Blockchain technology can be used to verify the identities of business partners in supply and value chains internationally or locally. MSME’s will benefit from applying blockchain technology because the technology can be applied to supply chains of any magnitude.
Skills and attributes of employees can be validated and their outputs can be trustlessly tracked through the distributed online ledger of the blockchain network. Blockchain technology can also be used to verify and certify products and services. In fact, the technology is proving helpful in checking supply chains of MSME’s, and the backward linkages and the forward linkages. Since blocks are time-stamped, it’s easy to track the path of products, their quantity and the time attached.
MSME shipping handicaps
Imports and exports of goods in MSME’s are afflicted by immense paperwork and bureaucracy. The processes greatly reduce the efficiency of the actual business. Blockchain technology will help in checking and balancing MSME processes reducing lead time. MSME’s in developing countries will have greater benefit from using blockchain technology as there are larger numbers of small businesses and stricter monitoring facilities.
Storage of assets
Digital assets as well as intellectual property can be protected using blockchain technology. Using the secure blockchain platform, possibilities of theft and fraud will be minimized.
Smart Contracts for MSME processes
Smart contracts must be validated by the parties involved. Contractual events can be listed in encrypted blocks which are shared among the authorized parties. The contracts trigger the events involved in MSME processes keeping with due dates and payments.
For MSME’s to be efficient, they must perform consistently and on time. Blockchain technology will improve forward and backward linkages of these companies to ultimately multiply the aggregate output.
Feelium for MSME’s
Feelium is a blockchain platform which provides smart contracts and escrow services to facilitate industries, big or small. Any company can approach Feelium for contracts for various processes involved in MSME ecosystems.
With the help of Feelium escrow services, process such as due dates and payments can be made more efficient. The user can place Feelium tokens in the Escrow account and make use of the Feelium smart contracts to draft agreements. For example, even a small shoe manufacturing company will require leather, cloth, buckles, etc for production. Managing all orders and payments will have to be done by limited number of individuals in a small company.
Instead, the company can make use of Feelium Smart contracts and Escrow accounts to order each product and also make payments on the Feelium platform. The process is hassle-free and self regulatory; there are much lesser chances of human errors and payment/delivery delays.
Register today at www.feelium.co to avail the different features of the Feelium platform.
