- The reports indicates that the leading players involved in blockchain technology come by 2026
- The safety in transactions is also one of the reasons for the increasing trend of such industries to shift to blockchain technology
- The main problem that these small and medium enterprises face is a lack of funds
In many developing countries, small and medium-sized enterprises are the engine that are defining the country’s economy.Besides that they also play an important role of being the job creators within the respective countries. In a recent conducted by Orbit Research on Global Blockchain in Small and Medium Business Market identifies the critical areas where blockchain will play a critical role in the future
Impact of Global Blockchain in Small and Medium Market
The blockchain technology has grown manifold in these small and medium markets in the last few decades. Experts believe that the market’s growth rate is also accelerated in terms of increased demands of products, growing disposable income, new and innovative products, changing consumption technologies, and affluence of raw materials. The reports indicates that the leading players involved in blockchain technology come by 2026 will be Microsoft, Ripple, IBM, Deloitte, Oracle, SAP, ABB, Abra, AWS, Bitfury, Alphaphoint, DigitalX, Global Arena Holding, Intelygenz, Earthport and Coinbase
Based on the type of blockchain in small and medium business markets, it can be categorized into a public blockchain, private blockchain, and others. According to their applications, blockchain technology is spread in retail, healthcare, transportation, and others.
As per the geographical areas of these industries, these were from southeast Asia, the Middle East and Africa, South and North America, Europe, and the Asia Pacific.
Advantages that Blockchain Bring to these SMEs
Blockchain has the potential to present a lot of advantages to such industries. These industries’ functionality and profitability depends on trust, speed, security and safety, risk reduction from fraud, hacking, and cost reduction. All such motives can easily be achieved by using blockchain technology. Using blockchain efficiently will solve their cash flow problem, bulky paperwork, and ease of making global transactions.
The main problem that these small and medium enterprises face is a lack of funds. As the funds are released, the companies can start their production and deliver on time. Payments that have to be received from overseas often took time but now, by using blockchain technology, that can efficiently be received.
The safety in transactions is also one of the reasons for the increasing trend of such industries to shift to blockchain technology. Blockchain is secured, and so it guarantees the safety of their transactions. Apart from this, blockchain also overcomes their problems associated with asymmetric information, credit rating, cybercrime, and internet data security with a reduced cost per transaction.
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