Blockchain Benefits
As more and more businesses explore ways to enhance their competitive edge, understanding and leveraging new technologies becomes essential. Paybis.com, a leading platform for cryptocurrency exchange, is at the forefront of providing valuable insights into the potential of these technologies for small businesses. In particular, one technology that has been gaining increased attention is blockchain, a decentralized system that is set to revolutionize how businesses operate.
On the other hand, entrepreneurs who manage small businesses wishing to start a comprehensive growth process also decide to invest in different tools to enhance their competitiveness through technological development.
One of the most sought-after tools for its multiple applications is blockchain technology, which currently has much to offer for the development of small businesses. Some important details are provided below.
What is blockchain?
The blockchain model emerged with the appearance of the first cryptocurrency, Bitcoin, in 2008. It is also the technology that supports a cryptocurrency today and the basis for the creation of new technological tools, for example, payment and investment methods that include digital currencies. There is no doubt that the concept of investing in cryptocurrencies is much more popular today than at its inception.
It is essential to understand how blockchain works at its core to consider its scope and benefits in areas beyond cryptocurrencies. However, a simple and straightforward description would be that it is a new database model that is encrypted and distributed.
Also, this chain has enormous potential to offer solutions in areas such as process optimization, online security, economy and finance, among others. Today it can be said that due to the use of the blockchain model in a wide variety of fields, processes are streamlined, costs are reduced, and the accuracy of the chain is ensured.
Why small businesses should incorporate the blockchain model
Undoubtedly, technological tools provide small businesses with the possibility of having a barrier-free communication system, allowing them to be more competitive and their managers to make better decisions.
The blockchain promotes teamwork from the beginning to the end of any type of project. The same happens with the activities of a small business in which collaboration is the key that opens the door to positioning themselves positively in the market.
In relation to what is happening in Spanish companies, Alastria (an entity that promotes the new development of decentralized technologies) and the Cotec Foundation (a foundation at the service of technological innovation) conducted a survey among 156 companies of different sizes and 26 universities. The results show that more than 60% of these companies have already started using blockchain technology.
Cryptocurrencies and blockchain, a close relationship that expands
Naturally, without blockchain, the oldest and most important digital currencies such as Bitcoin and Ethereum could not exist, the latter with a great appreciation of its value during the last year.
Today, it is not surprising the large number of new and experienced investors who, for example, decide to buy Ethereum (its real name is Ether, Ethereum is the software environment and has been adopted as a popular name for the cryptocurrency), Bitcoin or any of the other new cryptocurrencies that have great potential.
The blockchain ecosystem allows small businesses to develop a system that they have total control over for money transfer processes that are much simpler, effective, and faster.
Specific benefits of blockchain for small businesses
The first competitive utility that blockchain offers for small businesses is the use of cryptocurrencies as a means of payment. Therefore, knowing the Ethereum price could be the essential data to make a payment in a commercial operation. Other benefits are:
Small businesses today benefit from the same data collection tools as large companies. In this way, they are given the opportunity to make informed decisions.
Optimization of different processes (for example, production, sales, collections, training, etc.).
Improvement in hiring processes since contracts made based on the blockchain are available to all involved and are much more reliable.
More profitable operations without intermediaries.
In conclusion, the blockchain model as a technological basis to optimize a wide range of tools that small businesses use in their operations is a standout alternative that gives these companies various alternatives to grow in their specialties.
Blockchain technology has much to offer in the present and near future, so the new developments generated from this technology will continue to give small businesses more growth opportunities.
