When most of us think of blockchain we immediately go to bitcoin and the other cryptocurrencies it powers. Moving on from this, blockchain technology has found other applications by globally renowned companies such as Microsoft and IBM, embracing and implementing it within their structures. Does this mean only big business can effectively harness its power and that small businesses should avoid investing in blockchain? Not necessarily.
Small Businesses Can Acquire Reliable Data
One of the great features of blockchain is that everything is fully transparent and time stamped, which cannot be tampered with either. This makes a lot of the data stored on the blockchain immutable and means that what a small business acquires and stores can be trusted by others. Currently it is only the large businesses like , but with the ability to see the source of any data when using blockchain this could change. The existing internet giants won’t be the only sources of reliable information and data, which is something small businesses can use to their advantage.
Make Security Improvements
One of the main benefits of blockchain for any business is its high levels of security. As well as being tamper proof, . This means that if one leaves or experiences issues, it won’t affect the rest of the database. It’s less susceptible to hacking and the only people who can access it are those with a secure key. Already blockchain is being used for a range of applications that require high levels of security, from smart contracts and payments to cloud storage.
It is Cost Efficient
Any small business on the fence about investing in blockchain should consider the fact that it’s cheaper than other traditional technology. Using one vast network of nodes means there’s no need for middle men or go-betweens that can prove inefficient and costly. Even if your business requires financial help from to first get blockchain set up, the savings it will make in the future and as an alternative should soon make up for the initial expense.
In Essence: No
Blockchain isn’t just for big business. There are already various examples of small companies using it to support their business models and certain aspects. For making international payments to cloud storage for remote working, it can be highly beneficial and a realistic option for a lot of smaller companies. Plus, getting on board now will show your business really knows how to innovate.