| | AUGUST 202194 WAYS IN WHICH BLOCKCHAIN TECHNOLOGY BENEFITS SMALL BUSINESSESBY CEO INSIGHTS TEAMbusinesses at affordable prices, it becomes easier for businesses to keep their data safe from prying eyes and people who have malicious intentions.3.Able to Leverage Smart ContractsSmall businesses will be happy to find that blockchain technology is perfect for smart contracts that allow self-enforcing and self-verification possibilities. All the transactions and contracts are stored directly into the blockchain ledger. The benefit of this is that contracts cannot be manipulated or changed once it is recorded. Smart contracts such as agreements with suppliers or vendors, employee contracts, and commercial leases can all be easy to record.Small businesses will also receive protection under the contract that they may not be able to afford otherwise. You will not need attorneys, which can lower your costs. Ethereum was the first blockchain technology to introduce smart contracts.4.Can Be Used for Capital RaisingBlockchain technology can provide small businesses with the chance to raise capital through the Initial Token Offerings (ITOs). This is a perfect alternative to traditional forms of lenders, banks, crowdfunding sites, and private equity firms. There are ITOs that you can freely exchange where trade occurs freely. The tokens are similar to the revenue share or equity that typical companies have.Any interested investors can buy into your business offering. They will receive blockchain tokens in return. These tokens can be used for the services or products that your small business offers or they can present as a stake in the project or company.The increasing loyalty that token investors are building has made ITOs very popular since they are a great way to raise capital. These tokens can be sold, traded, and purchases, which presents itself as a new form of liquidity like never before.It is also a great way to build trust since people no longer have to secretive in their dealings. There is a lot of value in the security that blockchain offers. The amazing ways in which blockchain technology benefits small businesses, you should definitely think about incorporating it into your business model.
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