We have all heard about the Cryptocurrency bubble. In the recent years, it has brought with it an unprecedented boom that will still continue into later years. A simple description of Cryptocurrency would be that it is a currency for the future. Cryptocurrencies have enjoyed the fame for a long period of time now and there have been little recognition given to the importance of Blockchain technology. There are amazing uses of the Blockchain tech. You would be right to assume that cryptocurrency projects need Blockchain in order to function but you would be wrong if you think that it holds no benefit for your startup.
Every person intent on starting up a business, no matter how small or large, should definitely consider the use of Blockchain technology because it holds exquisite benefits. Without further ado, let me show you five dynamic uses of Blockchain.
#1 Blockchain Can Help You With Funding
This is obviously one of the biggest ways that Blockchain can help your business. Funding is one of the most important needs that a business requires in order to begin. At the same way, lack of it can impede its growth and lead to a quick end. Cryptocurrency startups are often able to raised millions of dollars from their Initial Coin Offerings (ICO) due to Blockchain because it allows people from all parts of the world to contribute. Most businesses are currently making use of traditional ways to raise funding and this is mostly restricted to people within the country. With Blockchain technology, you can efficiently pitch your business ideas to people across the globe and get the necessary funds that will allow the business start.
One of the major reasons that will make your business thrive is transparency. Succinctly put, a good business is one that the business process is very transparent. Blockchain technology guarantees this feature in your business as it helps your startup to store data in public ledgers. At all times, every accounting and operational data is immediately kept secure and accessible to everyone. This makes it easier for every stakeholder in your business to view the progress of the company since there is no chance of account manipulation. It would also help you to monitor the activities of employees within the business.
#3 Trace of Transactions
The use of Blockchain technology within your business helps you to easily travel every transaction you have made since the startup point. This solves the issue of lost accounting details and it is a perfect way to help your business catalog every detail of your product so as to facilitate easy recall of information whenever it is needed
#4 Better Security for User Data
Another super incredible way that Blockchain Technology helps your business is the great security for every user data.
There is no getting around the fact that many people want to know if you can be able to protect their information when they give it to you. People do not want anyone intruding on their private data and with the use of Blockchain technology, you can promise them that and stick to your promise. Blockchain technology works in a way that it is independent from the control of governments and large corporations. Prior to its existence, many startups that had online presence had to store their User data on cloud files that were kept in large corporations. The data, at that time, could be subject to hack or government inquiry. With the independence of the Blockchain, all clients would be safe and the details of your business practice can also retain that safety from prying eyes
If startups that are oriented towards Networking such as B2B businesses, Uber etc, the protection of user data is very important as any exposure to hack may reduce the reputation of the business. In order to ensure the strict confidentiality of your User Base, Blockchain Technology provides top security
#5 Excellent Outsourcing of Customer Support
Customer service is an aspect of business that either influences the growth of the business when great, or reduces the patronage when bland and terrible. Every business owner aims to provide the best customer service and that is where Blockchain Technology comes in.
The era of traditional customer service is fast coming to an end and you can save a lot when using Blockchain technology to outsource your customer service to a freelancer that is available every time of the day.
I could go on listing more reasons why Blockchain Technology can prove to be a game changer in your business but what good would words do. That is why you have to start right this minute to incorporate Blockchain tech in your existing business or make plans to use it when you begin your business