When the internet was born, it brought with it a new wave of entrepreneurs who saw the possibilities of it and how commerce could boom. Along with those believers was a second group of then-entrepreneurs. These people were the people who were less bold to embrace the internet and turn it into a digital empire.
The same could be argued today regarding blockchains. There are people who are invested into crypto and have taken the crypto world in their stride. Then there are people who are unsure about crypto and believe it is a fad and that blockchain technology is not worth it. The truth is unknown at this point and who will be proved right. Here is what you, the entrepreneur, need to know about blockchain technology.
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Fundraising via the blockchain
Ask a startup its biggest problem, and it is likely to respond with something related to money. Early investment can be crucial for entrepreneurs to get off the mark and see their visions succeed.
However, receiving funds is not always easy. Blockchain technology is helping though, especially with the implementation of Initial Coin Offerings (ICO). Offering coins can also help attract more investors and is significantly effective when released with a whitepaper and/or a yellowpaper.
The major difference between Bitcoin and Ethereum is that the latter includes smart contracts that automate business processes. For example, once the stage in a process has been completed, the person in the supply chain who has completed their task may receive their reward instantly and automatically.
Such automation within business processes is only possible thanks to the security and clarity of blockchain technology (including crypto wallets). This is something all businesses could embrace to differing degrees.
Decentralised systems equal community solutions
The nature of a blockchain is that it is detached from any central authority such as a bank or one entity. This has been the foundation of cryptocurrency, and its benefit can extend further than the financial.
When something is not controlled by one thing, but rather something owned by a mass of people, real innovation can occur, and it has the potential to solve issues for communities. Whether blockchains help the unbanked, rural farmers, climate change or something else, the real purpose of all of these things benefit large groups of people.
This decentralisation should be at the forefront of entrepreneurs‘ minds, asking the next question of how a blockchain can help the masses with a communal issue.
Running a business with blockchains
There are opportunities out there for those that own businesses and are interested in the blockchain technologies. Those opportunities are going to be eaten up by the first to venture, i.e. the people who make the earlier moves just like the first groups to trust the internet. Be one within that group – rather than being too late to the party.