Overcoming MSME Challenges With Blockchain

Abstract

Emerging technologies are distinct in that they stimulate the creation of automated and intelligent businesses at a quick pace. Business processes are being reimagined and reinvented by these companies. When blockchain was initially introduced to the world in 2008, it was touted as the next great digital revolution. This chapter seeks to offer an overview of blockchain technology by defining it and explaining how it works. However, because blockchain technology is still in its infancy, nothing is known about how this new technology may be used to practical applications. As a result, the chapter highlights its distinct characteristics that set it apart from other technologies. Despite government intervention and an environment that promotes entrepreneurship, MSMEs, which have long been the backbone of any economy, continue to face the same difficulties that small businesses face. This chapter demonstrates how blockchain may assist in resolving these challenges in the hopes of spurring greater research and development in the field of blockchain, particularly in the context of MSMEs.