Blockchain application in small businesses in Kenya.
Small business owners can expect not only a more efficient way of doing businesses, but also more secure transactions. Blockchain allows for improved cash flow. Streamlined supply chain operation, less middlemen to deal with and even a digital identity. It essentially opens a whole new world of possibilities in doping businesses for entrepreneur around the world.
Experts have claimed that this technology will revolutionize the world economy. The average person does not need to understand how the blockchain works in order to use it. Small businesses can benefit from managing finances to facilitating contracts. Blockchain is a technology that has the potential to greatly improve financial inclusion in the country. Due to this, many small businesses in Kenya should take a notice of the innovation and pave way to its adoption.
In Kenya, blockchain is helping small business entrepreneurs such as the local farmers , local vendors and the building businesses. Through the blockchain, there is increased traceability of each product sold. From the manufacturers to the end buyer. Retailers and farmers can simply scan the blockchain barcode on each product via their smartphones and get to know about the authenticity and the source of the products they are buying.
Local vendors in Kenya are also benefiting from this technology in that the vendors get to request the products they require which are then delivered at a day’s notice. Before, they had to go to the marketplace, where the quality isn’t assured and where they had to haggle over the prices. After making the purchases, they then had to transport the products to their stalls. This consumed both time and resources. Today through blockchain, the local vendors are able to perform transactions easily with their mobile apps, save a trip to the marketplace, receive deliveries of the fresh produce and also get access to small business loans. Trendpro Systems Ltd
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