According to World Bank statistics, small and medium enterprises (SMEs) represent about 90% of businesses and account for more than 50% of job opportunities worldwide. With the technological advancement in the world, it becomes vital for world economies that SMEs also adopt these advancements.
Blockchain and other Distributed Ledger Technologies (DLTs) have started to change the face of a wide range of industries. However, the technology is relatively new and in its early adoption stage. As a result, there are times when businesses don’t have the know-how or technical support to adopt blockchain. Governments, as well as policymakers across the world, are trying to help SMEs understand opportunities as well as challenges that they may face while adopting blockchain.
There are many real-world use-cases about how the distributed ledger technology can help SMEs overcome their long-standing constraints primarily related to finance. Others talk about seizing the opportunity and how to analyse its impact on their business models and scalability.
The small and medium-sized companies need to be mindful and evaluate the advantages and disadvantages of adopting the blockchain technology.
Read our detailed blog explaining why SMEs should adopt blockchain.