Living in 2021, where almost every kind of business is being operated virtually, the need for a secure yet efficient payment system cannot be ignored. Regardless of the size or nature of the business, an encrypted payment system proves beneficial. And when a business owner hunts for one, they come across the most suitable option i.e. blockchain.
In terms of small businesses, where one-to-one customer dealings have much more importance, a seamless and encrypted payment method ensures error-free transactions that lead to raising capital. However, all the stakeholders of a small business may consider blockchain as an advanced technology that only large enterprises or multi-national corporations can afford. As a result, they skip this option. However, the cost to incorporate this strongly encrypted technology is quite less than what they think. A large number of companies have designated vendors who provide excellent blockchain services. Numerous websites and software applications including Immediate Edge app assist traders to generate unimaginable profits by making use of artificial intelligence.
The article provides insights into some of the advantages of blockchain technology that can assist almost every kind of business including gyms, bakeries, restaurants, and salons.
Cheap and secure cloud storage.
Managing expensive cloud storage requires a handsome amount of money. Reports indicate that more than $25 billion are being spent by businesses in maintaining cloud storage. And after one purchases cloud storage, he has to spend a huge chunk of capital on firewalls.
Blockchain, on the other hand, comes with pre-installed firewalls and anti-malware software that can detect viruses or intruders trying to hack into payment systems. Using blockchain technology, business owners can store day-to-day transactions more safely and securely on the cloud without compromising any data. And all of this comes at a reasonable price.
Maximizes capital
Using Initial Token Offerings (ITOs), business owners and entrepreneurs can raise capital. Blockchain makes use of these ITOs instead of the traditional fiat. The tokens provide golden opportunities to the owners as they can exchange and trade them freely. And in return, they (business owners) can secure a revenue share or equity in a specific company.
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The enthusiastic investors can avail these tokens to secure a stake in a respective project or company. The process is quite simple. All they have to do is to purchase these offerings that come with blockchain tokens. Moreover, these tokens can be traded out into relative marketplaces.
Unique payment method
The first step in adopting blockchain technology is to accept cryptocurrency as the conventional payment method. And the best way is to accept customer’s payments in cryptocurrency. However, the process will require a lot from the business owner. The orthodox merchants are still hesitant to accept bitcoins or any other forms of cryptocurrencies. For this, it is for the entrepreneurs to evaluate all the relatable aspects of cryptocurrencies including digital wallets, coins, or merchant gateways that are linked to the process. Innovative merchant gateways will be implemented to accept cryptocurrency from the customers.
Moreover, blockchain technologies such as cryptocurrency also enable businesses to directly deal with potential customers. All of this reduces the overall transaction costs. Secondly, customers take this implementation of blockchain as an addition to the previously provided company’s services. The biggest advantage is that all the payments are irreversible that restricts the customer to directly communicate with the company in case of a refund. This eliminates the possibility of chargebacks.
Eliminates secrecy
One of the primitive purposes of blockchain is to ensure trust. Traditionally, customers tend to be confidential about their dealings with businesses. This is because they want the transactions to be private and secure. But with the implementation of blockchain, customers finally realize that their payments and transactions are not only private but also secure and impenetrable. Businesses, on the other hand, can use this as an attractive marketing strategy to attract new potential customers.
Agile crypto-contracts
The special smart contracts i.e. crypto-contracts ensure businesses directly overtake and self-verify the transactions. It is a computer program that is stored within a blockchain ledger. The main advantage of using these specific contracts is that they cannot be tampered with. Therefore, they empower small businesses by providing a secure level of protection by eliminating the need for an attorney.
Making use of blockchain, small businesses can not only lower the overall processing costs but can deliver the services more securely and seamlessly.
