To get ahead in business, there are a number of approaches, including capturing the buzz of the moment. One strategy that could help a business stand out in a saturated market is by taking on board some of the blockchain technology that has emerged from the concept of cryptocurrency. Conceived in 2009, cryptocurrency – a proponent of what blockchain can do – has grown exponentially. The value of one Bitcoin in January 2016 was $371, while in December 2017 it had grown to $13,000. Indeed, the market is expected to grow to more than $2 billion by 2021 – so it makes sense for a business to harness the technology. Using insights from the business analytics tools, well-known brands are already dabbling in crypto and blockchain. Both cryptocurrency and its underlying blockchain functionality – a type of digital ledger that’s impossible for malicious parties to amend – offer opportunities for businesses to differentiate themselves from competitors and offer something new to the market.
Businesses Using Blockchain Technology
Some businesses have already adopted blockchain technology as a way to get ahead. Courier services use blockchain functionality to track high-value cargo, and plan to become leading visionaries of blockchain technology in supply chain management and logistics. Computing companies are also paving the way for the use of blockchain through its development of smart contracts and hyperledger technology. As part of their network of smart contracts, they have already teamed up with logistics companies to cut costs and improve efficiency, including big banks in the financial industry. The banks are assisting in the creation of a blockchain based finance platform. Partnering with bockchain technology, retail giants are using smart contracts of blockchain to track food globally.
Businesses Using Cryptocurrency Payments
Furthermore, messenger platforms have incorporated a cryptocurrency known as Kin for users to send payments to one another without having to pay any transaction fees. These types of platforms aim to create a network of payments around their services that already have 300 million active users to build a crypto economy. Betway Casino suggests the increase of acceptance of Bitcoin in online casino platforms means there could be a move for the whole gambling industry towards cryptocurrency, which would help shape the landscape of using blockchain as a viable way of giving and receiving money. Indeed, some venues accept crypto payments for the hotel and catering aspects of their offering. Online stores have been supporters of blockchain since its inception, allowing customers to make purchases using Bitcoin. Many online entrepreneurs have spoken out in favor of decentralized monetary systems and the benefits that Bitcoin offers businesses and customers. Indeed, it’s clear that the cryptocurrency aspect of blockchain could be of use to customers as well as businesses, and could help businesses position themselves in the customers’ eyes as at the forefront of current technologies.
How Can Blockchain Benefit SMEs?
SMEs could benefit from blockchain in a number of ways. Offering payments through cryptocurrency could show a commitment to change and an investment in the future of globalization benefits. It could also remove barriers to entry for purchases made in some countries. Some say that more people have an internet connection than a bank account, so could become customers. SMEs can also mitigate possible contract breaches, especially when dealing with other SMEs and invoices. Smart contracts can assist a business by fulfilling the terms of a contract and providing traceability and accountability. They can also be used for more technical and legal issues surrounding business. Blockchain can also defend SMEs against possible cybercrime, which larger corporations have more robust systems in place for. Ultimately, blockchain could become a facet of the business to get involved in cryptocurrency purchasing.
Embarking on blockchain may seem daunting for an SME, but it is definitely the way business is heading in the future. To get in at ground level could show business expertise and be a trust signal for your customers that you intend to be around for a while and you will harness all the possible advances in technology available to you.