5 Reasons Small Businesses Cannot Ignore Blockchain Development Services

Small businesses often find different ways of serving their customers better and faster. But most owners of small businesses don’t pay attention to blockchain development services, thinking that they’re meant for large enterprises only. This, however, isn’t the case. The fact is that the cost of incorporating a blockchain into a business process isn’t all that high. Most small businesses assume that they wouldn’t be able to afford the developer costs, but hiring blockchain developers won’t break the bank. In fact, most digital companies offer blockchain consulting services at competitive prices. In this explainer, we’ll dive deep into the reasons why small businesses simply can’t ignore blockchain anymore. 

Here’s How SMEs Are Leveraging Blockchain Technology  

Bringing A Fresh Way Of Making Payments 

The millennials worldwide are making a beeline for crypto assets. And this is just the beginning. More and more people would want to diversify their portfolios by adding different cryptocurrencies. Many countries are planning to put a crypto regularization framework in place. So, if small businesses adopt crypto payments, they’ll become relevant to even those customers who are interested in crypto trading. Want to know one more upside of SMEs using crypto money? Using cryptocurrencies means bypassing sky-high transaction costs. For that reason, you’ll find a large number of forward-looking businesses using cryptocurrency development services to create their own digital assets. 

Minimizing The Reliance On Third Parties  

The unfortunate truth is that many small businesses spend a huge amount of resources on third-party validations and record-keeping. Besides, having limited transparency also limits data verification. This way, small businesses slow down their growth and can’t respond to changes at a blazing speed. However, when a business adopts a blockchain, it introduces a new generation of transparency, immutability, and decentralization. These qualities make a business grow faster and enable expansion. Many businesses engage in blockchain application development; that’s how they take concrete steps toward building their decentralized applications so that they cut their dependence on intermediaries.  

Offering A New Way Of Crowdfunding 

With a blockchain, a small business can raise capital through an unconventional method known as Initial Token Offerings (ITOs). ITOs have helped many businesses in achieving their crowdfunding goals. ITOs have even emerged as a solid alternative to conventional lenders, banks, crowdfunding websites, and private equity firms. You can think of ITOs as a revenue share of equity in a business. To that end, most businesses are using tokenization development services so that they can launch their ITOs successfully.  

Inspiring Confidence Among Consumers 

A business can integrate blockchain technology into its network. This way, the business can streamline how orders, accounts, payments, and production are tracked. As blockchain offers a single version of the truth, any blockchain participant can see every transaction happening on the decentralized network. Thanks to this technology, consumers can gain complete visibility into the provenance of an item. That’s why you’ll find most companies doing supply chain management using blockchain. So, if a business faces the challenge of managing its always-evolving and expansive supply chain, then harnessing blockchain capabilities is the way forward. 

Providing The Ability To Use Smart Contracts 

If your business transactions are slow, you’ll lose customers and repel prospects. So, what should you do about that? Of course, blockchains are the solution. But what blockchain should you implement to make sure your transaction speeds are blazingly fast? Enter smart contracts. You can think of smart contracts as self-enforced contracts governed by a set of rules. Once these rules are fulfilled, the smart contracts are executed automatically. Almost every business, regardless of its industrial backdrop, associates with digital companies with deep digital smart contract development expertise. So, if you’re a business that wants to unlock the power of smart contracts, then invest in a decentralized application (DApp) development project. And make sure this project helps your business tap into the unbridled power of smart contracts. 

Partnering With The Right Blockchain Development Services Provider 

SMEs integrate blockchains into their business processes with the help of experienced digital partners. One such trusted partner is Flexsin. At Flexsin, we’ve helped many businesses unleash the power of blockchain to enable digital transformation. From Hyperledger development to Ethereum development, we work with different blockchain frameworks to help you develop your decentralized application. Owing to our Solidity development capabilities, we’ve managed some big-ticket blockchain projects that involved heavy use of smart contracts. Our suite of services includes private blockchain development, consensus algorithm development, blockchain integration services, and blockchain architecture design. So, what are you waiting for? If you want to get a blockchain developer who will help you shepherd your next decentralized project, then we’ll be your best bet. Connect with our blockchain experts to get started.