Have you ever wondered why the word blockchain is garnering all the attention? With digitization taking the world by storm, it is no surprise how basic trading functions have evolved from the barter system to that of cryptocurrencies and digital tokens. We are at an exciting point today wherein technology and more technology is disrupting every sphere of life.
Having said that, let’s first demystify blockchain and bitcoin, often mixed up and used interchangeably. While bitcoin is just a form of cryptocurrency that is built on the tenets of Blockchain, blockchain technology by itself is a vast area of study that lends itself to several applications. As a decentralized database, the blockchain technology can come in handy when it comes to handling frictionless interactions/ transactions in a network comprising multiple people - which essentially is a core aspect of entrepreneurship.
Let us now identify the aspects of blockchain that enable entrepreneurs to make their entrepreneurial journey a tad simpler.
- Seamless fundraising
Using a blockchain, which is a self-verifying system, venture capitalists can go ahead with their investment decision and transfer funds quickly for exciting entrepreneurship opportunities. The blockchain also eliminates the need for a middleman, thereby building a layer of transparency. As a result, the entire process of raising funds is expedited alongside reducing the amount of friction in the fundraising funnel.
- Better access to capital
As the world gets more global, it is only fair if we make our transactions global. This is where we can use the Blockchain to our advantage. An entrepreneur sitting in one part of the world stands a good chance of accessing capital from another corner of the world, thanks to Blockchain. Through blockchain, all entrepreneurs are provided a level-playing field owing to the presence of digital currencies, like bitcoin, that are location-agnostic. Simply put, everyone is able to accept and send digital token and not fiat currency, without hidden international fees and exchanges.
- Straightforward supply chain management
The blockchain technology opens out avenues for entrepreneurs to explore its features in terms of supply chain management. Adding a layer of transparency into the supply chain, blockchain enables a business owner to have greater visibility when it comes to understanding each person’s role and transactional level on the supply chain network. Armed with this kind of crystal clear information, an entrepreneur can identify the source of a particular issue and tackle it at that point without getting lost in the large network. Let’s say a particular product is defective, then its original supplier can be traced back to the right point quite easily. Here, the original supplier can’t deny about its defective product, since the blockchain ledger is completely verified by a number of nodes on the network.
Now comes the next big question!
Who do you approach to get blockchain guidance for your entrepreneurial journey? As early adopters of the blockchain tech space, we help startups and entrepreneurs tap the fullest potential of blockchain technology to realize its myriad benefits and create newer avenues of application.
With a global presence in India, USA, Canada, and Singapore, we are equipped with skills that a culmination of both technological expertise and business logic, thereby enabling entrepreneurs and startups to reach the market in a dynamic yet comprehensive manner. So, if you are particularly searching for that elusive team to make your vision a reality, then talk to us.