Blockchain the innovative technology that was made famous by cryptocurrencies has become one of the major trends in the tech and business sectors. Many industry-leading organizations such as Microsoft and IBM have invested in the blockchain. They believe that it may become an integral part of businesses in the future. But for small business owners, you might be wondering if you can also benefit from blockchain. In this article, we’ll talk about how you can apply blockchain and take advantage of the benefits it can bring to your small business.
Paperwork and Recordkeeping
The most important reason why you would want to apply blockchain in your small business is for its recordkeeping and paperwork ability. Paperwork such as contracts, memos, proposal, receipts, and other important business documents can all be digitally stored on the blockchain. This will allow a business to keep a record and get a good idea of what happened previously and when it happened. Also, blockchain stores all data securely which makes it completely protected from hackers and other malicious actors.
Since blockchain was introduced as a foundation for cryptocurrencies like bitcoin, it’s no surprise that it can also be used for keeping track and maintaining your business’ transaction histories. In this case, the blockchain will serve as a public ledger for all your transactions. The ledger is accessible to anyone and it will show them all the information they need to know about a transaction.
Supply Chain Management & Quality Control
Another good way to use blockchain in your small business is for quality control and supply chain management. You can use blockchain to manage your supply chains and keep track of all your goods faster than traditional systems. You can trace your product to and from in just a matter of seconds when you used blockchain technology in your business.
Improved Coordination with other Businesses
Blockchain’s ability to speed things up with complete accuracy and security is very beneficial to businesses especially the ones who are in an industry that relies on efficient coordination with other businesses, for instance, air travel.
Airports and airlines rely on each other to keep track of every flight and make sure that every flight is on schedule. With blockchain technology, airports and airlines can now work together without any lapses in coordination to ensure that the traffic flowing smoothly at all times.
Decentralized Data Storage
Decentralized data storage is very important to ensure that the data is completely safe and secured. Unlike the data stored on a single server which can be easily manipulated, decentralization offered by blockchain technology is almost impossible to compromise. It is extremely difficult for a malicious actor to get access to your data once it is in decentralized data storage in a blockchain.