How are small businesses adopting blockchain technology?

Since its original inception in 2008 to serve as a public transaction ledger for Bitcoin, blockchain technology has come a long way, evolving into something that is useful beyond just cryptocurrency exchanges. Today, blockchain technology – which tremendously increases security and transparency – can be applied to everything from cloud storage to business contracts to payment methods to supply chain management. Individuals, businesses and large enterprises alike are jumping on board to take advantage of the innovative technology and its incredible benefits.

In fact, there is a particularly large uptick in blockchain adoption among small businesses looking to reap the benefits of the technology to help protect and advance their companies – all without breaking the bank. Blockchain has truly become a coveted technological tool for small businesses spanning every industry including finance, real estate, healthcare, education, medicine and more. Since blockchain technology allows for increased security and transparency, this uptick in adoption makes perfect sense. But, before we dive further into specific blockchain applications for small businesses, let’s take a quick look at how the blockchain actually allows for increased security and transparency:

Improved security

The blockchain is inherently decentralized, meaning there is no central holding system – in other words, data is not controlled by any single entity. Instead, data is distributed to different computers around the world, making it nearly impossible for data to be manipulated or deleted through a cyber hack. The authentication process behind the blockchain is simply too advanced, leading to impressive security benefits that centralized platforms just cannot compete with.

Improved transparency 

Much like leading to increased security, blockchain technology also leads to more transparency. Since the blockchain serves as an open and public ledger, it is innately transparent, with every transaction publicly recorded and documented.