Akhil G

Blockchain Technologies for Small Businesses Blockchain technologies have become one of the most discussed topics in nowadays. At first, it was centralized on cryptocurrencies like Bitcoin and all because of its huge conversions and benefits. However, things have changed. More and more industries have involved in Blockchain technology and implemented it in their business to achieve better outcomes. Blockchain technology has positively influenced small scale businesses too. There are so many areas which positively affected the implementation of blockchain technology in small businesses. Multiple benefits attracted many small-scale startup owners and organizations to focus more on blockchain related area. Here are the top benefits of blockchain technologies for small businesses: Reduce bank fees and increase profit The increased usage of cryptocurrencies has already benefitted thousands of small businesses across the globe in many aspects. Mostly, the usage of cryptocurrencies has reduced the bank fees and thereby increased their overall profit. In 2018, the use of cryptocurrency in retail increased by just a bit more than 40%. It benefits the companies as it has very less payment processing fees. Also, it avoids currency conversion charges and other bank charges. Unbreakable smart contracts Smart contracts are the next big thing in the business. With the emergence of the Ethereum project in 2013, smart contracts have become very popular. It provides a decentralized platform with unbreakable contracts. It will surely benefit the business owners to bypass regulations and lower the costs. Many popular companies are already using smart contracts to run their business. These are some of the examples of the benefits of blockchain technologies for small businesses. Not only the small businesses, but it also benefits big organizations too. It is always good to see more companies are investing in the blockchain industry.