This article has been translated with DeepL.
Step by step: How small businesses succeed with blockchain
- Published: 31 Jan 2025,
- 1:49 PM
- Updated: 31 Jan 2025,
- 2:01 PM
Small and medium-sized enterprises can benefit greatly from blockchain technology, but learning it can be overwhelming. New research presents a method to get started.
Increasing transparency, efficiency and security in the supply chain. Blockchain technology is helping many companies create innovative business models, including more secure and traceable business processes. So far, however, it is mainly large companies that are using the rapidly growing blockchain technology. In her doctoral thesis, Zara Zamani, Halmstad University, has studied how small and medium-sized enterprises (SMEs) adopt the technology and the obstacles that exist along the way.
– Implementation is not a linear process, but an ongoing adaptation to technological and market changes, she says.
In her research, Zara Zamani has developed a framework to help small businesses evaluate and implement blockchain technology.
– The framework helps with a structured implementation process, from initial assessment to integration and scaling.
Cooperation is key
As many smaller businesses lack the in-house skills to manage blockchain technologies, collaboration with technology experts and other stakeholders is crucial for success.
– Collaboration reduces both costs and risks, explains Zara Zamani, stressing that SMEs should start small and then scale up.
– Pilot projects are a good strategy to test the technology without taking too much financial risk from the start.
The research also shows the importance of keeping up to date with regulations and investing in training to have a good understanding of the potential of the technology. In addition, it is important to see the implementation of blockchain technology as a long-term journey.
– The most important thing is to have a flexible and adaptable approach. Blockchain technology is evolving rapidly, and companies that can adapt are best placed to succeed, says Zara Zamani.
Contact zara.zamani@hh.se
Tips on strategies for SMEs that want to start using blockchain technology
– Start small: Start with pilot projects that target specific problems, such as improving supply chain transparency or reducing fraud. This way, you can test the blockchain’s capabilities without large initial investments.
– Leverage partnerships: Collaborate with blockchain experts, technology providers and other companies to share resources and knowledge.
– Focus on training: Invest in training and workshops to build internal knowledge of blockchain technology.
– Use a phased approach: follow a step-by-step process from evaluation and feasibility studies to implementation and scaling.
– Monitor and adapt: Keep track of regulatory changes, market trends and technological developments.
– Seek funding opportunities: Take advantage of grants, incentives and support programs for blockchain innovation.
More about blockchain technology
Blockchain technology stores information in blocks that are linked together in a chain and protected with advanced encryption. The logbook exists as a copy on many computers at the same time, so if someone tries to change something in a block, it will be noticed. This makes the blockchain secure and difficult to manipulate. It is used, for example, for cryptocurrencies, smart contracts and tracking products in supply chains.
More about the thesis
Zara Zamani recently defended her doctoral thesis Adoption Process of Blockchain Technology in Small and Medium-sized Enterprises at Halmstad University.
