Small Businesses Adopting Blockchain Technology

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The world around us is always evolving, not only our environment, but the people, tastes, technology, clothing and more. Edinburgh is a city which has always been at the epicentre of change. We’ve never been scared to embrace what is new. Therefore, it’s probably unsurprising for you to learn that more of us are getting into blockchain and cryptocurrency. 

Blockchain is technology based on a digital ledger. That’s the simplest way to put it – and with this, people can mine digital money, imprint contracts, and set up smart devices and controls. The technology is far from mainstream. Most people will know about it thanks to the rise of Bitcoin and other crypto. However, it is starting to creep into our lives, and work, more and more. From what it seems, it’s small businesses in Edinburgh who are really starting to lead the charge.

How is blockchain benefitting businesses in Edinburgh?

Some of the technology behind blockchain, even its basic principles, can be a little complex to grasp, however, it is relatively easy to discuss the various benefits it offers to businesses. For example, there’s cryptocurrency.

Cryptocurrency such as Bitcoin is popular because it’s decentralised, and it’s global money. This means businesses can trade with it across borders, online, and they won’t have to wait around for transfers to complete. Unlike the wider markets, there’s no hanging around waiting on big banks or exchange rates to compute. There’s also likely to be no chance of fees, at least depending on what you use to trade.

Instant payments without fees are beneficial enough to small businesses and Edinburgh firms and entrepreneurs also like the fact that Bitcoin, in particular, is impossible to clone. It registers completely to blockchain, which means there is zero chance for you to receive money that’s counterfeit. The world has been crying out for a fraud-resistant currency, and crypto appears to be leading the way.

What’s more, crypto is popular. People are using digital wallets to easily collect and spend money online without a second thought. Others might use this website to automate their trading. It’s safe to say that trading in cryptocurrency is a tricky business, which means people are often going to look for all the help they can get. And why not?

Blockchain Beyond Crypto

It’s time to dig a little deeper into blockchain. While it may be popular for crypto trading, it is also helping businesses protect themselves. Edinburgh creatives, for example, can use blockchain tech to set up a ledger to imprint copyright. As this digital contract is impervious to any kind of tampering, it’s a cast-iron way to prove where the source of specific material came from. People who struggle for years to protect their intellectual property can now do so without having to worry about anyone breeching their copyright.

Other businesspeople in Edinburgh and elsewhere are using blockchain to set up contracts. The technology is perfect for imprinting ‘smart contracts’ or deals, which means that if terms are void for whatever reason, the contract can kick into gear. A smart contract through blockchain could, on principle, react whenever any parties refuse to hold up their end of a bargain. It’s safe to say, therefore, that it is mutually beneficial.

Blockchain is also useful for creating smart networks via the Internet of Things (IoT). This means that businesses can easily set up the technology to ask devices and services to communicate with one another. This cuts out time and effort for the business owner, and it also helps customers receive the services they need faster. It’s positively limitless.

Why aren’t more businesses trying blockchain?

Some businesses are simply unsure of what blockchain actually entails. It is not always the easiest technology to use, at least not right away, however, apps and programs are starting to break down the barriers. Famously, some people worry that cryptocurrency is too volatile or unpredictable to invest in. They are reasonable assumptions; however, they may actually hold a lot of lucrative business back.

Edinburgh is at the forefront of evolving, challenging business. This means more firms and start-ups, as well as entrepreneurs, are starting to adopt blockchain for smoother running and smarter operation. It’s clear to see what the benefits are – however, it may be some time before all businesses start to see the value in investing in new tech.

For now, at least, emerging businesses, and some entrepreneurs, are taking calculated risks and are getting ahead of the game early.

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