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These 3 Applications of Blockchain Technology Makes It An Entrepreneur’s Best Friend

As we enter 2019, we realize that cryptocurrencies and the blockverse has come a long way and that too in a very short time span. Although some might just regard it as a popular buzzword that merely sounds cool, these three extremely helpful aspects of blockchain technology are set to prove otherwise.

Sustainable Supply Chains

Now, more than ever, the consumer demand for ethical products and services has increased exponentially and who wouldn’t want illegal and unethical practices such as sweatshops or animal testing to not end? Now, applications like Provenance are doing just that. Their claim of “Bringing the supply chain to the shopper” should not be taken lightly.

In an increasingly competitive global and local market, this might be just what your business needs to set itself apart from other brands. Corporate social responsibility has never been this cool! In an interview with World Finance,  Aditya Sharma, Operational Director for Global Sustainable Supply Chain Services in Accenture Strategy states that, “Companies are now looking at sustainability not as a ‘good to have’ but as a way of doing business – supported by a very sound business case with tangible economic benefits – 80 percent of the 1000 CEOs interviewed for the UNGC-Accenture survey in 2013 view sustainability as a route to competitive advantage in their industry,”

Smooth and Fast Payments and Transfers

One of the most cost intensive parts of the process for any entrepreneur of a small business is the sending and receiving of funds or payments via services such as banks. The cost is invariably high due to transaction fees. This can really limit small to medium enterprises as costs only increase as they venture forth into the global market.

This is where blockchain tech companies such as Abra or Coinpip come in. The blockchain is literally most well known for it’s fast, secure, cheaper and transparent fund transfer services and these two do just that.

Secure Your Digital Identity

We’ll be honest straight off the bat here. No, blockchain technologies are not 100% free from scams and frauds. Just because they’re more transparent and public does not mean the same hacking rules do not apply here. One could even say that blockchain technology just helped hackers and digital scammers evolve as the technology did.

However, blockchain tech isn’t that far behind our digital crooks and companies like Saudi Arabia’s ShoCard is proof of this. Now, with biometric parameters and the concept of private keys, small businesses could really benefit from the blockchain.

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Komal Zaheer

Writer. Procrastinator. Bra Burning Feminazi. Likes to make people laugh. Student of Journalism.

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