5 Ways Blockchain Marketing Helps Small Businesses

Updated 30 December 2020

The term ‘Blockchain’ has recently become a buzzword; however, not many people truly understand what it really is. Most people think of Blockchain to be related to cryptocurrency and bitcoin. In this blog, We are going to talk about 5 Ways Blockchain Marketing Helps Small Businesses.

Blockchain is also known as a shared, replicated ledger with smart contracts and provides cryptographic proof of transactions.

Blockchain in their e-commerce business processes, and now is a good time for small businesses to engage competitively with the larger competitors.

The large businesses are already incorporating Blockchain in their operations. However, for small businesses, the biggest challenge is trust, transparency, and invariability, which is why Blockchain is helping them establish

Blockchain technology also helps small businesses in saving time, increasing efficiency through a variety of processes. Businesses are now testing waters by incorporating Blockchain in their processes, and now is a good time for small businesses to engage competitively with the larger competitors.

Let’s have a look at 5 ways through which Blockchain is helping small businesses:

1. Fast and Secure Money Operations

With respect to cryptocurrency, it is easy for Blockchain to provide small business owners with the security and transparency they need in money-related operations.

Various operations in money handling, including paying the subcontractors or vendors, transferring salary to the employees, accepting payments, and other such activities, Blockchain streamlines the processes.

Small businesses heavily rely on the banking system for money transactions; however, Blockchain has made it even efficient with minimal rates. The information in real-time helps the small business owners gain authority and transparency in their money matters.

Moreover, the Blockchain transactions can be performed globally and are not restricted by borders or locations, which makes it even easier for e-commerce websites and business owners to have their businesses flourish in the online space.

2. Unbreakable Contracts

Another prominent advantage of Blockchain is the strong contracts that are almost unbreakable so there are fewer chances of fraud and theft.

This has made the legal matters and contracts easier for small businesses who cannot afford to hire lawyers or take such consultancy services.

3. Smooth Supply Chain Operation and Proof of Provenance

Businesses that deal in exporting shipments have to do a lot of paperwork hassle and keep track of everything related to their goods. At times it becomes almost impossible to keep track of your items at a given time

Moreover, proof of provenance is another big issue for businesses that deal with several items from different places; for example, for a carpet cleaning business that makes professional equipment, they may import Coaxial Cables from China, a few other parts from Italy, etc.

It is easy to track the details of each item you procure in real-time through Blockchain.

4. Safe Storage of Data

A lot of money is spent annually on buying cloud storage spaces by businesses around the globe. Around $20 billion is spent annually on buying cloud storage spaces, which also goes unused in most cases.

For businesses, it is also essential to save their data in a secure space without costing them a lot.

Blockchain solves this issue by providing storage solutions at an affordable range. The idea is that all users can store their data on people’s computers by renting the extra space.

5. Smart Offices with Smart Devices

The world is getting smart every day, and people are very much welcome the idea of smart homes where their electronics, music, lighting, etc.

There are different ways through which you can imagine this scenario, for example, the carpet cleaning devices being able to monitor when is the good time to clean the office, the scanners and printers being able to order for supplies without any human intervention, etc.

To Sum it Up

Blockchain technology can also give benefit to small businesses in these ways. The technology is relatively new by growing every day, and the possibilities of its expansion are limitless.

For small businesses, it is relatively intimidating to get into newer technology; however, if you are in it for good and want to compete with the bigger giants, then it is also essential for you to stay updated on the latest technology.

That’s all about “5 Ways Blockchain Marketing Helps Small Businesses”.

Try it by yourself and also share with us your experience here at  https://bagisto.uvdesk.com/en/.

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