Using Blockchain Technology to Boost Your Small Business

In an ever-evolving technological world, there are a myriad of software solutions to give small businesses a leg up on their growth margins. Blockchain technology is a customized system that can grow infrastructures within the business while implementing security measures to keep companies protected while they grow from the inside out.

What exactly is blockchain technology? How can its integration systems boost small business success? What does blockchain development look like?

At Job Hub Group, we want to put your mind at ease when learning to rely on technology more to empower your success. Implementing a blockchain system may be a bright choice for your business, especially when it comes to information security. Knowing your business requirements, budget, and needs can determine what custom software system will work well for you.

What is Blockchain Technology?

Blockchain technology has existed for over a decade. It was developed as a public transaction system for cryptocurrencies such as Bitcoin, helping people to exchange virtual payment options in a smooth and secure way. Today, blockchain has grown to include beneficial systems for additional platforms that include cloud storage, private contracts, supply chain management systems, lead development lists, payment method management, and more.

This is an evolving technology that grows with the individuals and businesses that use it. In fact, blockchain took up 60% of the financial market value share in 2018. It is predicted that global spending on blockchain technology will grow from $1.5 billion (recorded in 2018) to over $11.5 billion by 2022.

But, what exactly does it do? And how can it benefit your small business?

Blockchain is often referred to as the “new Internet,” and has largely become a backbone for the technological community. Blockchain is a record of data that is collected and managed by a number of different systems, rather than being owned or controlled by a single user. Data is broken up into blocks which are managed separately but connected to each other through a secure cryptographic set of codes – or a chain.

Nobody “owns” this network, and the chain is managed equally between all of the systems it is attached to. Think of it as a virtual democracy, where every block in the chain has equal weight, voice, and value.

How Do Transactions Happen Through Blockchain?

Another revolutionary aspect of blockchain is that there is no transaction cost. It automates the passage of information from one block to another using secure chain navigation systems. As the user, you don’t need to do anything to “send” or “receive” data between these blocks, nor do you have to initiate a transaction to acquire or send data. There are likely thousands of people verifying each bit of data inside the blocks, and in turn each block joins the safe, impenetrable chain.

It is virtually impossible to falsify information in a blockchain. If one file or one slice of data were to be corrupted, it would corrupt the entire chain. This is why small businesses can benefit from this type of rapidly-evolving technology.

Blockchain and Smart Contracts

What your small business needs is a sure-fire program that can automatically perform many of your company’s functions in an efficient and secure way. Business contracts, payroll development, payment transactions, and more can be simplified and automated through the development of smart contracts with blockchain.

More and more often we are seeing large corporations such as Microsoft offering custom-tailored blockchain solutions to big clients. It’s becoming easy for smaller companies to get on board with these solutions as well, designing business infrastructures that solely revolve around the implementation of blockchain technology.

A smart contract platform is something that allows a business to accept smart contracts and cryptocurrencies with ease. There should be no legal or technical complications with this process. Essentially, this smart contract is a custom-made digital code, or protocol, that allows your technology to implement contracts automatically. This avoids having to pay a third-party for contract negotiation, and can save a lot of conflict in the long run.

A smart contract can be used to exchange just about anything: Money, currency, shares, private contracts, property, or other assets. These items of value can be traded transparently and all under your own system.

Using smart contracts systems with blockchain technology is a way to not only streamline many of your company’s functions, but to also cut out additional time, costs, and security threats.

Delivering Success to Your Small Business

Blockchain may have originated solely as a way to exchange and distribute cryptocurrencies with impenetrable security, but has since evolved to incorporate many aspects of daily business dealings. In fact, developing a custom blockchain system for your small business can help you build and grow success from the inside out.

The biggest benefits of a tailor-made blockchain solution include:

Plus, using blockchain technologies will grant you access to a world of information and data collection. As a small business, you’ll be able to see where new businesses are coming from, how they are getting their funding, and what methods are being used to open the doors to a larger cashflow. Blockchain is a tool that can give you the potential to streamline activities in a way that will grant you growth and success.

Invest in the Power of Blockchain Today!

Our Job Hub Group mission is to provide you with custom software solutions that will benefit your business from the inside out. Our personalized blockchain solutions build a decentralized application while seamlessly integrating with other applications you may use. If you’re looking to integrate cryptocurrency exchanges as a part of your company’s growth, we can implement a system that uses ERC-20 tokens on the Ethereum platform. Learn more about how blockchain can benefit your business by getting in touch with us today!