What is BlockChain?

A blockchain is a record of any valuable data that is not owned by any single entity but maintained by a cluster of computers. All these data specific to be transactional are bound to each other by cryptographic chains. Making it accessible, secure, and transparent to the internet.  

How it will help Small Businesses?

Small businesses rely on low-cost deployment and using blockchain for their billing and transactions will help them to lower their product/service cost because blockchain has no transaction cost. Additionally, their transactions will be secured and tested by millions of computers making it virtually impossible to mess with. Also, they will get a chance to accept virtual payments like Bitcoin and Ethereum which are already working on the blockchain model and will be easy to deploy and secure. 

The Benefits

Using Blockchain will help the business to focus more on their product/service rather than focusing on payment gateways, security, and global availability. They can sell their products at their comfort pricing with no extra hidden charges and will be available globally. This destroys the middleman and allows businesses to connect directly to their clients with a virtual connection. 

Blockchain is not just limited to monitory transactions but also extends to any valuable data. This means with the power of coding and using this open platform can make business tasks automated and easy. Here are some typical examples useful for businesses -

  1. Distributed contracts that will execute when specified conditions are met.
  2. Making bill payments and bonuses to be automated after a certain benchmark is reached. 
  3. Crowdfunding for product/service development. 

There is a huge demand for blockchain developers and companies are trying hard to establish it in their businesses. It's simply amazing.

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