Impact of Bitcoin & Blockchain on Small Business
Recently, the news channels are swamped with the news about Bitcoin and Blockchain technology. Numerous good and bad news on both technologies have been circulating in the media. Some people think this technology as a revolutionary step towards the digital era and some believe it as an artificial bubble which will burst soon.
Well, every industry expert has a different opinion on the bitcoin and Blockchain technology. But, the one myth that has been most circulating in the market is that this technology is only beneficial for the big business organizations. Now, that’s totally outrageous and impractical phenomena.
The bitcoin is very beneficial for the small-scale business ventures also. The small businesses can get the same kind of benefits from the bitcoin and Blockchain technology as compared to the big corporate organizations. The Bitcoin and Blockchain technology can impact the small-scale business in the following manners:
#1. Benefits from Cryptocurrency
With this technology, you will get the power of the cryptocurrency. Cryptocurrency has been the talk of the town lately as all the big business houses are using this currency to trade these days. Teslas and Amazon are frequently dealing in the cryptocurrency. Small business owners still hesitate to use the currency, but they should use cryptocurrency as it has the following benefits:
- It doesn’t charge you any extra service cost like credit cards or debit cards.
- It is free from the unnecessary imposed government rules and regulations.
- It works without the influence of the banks, that’s why transactions take place faster as compared to your regular net banking transfers.
#2. Signing a Smart Contract
To avoid frauds and trickery, the most secure method is to hire a lawyer and build a strong written agreement between the two parties involved in the contract. The Blockchain technology offers the digital platform to design a contract between you and your vendor. All the facts and conditions can be included in the smart contract and there is a no room for the further alteration. So, the Blockchain technology offers you the optimum level of the security and safeguards interest of both the parties.
#3. Power Saving with the Electric Grid
It is always said that the cryptocurrency consumes more electrical energy. But, with the Blockchain technologies, this problem has been solved too many levels. The solar power energy panels are being used by the numerous Blockchain users and shared with each other. The small business owner can get a huge benefit from the energy-saving power electric grid of the Blockchain technology.
The popular Brooklyn Micro Gird is a P2P energy market, which is based on the Blockchain technology and helps in saving the energy as it connects as well as distributes the network has been helping out numerous small businesses.
#4. Pay Your Daily Bills
One of the biggest reason behind less utilization of the cryptocurrency in daily life is that people can’t use it for their daily requirements. But, not anymore as today you can pay your groceries bill using the cryptocurrency and get benefits from it. The platforms like Cryptopsy enables you to pay your daily utility bills using cryptocurrency. Moreover, now you can convert your cryptocurrency into euros, dollars and other currencies.
#5. Record Shipments and Inventory
The Blockchain technology safeguard all your important documents and contracts in it. Once the document is stored in the Blockchain technology, then nobody can temper or alter. Of course, parties involved in the contract can make an alteration in the contract after mutual understanding.
However, the Blockchain technology keeps the records of your all shipments and upcoming orders. And, automatically update the information in your records without any further hassle.
The Blockchain technology has not received the expected response in the past few years. Still, people are not welcoming this technology with the open mind. But, with the awareness of the technology, numerous small business entrepreneurs are taking baby steps towards the technology. So, the impact of the Blockchain technology is going to increase in the near future.