Blockchain technology is reshaping the way organizations market and how they handle financial transactions. The technology offers transparent data, that cannot be manipulated. Another significant benefit is that it gives small businesses the ability to go head-to-head with larger companies. They have the ability to remove the middleman in many situations while also increasing efficiencies in workflow.
Gift Cards And Loyalty Programs
Stores that offer gift cards or loyalty programs can get rid of 3rd party groups and offer either option on their own. Customers would be able to receive a digital card through the blockchain’s public ledger. The technology would provide more security to the customer and business.
The Use Of Smart Contracts
Smart contracts will automatically run how they are programmed without the user needing to worry about fraud, censorship, or even third-party interference. Through the use of the technology, the terms of the contract will be filled out without being slowed down by regulations, and the cost of the transaction will be lower. Just like ordinary paper contracts, ones that are created with blockchain will be unbreakable.
Removal Of The Middle Man
Through the use of blockchain technology, businesses will no longer need a middleman when they need data on their customers. If small shops are looking to receive specific consumer data, they would be able to trade with other small stores to get it. They would not need to acquire consumer data from larger companies who could charge more for information that would not be genuine.
Worldwide Secure Payments
Through the use of blockchain technology, businesses are going to be able to send money securely without the need to worry about fraud. The transaction would be completed instantly and at a low cost, instead of dealing with multiple banks and costly transaction fees. This is a vital benefit if you are a small business that interacts with clients on a global level, or if you have remote employees.
Follow The Product’s Life Cycle
For the average product to be made, resources need to be pulled together at a manufacturing company where the final product is assembled. With blockchain technology, we are going to be able to see the entire lifecycle of the product while it is being constructed in real time. By having this information, members of the company will be able to locate what steps money or time is wasted. They will then be able to fix the costly step in the process and save money.
Originally published at AkashOPAurora.co.
How Blockchain Will Help Small Businesses was originally published in Data Driven Investor on Medium, where people are continuing the conversation by highlighting and responding to this story.