and Payments
Small business owners will soon be able to transfer funds securely and instantly anywhere in the world through blockchain technology. This is especially beneficial for companies with remote employees on the payroll. With the blockchain enabling safe and instant financial arrangements, they would no longer need to deal with intermediaries that can slow down the transaction or pay outrageous fees charged by traditional banks.
- Enhanced Security for Digital Identities
Fraud is estimated to cost businesses around $18.5 billion each year. Blockchain companies can help reduce this threat significantly. With the technology’s indisputable records, tracking and managing people’s digital identities upon sign-in are made more secure and efficient.
The blockchain eliminates the need for vulnerable password-based systems and replaces them with digital signatures based on public key cryptography. This enables irrefutable identity verification for online account logins, passports, e-residency, IDs, birth certificates, and more.
- Streamlined Supply-Chain Communications
Most products in the market are made with components that come from a chain of suppliers. The issue with this system is when one of the suppliers fails to deliver. The blockchain offers a way to maintain auditable and digitally permanent records that show the state of the product at every single value-added step. This infuses supply-chain communications with greater transparency and accountability.
- Improved Loyalty Programs and Gift Cards
Blockchain technology can make loyalty programs and gift cards cheaper and more secure. This can help small businesses increase their profits while strengthening customer loyalty and satisfaction. By including digital gift cards on the blockchain’s public ledger, small businesses can employ the technology’s fool-proof verification process to ensure secure transactions and cut out costly intermediaries.
Harness the Blockchain to Grow Your Business
The blockchain is here to stay. Learn how to use the technology to your advantage to get the competitive edge you need to dominate your market. With our digital asset management and marketing expertise, Key Coin Assets is the only partner you need to succeed in the world of blockchain. Contact us NOW and start to invest in yourself!