How Blockchain Technology is Revolutionizing Small Business

Keeping up with modern technology is imperative for the future of small businesses. There is no better way to explore your company’s growth potential than taking advantage of new developments in research and technology.

While larger companies have adopted new technologies with ease and resources that are often unavailable to small businesses, it is both possible and beneficial to model a small business plan after a larger corporation, especially with the assistance of up-and-coming advancements. By adopting a similar strategy, small businesses can thrive in larger markets and build their client base exponentially. In fact, the freedom and flexibility of a start-up company presents the luxury of implementing change in their business model as new solutions arise, a luxury that is not always shared by many large corporations.

Today, companies of all size are seeking innovative solutions to data acquisition and management, a challenge that is solved and revolutionized by blockchain technology.

The challenge: acquiring data

Data drives business today, and accessing data has been a universal challenge in a fast-paced, online economy. The need for accurate, traceable data is growing, and much of that data comes at a lofty price for companies. Businesses need it to target their demographic and evaluate their impact on their market, and consumers are beginning to value trust and traceability more than ever before.

In the past, information has traveled through supply chains and databases like a game of telephone. The end result is always slightly different than the initial message. While this is fun in a game, it is not so fun when companies depend on that data to make business decisions.

Not only are businesses seeking access to accurate, secure information, but consumers are also seeking ways to be informed about the transactions they make. Transparency is the name of the game in modern business. Without knowing where products and finances are throughout the process, consumers are required to take a leap of faith every time they make a purchase. That faith may or may not be rewarded with honest, trustworthy products. So far, large box stores and internet giants have held all the cards regarding which products are stocked and which services are accessible.

That is, until now.

The solution: blockchain

One of the rising new developments in technology is blockchain, a digital ledger that is public, traceable, anonymous and immutable. With blockchain, buyers and sellers are able to see the source of any information that has contributed to their business transaction. Small businesses can now benefit from the same information as any large corporation with a sizable online footprint.

Blockchain technology offers business owners provable information to make sound decisions. This cultivates confidence in the transactions they are making, and builds a network of trust between other businesses and between customers. This direct data commerce also allows small businesses to acquire trusted information at a lower cost, fueling their marketing strategies and informing their consumer demographics.

Within industries, blockchain technology promotes a focus on connection and collaboration. Through this digital ledger, data is public and decentralized. It cuts out the middleman and allows producers and consumers an equal opportunity to make a call on the products and services they are buying or selling. Blockchain ensures that trust is verified and decisions are informed.

A number of industries have already adopted blockchain technology as a part of their business models, including leaders in agriculture, finance, information services and real estate. The future of blockchain technology is looking profitable, and small businesses are sure to benefit from partaking in this innovative solution to data management.

This article originally appeared on the Greater Memphis Chamber small business blog.

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