Using Blockchain Technology in 2021 For Your Startup
Source: Finance Buddha
Blockchain arose in 2011 under the umbrella of cryptocurrency as a way to make online trade faster and more efficient. Now, it has grown into something much larger as more industries and businesses begin to release the potential Blockchain holds to impact technology globally, and change life as we know it.
Blockchain continues to dominate the finance and technology world. And every day, new updates emerge that keep it at the top of the business world. More companies and industries are investing in Blockchain to avoid getting left behind in this new age of technology.
As a new business, you are in a key position to invest and exploit Blockchain technology as much as possible. Using Blockchain as a startup for our business will help put you ahead of other new business, and push you forward in the finance world. Blockchain possesses so many means to help your business grow and flourish as much as possible.
However, Blockchain has grown much beyond its original cryptocurrency and bitcoin ideology. It has become something much bigger, and new businesses who haven’t had any experience with Blockchain may find it hard to implement it into their business.
To assist you, we’ve analyzed the effectiveness of using Blockchain as a startup for your business in 2021, including how you can implement Blockchain into your business, what Blockchain can do for you, and everything else you should know about Blockchain.
Why You Should Use Blockchain as A Startup for Your Business
In the end, it’s all about what Blockchain can do for your business. Here are some of the ways Blockchain can help your business grow;
- Allows You to Monitor Transactions – Blockchain prides itself on its transparency. With this, you can ensure all transactions are safe and reliable.
- Higher Level of Credibility – With Blockchain, the need for paper contracts is gone. Digital contacts on the Blockchain server cannot be altered in any way, and this increases credibility.
- Little Risk of Fraud – Because Blockchain uses a decentralized network, there is little chance of one person gaining control of the network and trying to tamper with the business’s documents.
- More Efficient Payments – With bitcoin, the possibilities of online payment are endless, and your business can make payment transactions seamlessly.
How to Implement Blockchain as A Startup for Your Business
Here are a few key steps you should take if you’re planning on implementing Blockchain as a startup for your business;
- Draw out a business plan – This plan should include what you hope to achieve with Blockchain, and the parts of your business you wish to implement Blockchain.
- Analyze the costs of utilizing Blockchain as a startup, and the profit your business stands to gain from using Blockchain.
- Decide what type of Blockchain application you want to use – Ether a pre-established application, or you could build one for your business.
- Discuss with other stakeholders in your business to be 100% sure that Blockchain is the right technology to use, and that the application you make suits everyone in the business.
How Different Industries Are Using Blockchain as A Startup
Healthcare – Healthcare startups could use Blockchain as a way to connect hospitals across various locations. Patient health history could also be stored on Blockchain servers including, how many times the patient visited a doctor that, year, the drugs they took, etc. Blockchain poses a way to unite healthcare businesses worldwide and erases the threat of conflicting information.
Advertising startups are using Blockchain technology as a way to make ads more specific and target them towards people who need that information. Gone are the days of annoying ads you don’t care about. With Blockchain, ads are specifically tailored towards you and your interests.
Retail – Startup businesses in the retail industry are attempting to decentralize online trade using Blockchain technology. The idea is that sellers and middlemen can now trade with each other easily on the internet without any paid commission or fees. More sites continue to adopt this approach. These companies use cryptocurrency as an alternate method of payment, like payment can be done via bitcoin, Ethereum, etc. Even developing countries like Nigeria know how to buy ethereum in Nigeria. These sites are open internationally and are not controlled by a single business or company.
Real Estate – While it is a large industry, real estate businesses have a lot of limitations. With Blockchain technology, all real estate documents can be preserved on the Blockchain network. Real estate startup companies are using Blockchain as a way to prevent fraud and protect the documents of their buyers.
What You Should Know as A New Business in Blockchain
Before you implement Blockchain into your startup, it’s important to understand that Blockchain is not so different from other technologies that came before it. It is simply more efficient and speeds up transactions.
The team you hire at the start of your new business has to be properly trained to understand Blockchain, cryptocurrency, and how it can be used to impact your company. A poorly educated team will leave you lagging in the finance world.
In addition, while Blockchain has grown far beyond its roots in bitcoin and cryptocurrency, bitcoin remains an important part of Blockchain technology that you should consider implementing into your startup.
The bitcoin market is a new and efficient way of trading money online, and investing in bitcoin would mean all your company’s transactions are completely secure and safe from theft. As a startup business, you can convert local currency to Bitcoin anywhere in the world using Vertex Market, a p2p platform for an example converting NGN to BTC is very easy on the platform.
Now you know why using Blockchain as a startup for your business in 2021 is a key business move. More big companies and industries are investing in Blockchain technology because of the influence it holds in the finance world. You definitely don’t want your business to be left behind in this innovation.
Blockchain places you in a position higher than other businesses, and there are so many parts of Blockchain that can be utilized to ensure your business continues to grow rapidly. Also, ensure that your workforce is well educated on what Blockchain is, and how to use it to grow your business. Investing in the Bitcoin market as a new business will also place your business high in the finance world, and ensure a steady flow of money.
All in all, the possibilities with Blockchain technology are endless, and you certainly don’t want to miss out on them. If Blockchain is the new industrial revolution everyone sees it as, investing in Blockchain as a startup for your business would be the best business move you can make in 2021.
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02/19/2021 at 12:38 pm
Blockchain technology differs from a typical database in the way it stores information, and blockchains store data in blocks that are then chained together. And this is beneficial technology. Thanks for sharing this.