The Future of Small Businesses Will Benefit from Blockchain Technology? | by Maaz Naeem | The Capital | Jan, 2025
People no longer think of blockchain technology as something existing only for Bitcoin or future blockchain ventures. The technology of blockchain is transforming standard business operations in economic sectors including healthcare and finance. Beyond its major industry applications blockchain technology can remodel how small companies work. Blockchain creates an accessible protected digital database that stores every transaction accurately. This basic system design can help small companies tackle their present market challenges.
Small businesses form the backbone of economies worldwide, yet they often face numerous obstacles:
Lack of trust and transparency: Small businesses have trouble gaining customer and supplier trust because they cannot confirm what they offer is real.
High transaction fees: Standard payment options cost businesses too much as they earn little profit.
Limited access to financing: The formal bank system creates unfair barriers to loans which small businesses cannot earn because they lack an established lending history.
