- February 13, 2019
- Posted by: suma
- Category: Blockchain
Blockchain has pushed new boundaries. The evolution of blockchain for the past few years have been breathtaking. The blockchain is undoubtedly one of the revolutionary technologies of the 20th century. It is so game-changing that plenty of startups and enterprises are working on their own blockchain solution. As every sector in business adopts the blockchain technology it seems 2019 is the year of the blockchain. Here we can see how blockchain in your business is beneficial.
Make your business transparent and accountable-
Accountability and transparent in nature is the main benefit of blockchain technology. All transactions that take place occur on a public ledger, encrypted and secured without giving the authority to anyone to manipulate it. Startups and business owners are not vigilant enough to track the transactions. However, with the help of blockchain, the information can be validated and trusted. The power of blockchain technology is much more and beyond cryptocurrencies.
Blockchain can play a significant role in business and startup showground. With the major threats of security and inefficiencies prevailing in the business world, blockchain adoption can help them deal with it effectively and efficiently.
Fully automated legal agreements-
When it comes to legal agreements, blockchain could automate the process because it is mainly a smart contract. Startups and businesses can automate the process of legal agreements and documentation without the involvement of humans that slows down the process.
For instance, if we see how agreements are delayed, it requires documentation and signatures by both the parties. However, there may be a delay due to not signing off the document. Blockchain will help in eliminating the delay from businesses that require signature and approval.
Identity protection through blockchain-
Businesses are always under the threats of hackers who are keeping an eye on stealing data. The data is normally related to consumers’ private data that includes financial information. With the help of blockchain, customers take control into their own hands with an encryption key so that only business and customer would have access to it.
Once it is fully deployed, companies can keep the information secured and the chances of hacking the data become almost impossible.
Easy access to the capital-
The blockchain is here to rescue startups as they can gain access to the capital without facing restrictions. As a startup entrepreneur, you may know that not all ideas are well enough to deserve funds. However, blockchain will give the opportunity to fundraise for the idea only if digital currencies like Ethereum or bitcoin operate independently of geographic location. In simple words, everyone will be able to send and receive cryptocurrencies without additional fees.
The potential of blockchain technology has reached far and beyond what we could have imagined. The majority of people think of bitcoin and blockchain as the same. But there is a difference i.e. blockchain is a sophisticated algorithm developed for the cryptocurrency. It drives dispersed data structure that manages electronic cash movements.
The disruption of blockchain technology is influencing almost every sector that is directly or indirectly related to financial transactions. Startups and businesses are no exception and to harness the potential of innovative technology.