Why New Businesses are Adopting Blockchain Technology
Blockchain technology has recently captured the interest of the business world with its potential to enable cutting-edge, worthwhile business solutions. As top global brands adopt the technology in new and innovative ways, many emerging businesses are compelled to follow suit and reap the benefits.
Let’s take a closer look at why new companies are enabling blockchain-based services.
The number of businesses using blockchain solutions is on the rise
Recent reports show that around 90% of businesses in the UK, China and the USA are thinking of, or already adopting blockchain-driven services. Instead of regarding blockchain technology as a threat to their business growth, companies are now integrating it for further enhancement and customer engagement.
The key benefits, as per the studies, that the companies find most worthwhile about blockchain business solutions are as follows.
Security:
Blockchain technology greatly enhances the security of business documents as well as a company’s products. Significant automation is enabled across the supply chain and in the document management system to ensure maximum safety and privacy of sensitive information. It is therefore no surprise that 42% of the studied businesses are relying on blockchain technology for their company’s security needs.
Copy protection:
The technology is proving worthwhile in ensuring the authenticity and security of goods as they move along the supply chain. Around 42% of businesses find this particular feature most appealing.
Internal workflow improvement:
The power of blockchain to automate business processes is unmatched, and IT companies are making the most of it. Around 40% of companies in the sector now enable blockchain to ensure efficiency in their internal workflow and ease day to day business operators.
Supply chain efficiency:
34% of businesses are enhancing their supply chain efficiency easily using blockchain services. Companies are choosing to assign NFTs to each product, so that they are traceable across the supply chain, from start to finish. The use of this technology further eliminates the need to waste unnecessary money and manpower on managing the supply chain, and allocate them more effectively.
The benefits that blockchain offers to small businesses at a glance
While businesses of all sizes stand to benefit from the various utilities of blockchain technology, it is particularly useful for new companies hoping to make a mark. The following are the key advantages that small businesses have observed while using the technology to enhance their growth.
- The technology enables businesses to welcome new forms of payment from their customers, suppliers, and more. There is higher efficiency in managing such transactions, since they happen online and the transactions are irrefutable. Further, its value remains the same worldwide, thereby broadening business scope.
- Small businesses can set up automated smart contracts using blockchain that are highly useful. They help new companies save time, money and effort, which enables them to focus on more pressing matters efficiently.
- Blockchain helps shape and transform business models for the better. It provides an easy way for new businesses to stop relying on outdated models and focus on state-of-the-art, technology-driven solutions.
- Customer engagement is far simpler to achieve using blockchain technology than with any traditional method. New brands can market themselves more effectively in the digital space, and retain customer interest using various blockchain solutions, especially phygital NFTs.
Learn more about how blockchain technology can help your small business reach new heights.
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