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As small businesses seek efficiency and better ways of serving customers, blockchain can especially be useful for these companies as a way to conduct transactions and even raise capital. While many small businesses might think that such advanced technologies would only be accessible by companies large enough to afford expensive developers, the cost to incorporate blockchain technology into a small business operation is less than you think. Vendors have emerged to provide blockchain-based technology not only for Wall Street but for Main Street, too.
Blockchain technology is not just for online-only or digital-first businesses. Restaurants, gyms, nail salons, bakeries, collision centers and other small business categories that rely on a physical space can get started using the blockchain today.
Let’s have a look at a few of the benefits blockchain provides entrepreneurs who want to bring their business to the next level:
It’s a new form of payment
The first thing a business can do to adopt blockchain technology is to simply accept cryptocurrency as a method of payment. What signals more of a commitment to blockchain than allowing customers to pay with bitcoin or other cryptocurrencies?
The rollout will require a lot of planning and testing, as traditional merchant