Blockchain and virtual currencies an option for SMEs?

Source: bbim.com

There are many who begin to doubt the life expectancy of bitcoins and, even, there are many voices that warn of their possible speculative profile.

But, behind the most well-known face of the virtual currency, which relies on blockchain technology and other cryptocurrencies, there are still multiple and highly appreciated applications that the so-called block technology offers and will continue to offer.

If we stick to the data that the international consultancy IDC made public just a few weeks ago, the future of blockchain is the most hopeful. According to the consultant, in 2018 some 2,100 million dollars will be invested in developments based on this technology, much more than double that in 2017, when the figure barely reached 945 million.

Some forecasts that become even more relevant if we look to the future: in 2021, investment in blockchain-based developments will reach 9.2 billion dollars, reflecting a compound annual growth rate of 81.2%.

"2017 was the year of experimentation, as the companies realized the benefits and challenges of blockchain. 2018 will be a crucial stage for companies, since they will make a great leap from current concept tests to complete blockchain deployments ", explain from IDC.

Source: theblockchains.com

Opportunity for SMEs?

But is this technology a reality and, above all, an opportunity for SMEs or, once again, its access is practically reserved for large companies?

The answer seems to be affirmative if we look at something as essential for small and medium-sized companies as the financing with which to start up their business. "Currently, it is true that SMEs that are doing things through blockchain in Spain, for the moment what they are taking advantage of above all is the possibility of financing through the ICO (Initial Offers of Currencies), such as Home Meal or, soon, Tutellus ", Explains Jorge Ordovás, responsible for Digital Transformation and Innovation at Telefónica. ICOs are one of the most popular ways for startups to find an alternative way of financing themselves.

And it is in this way of financing where, with this technology, you can issue titles of companies to which small investors from all over the world have access. In a similar way to crowdfunding, SMEs can raise financing to develop their business by issuing tokens, a value unit or virtual title issued by a business that is based on blockchain technology.

Another important area in which the SME could benefit from this technology and the issuance of tokens is the payment of invoices. "A business can represent an invoice in a virtual title and anyone, through a blockchain, pays it quickly even if it is less than its real value. Thus, the person in charge obtains liquidity and the payer manages to earn money when the supplier meets the SME, "explains Ordovás.

And another scope of application: international payments. "Currently, there are platforms that can be integrated into a business and automatically change from any currency to virtual currency," says Jorge Ordovás, who points out that "these tools do not charge the business the usual management expenses that incorporate the traditional make the transaction and allow exchange of cryptocurrencies in any country ".

Smart contracts, financial and logistic transactions, with total traceability ... The list of benefits that blockchain technology can represent for SMEs is getting longer.

Source: tecnologiabitcoin.com

"It is true that the most experienced with different cases of blockchain use so far is the large company, which is also who is driving the Alastria consortium (even if it is a consortium open to large, medium and small). But this will be changing and, for example, for SMEs, being able to develop and consume blockchain-based services over Alastria will be an added value, taking advantage of the fact that the platform will offer greater guarantees of operation and fit in Spanish legislation than public alternatives such as Ethereum. "

Coinmap, the bitcoin map also for SMEs

Regardless of what happens in the future, it is true that the explosion and expansion of bitcoin, the best-known virtual currency stemming from blockchain technology, is reaching businesses around the world, many of them also SMEs.

Thus, a clear reflection of this growth is CoinMap, a map of distributed open collaboration, in which we can discover the companies and services that accept bitcoins around the world, what is their name, services offered, exact address and even form of Contact.

But also Coinmap is a good thermometer to measure the proliferation of bitcoins as a means of payment for companies, thanks to the visualization that the platform also offers as a heat map. Through its colors, at a glance, we can know where in the world there is a greater profusion of this type of business and, even, find out how the number of places and services that accept this virtual currency has evolved over time.

Thanks for reading and for all the support! !!

Do not forget to vote ...