Blockchain Can Be Used for Digitization of SMEs and Other Innovations

The digitalization of small companies, especially industrial ones, is changing not only from a technological aspect but also from a cultural and educational aspect. Due to the potential use of blockchain and cryptocurrency, the many actors are trying to acquire knowledge and investment in a digital perspective.

Since only about 26% of the small and medium enterprises (SMEs) companies have the necessary characteristics in terms of digital maturity, a lot of effort has to be invested for the remaining percentage to catch up with or exceed others. 

Yet most SMEs have understood the strategic role that digital can play for business success. Several factors are linked to curbing the practical application of digitization, including a lack of specific internal skills, poor support from institutions, complex bureaucracy and the uncertainty of continuity of measures over time, and a lack of business knowledge of the incentives available. 

In particular, some educational DLT programs are being organised to improve some important sectors, for instance "Food: how to deal with the rapid development of the entire ecosystem by digitizing production" - practical application cases including blockchain, anables explaining how the agricultural sector can be digitized or improved.

Blockchain for Social Good

Today the great challenge of companies is to find opportunities, answers and customized solutions to digital transformation because digitizing means changing mentality and approach to work, it means being able to compete effectively in the pressing challenges of the market without losing ground. Therefore, people have to understand the competitive advantages of blockchain and to choose the future over the present.

More and more massive projects are being presented - some are even competing for prizes such as ‘blockchain for social good’ - and some of the aims of these initiatives is to offer the community a DLT platform to support the local economy, based on a wallet application that not only allows anyone to exchange cryptocurrencies (tokens) that live on the DLT, but also to create new types.