Many might not believe that blockchain technology could help in the survival of other areas of life excluding its application in the invention, coding,developing and creation of cryptocurrencies and crypto tokens.
Some of the cryptocurrency platforms like ethereum,stellar lumen, Neo, Bitcoin has helped in the development of decentralized applications(dApp’s).
However, the growing knowledge of its relevance has enabled governments and other business to see how its application could improve the efficiency of their businesses. This has encouraged different governments to use it in the enhancing the Micro, Small and Medium enterprices oltherwise known as MSME’s.
Research has shown that this Micro, Smmal and Medium Enterprises could not be neglected as they could contribute more than 25% of the entire countries Gross Domestic Product(GDP) per annum.
They are businesses that does not require much capital in establishing and are the major employers of all levels of labours such as unskilled, semi skilled and skilled labour. Therefore, governments make provisions in ensuring that they succeed.
The relevance of decentralized ledger technology underwise known as blockchain technology could be seen in the following areas of MSME businesses:
1) Bill collection
2) Ensuring safety of the production processes and that only genuine products are seen in the market
Many governments are fighting for the establishment of cashless economy where all transactions could be carried out without a physical collection of cash. However, blockchain technology has made this possible through the execution of smart contracts with a given collection address and decimal.
This has improve their transaction rates as it could be executed anywhere there is internet connection, therefore ensuring the safety of both the seller and buyer.
Ensuring safety of the production processes and that only genuine products are seen in the market
Some producers are unable to continue production since most of the products had been faked which has made them to be able to meet up with the cost of production. Startups like Vechain has helped in ensuring that this is corrected therefore given boldness to many MSME to continue in business since any trace of fake products along the production process could be easily detected.