Blockchain for Small to Medium Enterprises

People are afraid of new things especially of new technology and developments such as the blockchain technology. With Small to Medium Enterprises, it will be the same and will not exclude what the blockchain technology will bring us in this sector.

Small to medium enterprises businesses can create their own apps on top of the blockchain - decentralized apps, or DApps. Smart contracts can also be used to regulate and govern relationships and agreements directly from the business to its client.

Smart contracts will be one of the biggest ways in which the blockchain technology is going to revolutionize Small to Medium Enterprises. Smart contracts are digital contracts similar to contracts in the physical world. This software program that self-executes complex interactions inside a blockchain, will develop a more secure manner to do business with each other, without a middleman. The smart contracts can be done between a business and a client just by one click. With smart contracts, the enterprise can save a lot of money because there are no intermediaries and the fact that the blockchain is immutable makes it a lot more secure.

Cryptocurrencies can be used as payment solutions for individuals. These payments can easily be reflected in the cash register, with no extra cost. Using cryptocurrencies in businesses, companies can increase the speed of transactions between the enterprise and the consumer. The normal time spent on transferring money from one country to another can take up to three days - with cryptocurrencies it takes no longer than ten minutes. This payment can be made any time of the day without using a bank.

 

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