In this dynamic business space, companies need robust platforms to grow their business. With ever-growing customer demands and cut-throat competition, businesses need to thrive by adopting new technologies. 

Blockchain is a promising decentralized technology that has seen massive growth in the past years, and this tech is here to stay with us. Considering its potential for business growth and streamlining complex operations, governments are also emphasizing its integration. 

Recently, the Canadian government has announced that they are planning to draft new guidelines for leveraging decentralized technologies. It will be a pivotal step to establish a completely transparent system and aid businesses in their future growth. 

The National Research Council of Canada (NRC) has already established an Ethereum blockchain explorer. With this adaptation, the authority can streamline their large data operations easily leveraging Ethereum and other distributed ledger technology. 

The National Research Council is planning to expand its blockchain use cases and has also stressed on the growth of small and medium-sized enterprises (SMEs) sector by paving the future path. From central banks to other public operations, Canada's exploration of this decentralized tech will create enormous opportunities for all the businesses for sure.

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Companies can scale operations quickly

With the government's interest in this technology, companies can rapidly scale their business in the future regardless of their industry. As blockchain-based payment systems are peer-to-peer and independent, overseas businesses can easily be carried out without banks. 

According to Global Market Insights, the blockchain's market size is expected to touch the mark of $16 billion by 2024 as more customers will adopt these payment technologies. With such impeccable future projections, this is the right time for companies, especially Canada-based, to start transforming their business. 

As Canada's government is also continually working closely with decentralized platforms, businesses can scale up quickly, adhering to the supportive laws. 

One of the most considerable advantages of blockchain integration is the complete cost involved in entering and expanding in the market. It is drastically more reasonable and highly effective than the currently available traditional methods. 

Faster business integrations with several public or private cryptocurrencies allow a business to reach a large audience across the globe. Blockchain and crypto exchange goes beyond just the payment alternative. These modern advancements also let the organizations strengthen their internal operations and secure their business ecosystem.

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How Canadian Companies Can Get Started With Seven Bits

Your business needs to be future-ready and highly scalable to fulfill your customers' demands with a better value-driven approach to thrive in this digital ecosystem. SevenBits is an experienced blockchain development company that brings in comprehensive services to cater to your business. Our Blockchain Center of Excellence (CoE) leverages more than eight public and private technologies, including Bitcoin, EOS, Ethereum. On this note, let's look at the key benefits of leveraging this decentralized technology in your business.

More accurate processes

As more businesses are striving to eliminate the third-party dependencies as much as possible, blockchain plays a pivotal role in this. Decentralized systems not only save additional costs but also makes processes secure and peer-to-peer. Blockchain helps in eliminating the delay in processes and data security issues. With better control over omnichannel business processes, this modern tech helps organizations scale up the processes more accurately. 

Better privacy of business data

Decentralized systems prevent even the administrators and root users from altering other users' information across the network. This peer-to-peer feature of blockchain ensures the highest level of security and protection of business data.  

As customers are now more concerned about their privacy and how they interact with your business, blockchain helps establish trust. When the users know the entire process is transparent and know how their data is being managed, it gives the organization an edge over others. 

Blockchain is highly cost-effective

No matter which payment gateway companies are using, a substantial part goes into transaction charges when looked at from a long-term perspective. And, these transaction charges are neither profitable for business nor the end customers. A cryptocurrency exchange system eliminates transaction charges by creating a secure payment ecosystem.

Be it customers, business partners, or supply chain vendors; the transactions are much faster to perform and levy less cost. SevenBits' team helps your business integrate secure blockchain based transaction systems to help you become more profitable. This implementation is helping to save you additional costs and prepares you for the digital transformation disruption. 

Decentralized systems declutter complexities

SevenBits's expert team helps organizations identify critical business operations of higher complexity which can be streamlined leveraging this technology. With in-depth analysis and risk mitigation strategy, we help businesses to migrate their existing system to a higher efficiency process. 

Complexities keep growing as business scales over time, and blockchain-based systems aids in faster expansion. As the database is decentralized, your business-sensitive information remains secure over multiple blocks.

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Why Seven Bits For Your Business Growth

Our experts are working in the blockchain domain for many years now and have served multiple businesses worldwide. With a robust stack of 8+ public and private blockchain technologies, we help you implement advanced functionalities. 

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Be it smart contract implementation, crypto exchange development, and IEO development, we have got you covered. We offer end-to-end blockchain services to help you expand your business with higher agility. Want to know more about SevenBits blockchain development services? Get in touch with us at sales@sevenbits.in, and our team would be happier to walk you through these advanced possibilities of growth.