Today, small and medium-sized companies cannot use cryptocurrencies because traditional payment systems limit them. However, businesses operating in the real world need an easy and secure way to pay for their suppliers, customers, and end users. If you are intrigued by the idea of trading bitcoins, TradingOX could be an excellent option to consider.
Cryptocurrencies are not a viable solution for these companies because they have yet to be ready to operate in the real world. When traditional companies want to go digital, they need to be able to integrate their payment systems with those of e-commerce and the blockchain.
It requires interfaces that are easy to use and compatible with any existing platform.
Crypto assets as an investment tool
The use of cryptocurrencies as an investment tool is very different from the use made by traditional companies. Companies do not want to handle digital currencies as if they were real money but instead want to turn them into a secure and reliable means of payment for their operations in the real world.
ICO projects that offer solutions for these needs are usually more attractive to market participants. Also, traditional companies need to know that the crypto asset they receive is sustainable and will not become a sham like many of the latest ICO projects.
Blockchain is a global solution
Blockchain technology aims to build a digital wall that protects and guarantees the security of data and transactions but also helps develop new forms of collaboration between companies and governments.
For companies, using blockchain is an opportunity to improve their competitiveness by reducing costs and increasing their income; for governments, it can transform them into more efficient and transparent agents; and for individuals, a blockchain is a tool that provides greater security in their transactions.
Blockchain technology allows the creation of digital records and transactions; they cannot be altered or modified. It is achieved through public and private keys that will enable supply chain actors to verify data and prevent its manipulation, which certainly has great appeal for companies at any level.
A corporate strategy
Digital transformation is essential for companies to keep up with technological changes and exploit opportunities. Blockchain can help small and medium-sized companies strengthen their market position and increase their competitiveness.
For companies to take advantage of the full potential of blockchain technology, their teams need to be trained to use it. Education and training are vital to achieving this.
According to an IBM survey of over 1,500 IT professionals, more than half believe they are ready to incorporate blockchain technologies into their daily operations.
However, the same report revealed that only a quarter have a clear idea of using blockchain technology to benefit their companies. It indicates great potential for organizations to take advantage of this innovation in their business.
In this way, investment in technology is reduced, and the advantages of this business model become more evident. The problem is that many organizations need more resources to address this type of project, which could be the main obstacle preventing the advance of this technology's widespread use.
Uses of cryptocurrencies in SMEs
Cryptocurrencies are being used by a large number of SMEs to facilitate their internal operations, especially in the field of logistics. In this case, suppliers and customers can use virtual currencies to pay for services such as transportation or storage in addition to receiving payments directly.
Cryptocurrencies' great benefits are their ease of use and zero cost. Although there are several alternatives to cryptocurrencies, such as credit or debit cards, this modality is quite expensive for SMEs.
Virtual currencies have many advantages over classic ones. Among them is its level of security, which is higher than that of cash. Furthermore, they are not susceptible to being forged or duplicated by someone with malicious intent.
Most market investors are waiting for concrete steps from traditional companies in this direction, not just promises. For example, in 2019 Wal-Mart announced an agreement with IBM to use blockchain to improve its internal operations.
This type of case shows that large companies are the ones that are most inclined to use digital currencies and the opportunities that technology offers.