Visit Fast Forward, Intel's new business resource center, for useful information for small business success.
Blockchain may have gained notoriety as the technology that provides the infrastructure for Bitcoin, but is playing a more important role in the business world, including small and medium-sized enterprises (SMEs).
In its simplest form, blockchain is a more efficient way of storing information. What makes it more powerful than any other file sharing service is that data is not archived from the point of view of an individual participant, but from everyone's point of view. This means that two parties sharing a document will always look at the exact same copy of that information, eliminating the waste of time that comes from ensuring that everyone has the same version of, say, a contract or an invoice. Blockchain creates a control trail that everyone can see in real time.
This is particularly important for small businesses that are constantly looking for ways to simplify their operations, says Bill Carmody, CEO of Trepoint, a digital marketing company. Here are some of the ways in which blockchain allows entrepreneurs to manage their businesses more efficiently and with greater transparency.
Better supply chain management. When an owner of a small company makes an order with a supplier, it is clear who is on the other side of the transaction. But the owner of the company may not know who the suppliers are from the supplier.
By bringing transparency into the supply chain, blockchain enables an entrepreneur to see every company that has had a hand in the creation, growth or production of any component of a product sells or provides service. This type of information is vitally important when a product is recalled or if a company needs to identify ethical sourcing or avoid the purchase of counterfeit parts, says Carmody. For example, a bakery that sells as if it were only with organic ingredients would be able to verify it through blockchain technology because it could see every company that provided the ingredients for its products, up to the farm. "Your supplier could promise you that everything is organic, but without blockchain technology, there is no way to make sure that your suppliers use organic ingredients," he says.
More transparent contracts. How many times have you hammered out the details of a contract or agreement with a client and then you were delayed to start the project until everyone has read and signed the final version of the document? With blockchain, each team member always has the latest version. By eliminating version problems, SMBs can save time by not having to wait for approvals or signatures.
Faster payments. Since the need to reconcile documents such as invoices and billing statements is eliminated with blockchain, payments can be made almost instantly. This can have a significant impact on the cash flow of SMEs, including those based on insurance reimbursements. For example, with blockchain, a small dental practice could file a complaint with a patient's insurance company. If both the dentist and the insurance company use the blockchain, the insurance company would know exactly when the visit took place and what was done and will be able to make the payment to the dentist that day. And since the insurance company can pay the dentist almost instantly, the patient will know the amount of the co-payment or co-insurance even before leaving the doctor's office, or shortly thereafter.
Faster background checks. Carmody says he can imagine a day when blockchain technology can be used to test a potential employee's work history. Rather than embarking on the long and time-consuming task that HR people call previous employers to check a candidate's work history, you can use blockchain to check the qualifications, job titles and other qualifications. important. He says this could save a lot of time on small businesses and show that a potential employee has the skills and background that he claims to have in a resume or LinkedIn profile.
Blockchain can be a turning point for SMEs, saving time and streamlining operations. It's time for smaller companies to start exploring the myriad of improvements the blockchain can bring into their businesses.
Visit & nbsp; Fast forward Intel's new business resource center, for insights useful for the success of small businesses. & Nbsp;
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Blockchain may have gained notoriety as the technology that provides the infrastructure for Bitcoin, but is playing a more important role in the business, including small and medium-sized enterprises (SMEs). & nbsp;
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In its simplest form, blockchain is a more efficient way of storing information. What makes it more powerful than any other file sharing service is that data is not stored from the point of view of an individual participant, but rather from everyone's point of view in agreement. This means that two parties sharing a document will always look at the exact same copy of that information, eliminating the waste of time that comes from ensuring that everyone has the same version of, say, a contract or an invoice. Blockchain creates a control trail that everyone can see in real time.
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This is especially important for small businesses that are constantly looking for ways to simplify their operations, says Bill Carmody, CEO of Trepoint a digital marketing company. Here are some of the ways in which blockchain allows entrepreneurs to manage their businesses more efficiently and with greater transparency. & Nbsp;
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Better supply chain management. When an owner of a small company makes an order with a supplier, it is clear who is at the other end of the transaction. But the entrepreneur may not know who the suppliers are from the supplier.
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By bringing transparency into the supply chain, blockchain allows the owner of a company to see every company that has had a hand in the creation, growth or production of any component of a product that sells or provides services. This type of information is vitally important when a product is recalled or if a company needs to identify ethical sourcing or avoid the purchase of counterfeit parts, says Carmody. For example, a bakery that sells as if it were only with organic ingredients would be able to verify it through blockchain technology because it could see every company that provided the ingredients for its products, up to the farm. & ldquo; Your supplier may promise that everything is organic, but without blockchain technology, there's no way to make sure that your suppliers use organic ingredients, & rdquo; & nbsp;
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More transparent contracts. How many times have you hammered out the details of a contract or agreement with a client and then you were delayed to start the project until everyone has read and signed the final version of the document? With blockchain, each team member always has the latest version. By eliminating version problems, SMBs can save time by not having to wait for approvals or signatures.
r n
Faster payments. Since the need to reconcile documents such as invoices and billing statements is eliminated with blockchain, payments can be made almost instantly. This can have a significant impact on SMEs and on the Rsquo; cash flow, including those based on insurance reimbursements. For example, with blockchain, a small dental practice could file a complaint with a patient's insurance company. If both the dentist and the insurance company use the blockchain, the insurance company would know exactly when the visit took place and what was done and will be able to make the payment to the dentist that day. And since the insurance company can pay the dentist almost instantly, the patient will know the amount of the co-payment or co-insurance even before leaving the doctor's office, or shortly thereafter.
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controls. Carmody says he can imagine a day when blockchain technology can be used to test the potential story of a potential employee. Rather than embarking on the long and time-consuming task that HR people call their previous employers to check a candidate's candidacy, you can use blockchain to check the qualifications, job titles and other important qualifications. He says this could save a huge amount of time for small businesses and show that a potential employee has the skills and background that he or she claims to have on a r & eacute; sum & eacute; or LinkedIn profile.
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Blockchain can be a turning point for SMEs, saving time and simplifying operations. And it's time for smaller companies to start exploring the myriad of improvements that the blockchain can do in their businesses.
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