Originated in 2008 to serve as a public transaction ledger for Bitcoin, blockchain technology now has become a cause of disruption for various industries. It has evolved into something that’s useful beyond cryptocurrency exchanges.

Today, blockchain technology, usually known for increasing transparency and security, can be applied to everything from cloud storage to supply chain management to business contracts to payments. Large businesses, individuals and SMEs alike are joining the bandwagon to reap the advantages of this innovative technology and its unique, valuable benefits.

Blockchain is gradually becoming a coveted technological tool for small businesses encompassing every industry including finance, healthcare, real estate, education, medicine and so on.

Now, let’s read on to know how Small Businesses Are Adopting Blockchain for achieving rapid growth rate.

1) Cloud storage

Cloud storage has become a necessity for every business to store data. But small business owners are moving away from traditional cloud storage systems such as Google Cloud Platform, Amazon Web Services, and Oracle Cloud. It’s because these systems are quite expensive and offer limited security and transparency.

In fact, major cloud hacks have caused disruption to many established and credible companies using centralized cloud platforms.

As a result, small businesses are skeptical of using centralized cloud storage systems. They are now finding new, innovative methods to store their company data in a more secure and enhanced system.

In turn, small businesses are adopting blockchain. Blockchain-based cloud storage services offered by blockchain development companies are stepping up on the plate. Such solutions promise large as well as small business owners to provide data security at lower prices than centralized options. Also, the rapid adoption signals the rise of a new era of cloud storage- Cloud 3.0 – it’s rooted in decentralization and it moving towards revolutionizing the industry as a whole.

Smart Contracts are self-executing contracts, their work is to remove the involvement of any third parties, such as lawyers.

This is one of the significant reasons small businesses are adopting blockchain technology, to grow exponentially. What’s more appealing to small businesses is that the use of smart contracts can significantly lower costs along with increasing traceability, security, and accountability. Thus, businesses can alleviate the burdens of contracts by using smart contract solutions.

3) Supply chain management

Numerous various types of entities work behind to successfully create and sell a product in the market. A blockchain-based supply chain means everything from manufacturing to sale of a product can be documented.

Benefits of using a supply chain with blockchain can not only increase transparency and visibility but also reduce the risk of fraud, improve inventory management, and much more.

In summary

Eventually, these three significant blockchain applications listed above can clearly help SMEs by increasing transparency and security over the course. Along with it, they can also simultaneously save extra costs and decrease other risks.

Undoubtedly, Blockchain is gradually becoming global. Small Businesses are adopting blockchain as well. Now, it’s believed to further revolutionizing and facilitating critical business operations for those who are moving toward a decentralized world and ready to adopt the innovative technology.