Introduction
The popularity of Blockchain with the passage of time is increasing. Blockchain is accepted by small and medium business enterprises.
Any payment solution guarded by accuracy and safety is destined to create buzz among market players. You could exploit the new technology to benefit your business.
You simply need to use the bitcoin era, a software that will help you trade Cryptocurrency at the exchange.
In this article, we will discuss Blockchain technology’s efficacy in accelerating business growth. So let’s get down the brass tacks.
Blockchain’s Revolution
There is not an iota of double regarding the fact that Blockchain takes off with flickers in the runway of business. Let’s support this statement with some facts and data.
- According to experts, worldwide spending on Blockchain solutions is expected to grow from 4.5 billion U.S. dollars in the year 2020 to around 19 billion U.S.D.
- It is extracted from a survey that 60% of the respondents that the companies in the coming years want to spend around 1 million USD to strengthen their distributed ledger technology.
- In the year 2018, E.O.S., a Blockchain protocol, extracted around 4.2 billion U.S. dollars worth of investment.
- Banking sector is responsible for the highest distribution of Blockchain market value.
- Blockchain is used extensively in cross-border payment settlements.
These facts and data establish the fact that Blockchain Technology creates an alluvial soil for the growth and development of the business sectors across the size.
Blockchain Helps Accelerate Business Grow
Blockchain accelerates business growth as it brings with it many benefits that help businesses irrespective of their size.
In addition, Blockchain creates an ecosystem where safety, security, and confidentiality are maintained.
Digital Resources
For you, business babies, Blockchain is highly reliable. S.M.E.s account for around 90% of the business as well as 50% of the jobs worldwide.
Among businesses, S.M.E.s is the business sector that accounts for creating 7 out of 10 jobs.
According to speculation made by the World Bank, around 600 million jobs are expected to be created in the coming years.
Blockchain has much to offer to these sprouting businesses. But lack of technical expertise and financial gap, skill shortage, and automation creates impediments.
With Blockchain, the S.M.E.s have the ability to help S.M.E.s adapt to these obstacles and challenges.
Global Exposure
Blockchain enables companies, especially smaller companies, to expand their business opportunities and break geographical boundaries.
Easy online sales and digital payments have enabled small businesses to do business with International partners. Let’s support this with a live example.
Aminu is a Nigerian business enterprise connecting nurseries, farms, seafood providers, cheese makers, and meat and bakery.
Prior to the pandemic, the company used to sell its products in the market for cash. Affected by the pandemic, the company was constrained to accept digital payments.
After some time, they entered into a partnership with a mid-size retailer in Germany. Presently the German company takes quarterly orders from Aminu.
Saving Costs And Simplifying Payments
Whenever digital payments are made, traditional modes of payments like Paypal take some time when it comes to processing payments. These transactions generally take around 3% as procession charges.
With the use of Blockchain, the companies are able to save from the payments and enable a greater hold in business developments.
Cost savings is one really crucial element so far as profiteering is concerned. Cost-saving is directly proportional to business growth and development.
Flexible Entrepreneurs For Digital Future
Thanks to digital Blockchain technology and digital financial services, the gap has been filled for small business organizations. Using cross-border payment modes, small businesses create a better chance for business.
Banking Opportunity
In many parts of the world, the access to Banking services is not that strong. Now with Blockchain Technology, the users will be able to get a parallel banking service.
Especially in the emerging economies, standard banks can use Blockchain technology to make payments.
With blockchain transfer of funds can easily be managed within a short time and without delay. Therefore, instant money transfer is definitely a boon so far as leveraging business opportunities are concerned.
Conclusion
It is therefore understood that Blockchain has great potential in helping businesses grow.
Blockchain successfully creates a network that helps support business growth. Small businesses must take full advantage of this safe technology to make transactions.
