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How Is Blockchain Technology Revolutionizing Small Businesses?

Advantages Of Blockchain Technology To Small Businesses

A blockchain is a public, decentralized, and a digitized ledger of all the cryptocurrency transactions. Originally, blockchain has been developed as the accounting method for Bitcoin (cryptocurrency). It uses a technology known as DLT(distributed ledger technology) and is appearing in various commercial applications nowadays. Many small business owners are of the opinion that blockchain technology is utilized only for the exchange or creation of cryptocurrencies but this is not true. This article signifies the importance of blockchain technology and emphasizes the ways it is revolutionizing small businesses. Also Read: Advantages of Bitcoin  The computer programs that can various kinds of operations and processes are known as smart contracts. The most common operations and processes include payments and actionable conditions on payment. For few most common financial transactions, a small business can easily evade a web of complex costs and regulations. Business processes which are involved in logistics and shipping know how much stress and paperwork it takes to keep and manage everything in proper order. It is very hard to monitor the current location of shipments and goods in real-time in most cases. The businesses are affected by delays in shipments resulting in extra overhead. The final product that reaches end users is not produced by a single manufacturer in most cases. With blockchain, tracking the provenance details of each component takes zero effort. Thus, with technology, it is very easy to track each stage of a product’s journey right from its inception to the shopping cart of a buyer in real-time and with no difficulty.

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