How Blockchain is Helping SMEs Grow’ – Expert

Mary Nnah

US-based blockchain expert, Adeshina Ajayi has given insight into how blockchain technology is helping businesses grow, urging small business owners to leverage blockchain to grow their businesses.

Ajayi, with a proven track record of helping entrepreneurs create scalable solutions that drive growth to their organisations, leveraging blockchain shared the benefits of blockchain in an interview with newsmen.

According to him, blockchain is reaching a point where it can be a game changer for SMEs.

The role of SMEs in economic growth is critical as SMEs account for roughly 90% of all businesses and 50% of all jobs worldwide.  In emerging economies, SMEs in the formal sector contribute up to 40% of national income while creating 7 out of 10 jobs.

He said, “Before the pandemic, business owners sold their products mainly for cash. Since Covid-19 restrictions, markets transitioned online and business owners who adapted easily to online sales started accepting digital payments. This singular action has enabled them to reach new audiences within their locations and beyond.

With blockchain, affordable and efficient cross-border payments are a reality for small businesses, supporting their business model, without the high foreign exchange fees from traditional money transfer services.”

“Other interesting ways blockchain is helping SMEs grow are:

Enhanced Security, reduced interactions with intermediaries, leveraging smart contracts, and new methods of raising capital.

Blockchain is the decentralized future of business and by embracing it, SMEs can tap into the power of blockchain to tackle their daily challenges and even compete with larger enterprises on a more equal footing”, he said.