In many countries, small and medium-sized enterprises are the backbone of their economies. Its role is fundamental for global economic and social development since more than half of the world's population works in these types of companies. However, SMEs face several significant challenges. These include limited access to bank credit, inefficient procedures, and a lack of information necessary to conduct business efficiently. While most people associate blockchain and POS software with large companies, blockchain also opens new opportunities for SMEs in all sectors to solve existing challenges and allow them to optimize their business and develop new business models.
Initiatives/projects focused on SMEs:
To address the various challenges that SMEs face in their search for blockchain solutions, a growing number of initiatives focused on SMEs have been launched. One of these programs is Blockchers as part of the Horizon 2020 project. Blockchain is a project that will facilitate the revolution of blockchain and other distributed ledger SMEs. It is an acceleration process for SMEs and startups to create real use cases of blockchain technologies and thus finance real use cases of this technology in traditional sectors. One of the main objectives of Blockchers will be to promote the match between traditional SMEs and potential DLT specialists as technology providers and to publicize the advantages and possibilities of DLT to implement real application scenarios in many industries.
Block start Project:
An innovation consultancy has launched the Block start project so that SMEs can experiment “if and what blockchain solution helps to address the problems of their activities”. The objective of Block start is to increase the competitiveness of SMEs in the fields of health, agri-food and logistics by providing business support, identifying and testing business opportunities based on blockchain innovations. Together, the partners, which form an international ecosystem of business networks, incubators and blockchain experts, will test the market maturity of various blockchain solutions under real-world conditions. Block start will help small and medium-sized enterprises (SMEs) to strengthen their competitive position using blockchain technology and POS software.
SMB-centric blockchain platforms:
In addition, many collaborative open-source blockchain platforms such as Hyperledger, Ethereum, etc. have been created. to increase blockchain adoption across multiple industries and educate companies on the potential of the technology. Its main objective is to allow companies to create blockchains as they meet specific needs rather than allowing them to solve problems on their own. Several blockchain-based companies are already using blockchain identity tools. Its decentralized nature and its security features to provide better and more transparent identification tools offer customers the opportunity to identify themselves and have access to certified documents and notaries, as well as a marketplace for customers to purchase services and products.
Outlook:
The POS software also plays a vital role in the development of SMBs. Since the latest technology is employed, the quality of service will be good. Until recently, several barriers slowed the adoption of blockchain and POS software and other distributed ledger technologies by SMEs. POS software is also an important up-gradation that helps in the success of SMBs.
Akshay Bhimani is a Software Analyst at Techimply, India. With experience in the technology-driven field, he has mastered his knowledge on How(s) and What(s) to be done for a business. Also, he's keen to share his knowledge on a few technology-related topics such as cloud technologies, school management software, ERP, POS and data security with readers that can assist any kind of business.
