Nowadays, blockchain technology is more and more popular in our lives. We can see a very big impact of this technology mainly in the financial services sector, but not only. Some experts say that blockchain technology can affect the economy and thus contribute to its development. Others believe that this will happen for sure, it is just a matter of time.
Blockchain technology has huge potential when it comes to using it in business. Companies that operate on the basis of this technology can benefit greatly. We are talking about increasing their competitiveness, reducing costs associated with customer service and improving the quality of service. The most important advantages about blockchain technology used in SMe are:
since each transaction is linked to the previous one, there is no way to break or change it
which means that the data is distributed to different computers all around the world simultaneously and without the need for a central clearing authority
• Supporting the supply network
can help companies create more secure and thoughtful supply chains by tracking them through a clear, real-time audit trail
One of the applications of blockchain is cryptocurrencies, which are built on this application. Cryptocurrencies have no physical form, they are virtual money. The most popular cryptocurrency is Bitcoin. Unlike cash, crypto uses blockchain to act as both a public ledger and an enhanced cryptographic security system, so online transactions are always recorded and secured. It is known that number of companies that use cryptocurrencies increase worldwide. No wonder, because the use of cryptocurrencies brings many benefits for the development of companies. Imagine that thanks to cryptocurrencies you can
- improve business payment as it can get anywhere in the world within minutes
- make the transfer without complicated formal procedures or providing documents, the only thing you need is a cryptocurrency wallet
- lower costs of transactions, because they execute themselves without the control of third parties
- increase a company's competitiveness in the market
To sum up, blockchain technology and cryptocurrency may have an important impact on developing small and medium enterprises. The aim of BCT4SMEs project is to illuminate and show what opportunities and benefits can be brought by the implementation of this technology in the activities of businesses.