In our increasingly digital world, blockchain may provide the key to online startup efficiency. Expert Michelle Thomas is here to unpack the details for you.
Blockchain is a word many have heard, but few take the time to understand. This technology provides efficient solutions to the challenges of recording transactions. Using it from the start ensures your data is secure, verifiable and permanent.
Digital security is crucial for all online businesses. Whether you’re using blockchain in gambling and operating a Canadian casino or a food delivery service, the technology comes with numerous benefits.
Integrating Blockchain Into Your Startup
Startups are perfectly positioned to pull blockchain technology into their processes in innovative ways.
Many businesses revolve around connecting people and things online. Examples include everything from entertainment to the arts. The nature of this process means you’ll be collecting data and often selling something. Blockchain ensures your data stays private and that any financial transactions are secure.
Business examples include ticketing platforms, online retail spaces, and online gambling.
The introduction of the blockchain gambling industry was a game-changer. All gaming transactions are now secure, fast and permanently recorded. The same technology is used to prove the games work legally.
There’s no getting around contracts in the business world. Through blockchain, you’re able to make use of Smart Contracts. These are startup must-haves.
The contracts are programmed to ensure all terms are met, and where they aren’t, to take appropriate action. Plus, the need for third-party involvement is done away with.
Efficiency and the Supply Chain
In addition to keeping data safe, blockchain technology can cut out unnecessary steps in your business. In some cases, this may be about getting rid of a middle-man, but it can extend to better accounting systems to the smoothing out of financial transactions.
As a business, you can be in direct contact with your customer, allowing you to bring your retail price down while simultaneously cutting your costs.
Even if you have the funds for a global marketing campaign, doing business on an international level has been difficult for smaller companies. Blockchain startups can access easy transactions that include multiple payment methods, even cryptocurrencies.
Most startups battle to access the right kind of financing, and as a result, capital to develop the businesses is a challenge to find. Through the use of blockchain, your business has the potential to attract global investment irrespective of where you’re based.
You’re also able to take any fundraising you do onto a global stage. It can be handled quicker, with better success, and with transparency by using blockchain.
With smoother processes to get the money your business needs, you’re able to spend more time focused on your work’s core ideas.
This element is fundamental to many businesses, but inaccurate data often harms your ability to engage with your customer. With blockchain, it’s possible to get rid of duplicate or irrelevant records. The data that remains will give you better insights and results in your communication.
While blockchain can revolutionize how businesses run, there are a few areas you need to think through.
If something does go wrong, there is a lack of regulations to protect you. It’s unfortunate, but it doesn’t look like this will be addressed soon.
Integrating blockchain technology into your existing system is something you need knowledge and skill to perform. You’ll need to employ a developer who is equipped to carry this out efficiently.
Startups are ideal spaces to introduce blockchain. Using it will ensure many benefits from data security to global trade opportunities.