Blockchain has a wide range of uses, and they’re becoming more exciting with time. SMEs are racing to incorporate it into their workflows and offerings. And they stand to benefit greatly.
For example, its smart contracts feature solves mistrust in digital transactions. Also, it eliminates the need for external enforcement authority and middlemen. Thus, it reduces overall transaction costs.
You can leverage blockchain technology to drive your business. In this article, you’ll learn how blockchain can speed up your small business.
1. Offer Easy Payment Solutions
Customers are reluctant to share credit card details online because of security issues. Despite many online stores improving security, they are still prone to security breaches.
Blockchain technology’s decentralized platform is transparent and secure. It makes your customer’s data safe and reduces the risks of data breaches.
Hence, it can provide easy payment solutions with less security and privacy concerns. An excellent example of a payment solutions provider using blockchain is Ripple.
2. Enhance Efficiency
The decentralized format eliminates intermediaries in many business processes like payment transactions. It leads to efficiency gains. For instance, it supports swift transactions through peer-to-peer digital currency transfers between countries.
It eliminates fraud in insurance claims. Also, it can enhance efficiency through the automation of insurance claims. It can be done using smart contracts between insurance parties.
In property management, a single transparent platform of ownership records improves efficiency. Smart contracts can also help automate tenant-landlord agreements.
3. Reduce Costs
The efficiency gains also come with cost gains. For instance, you can opt for payment options that offer relative transaction fees. Also, it comes with better security and cross-border functions for payment options.
Similarly, small insurance companies can reduce their administrative burden by automating insurance claims. Further cost benefits also exist as blockchain reduces insurance claim frauds. It applies to other sectors, like supply chain, healthcare, banking, digital marketing, etc.
Hence, the technology’s efficiency and cost gains can streamline your business, improving performance. You can get more insights on Coruzant about blockchain trends. Leverage them for more efficiency and cost benefits. It will help your small business to thrive in advancement in blockchain technology.
4. Improve Transparency
Blockchain’s main leverage is its public transaction ledger that enhances transparency. It is a plus in financial systems and businesses, adding a robust layer of accountability.
It binds each player to higher integrity standards in every business endeavor.
5. Enhanced Security
Another incredible blockchain feature is the immutable characteristic that makes data recorded incorruptible. Besides, every linked transaction is highly encrypted. Thus, increasing the security of the technology.
This tamper-proof feature makes it attractive in every sector, enhancing trust between parties. Furthermore, its distributed ledger removes the need to trust parties before transacting. Security is not only a reserve for large businesses.
As an SME, you need security in your payments, digital marketing, etc. Only 21% believe companies can keep their data safe. That is bad for business. Hence, improving customers’ safety by adopting blockchain technology will win them over.
6. Improve Your Digital Marketing Efforts
Blockchain eliminates most challenges in digital marketing efforts like frauds. Here are other ways blockchain can improve your business’s digital marketing efforts.
Generate better quality leads
Bypassing third-party providers provides transparent ad clicks, impressions, and engagement data. You can use this data to customize and optimize your campaigns. It will create quality lead generation based on accurate metrics.
Reduce digital marketing fraud
A secure and transparent digital marketing eliminates excessive costs linked to ad frauds. Ad fraud crossed $30 billion in 2020. You can avoid losing money to fraud as a small business by embracing blockchain. The technology helps drive safer advertising.
Better email marketing
Blockchain technology is driving email marketing to the next level. Several platforms are crowdsourcing leads using blockchain to drive high-impact email campaigns.
Therefore, adopting blockchain technology will reduce your advertising cost by eliminating ad fraud. Also, you’ll drive high-impact digital marketing efforts through quality data. The data will be free from manipulation by third-party providers.
7. Facilitates Direct Selling
Blockchain is also disrupting the retail sector. Several social selling channels empower small businesses to sell directly to their customers.
Blockchain retail solutions like OpenBazaar, GAMB, SOMA, Ecoinmerce, etc., are driving the space. Some solutions like Ecoinmerce have a social media twist, making it more of a social tool. You can leverage relevant blockchain platforms to sell to your customers directly.
8. Easy Tracking & Monitoring
You can also leverage the technology for its robust auditing and tracking. For every transaction, records are kept in the blockchain ledger. It ensures the reliability and accuracy of any transaction, whether financial or otherwise. Hence, it will leave behind an audit trail that is easily traceable and verifiable.
Thus, you can use it to track your supply chain and enforce government compliance. For instance, as an art shop, you track the movement of each piece to show ownership rights.
9. Simpler Integration Using it as a SaaS platform
You may be wondering if the technology can seamlessly integrate with your systems. There are several use-case scenarios with different requirements. It comes down to your specific needs, but blockchain tools can be easily integrated.
But the good news is there are already companies offering blockchain-as-a-service. It will allow seamless integrations and a superior experience. It is better to check them out to discuss your unique business needs for practical solutions.
10. Build or Repair Brand Trust
You can use the technology to develop brand trust or repair it. As mentioned above, ad fraud, data breaches, and misuse of private data damage brand trust.
Collectively enhancing your brand’s transparency and security through blockchain can help rebuild it. You can also use it to repair your brand standing after a scandalous data breach or security flaw.
Blockchain will offer incredible efficiency and cost gains. Also, it can provide robust transparency that builds your brand trust.
As a small business, you can stand to enjoy these efficiency and cost reductions. Besides, improved digital marketing drives high-impact campaigns for better business results and growth.