Things Entrepreneurs need to know about Blockchain Technology
With the introduction of the internet we saw a shift in how leaders operate their businesses. Some people were getting benefits from the Internet and some people thought the internet was just a fancy way of doing business. The same is happening with the blockchain technology, some people believe it to be the game-changer after computer and internet and some are thinking it as a fad. Businessmen consider blockchain technology to be very unique but they also believe that some guidelines should be made to make it more secure.
As the cryptocurrency and blockchain technology is new to the market, it is hard to find every resource to make it secure but blockchain companies is developing it to be more user-friendly. Nevertheless, people investing in cryptocurrency now are getting an advantage over to the people who will invest later. Well, if you don’t want to delay your success you need to understand everything about blockchain technology. We have summed up everything that an entrepreneur needs to know about blockchain technology in the following 3 points, make sure you read it thoroughly.
- Fundraising on Blockchain
Blockchain is a whole new technology to raise funds for your business by initial coin offering (ICO). After you have launched a company, you need some investments for the development of your products or services. You can use blockchain for raising funds based on Proof of concept (POC). This is the best way to raise funds if you belong to a rural area where it is almost impossible to find the right investors.
Obviously, a potential product or service will be needed to make investors interested in investing. After this, you need to have all the documentation which will explain everything and it will allow more investors to invest in your company. ICO is an amazing way to raise funds as EOS raises almost $4 billion from Block.one in a finical year. This is better than many crowdfunding sites as an ICO will be open-source funding where anyone can view anyone’s transactions hence, this will create a trust for you and your company.
- Smooth Infrastructure
Blockchain technology has a smooth and seamless infrastructure as it allows us to do financial transaction without the involvement of any third party. When there is no third party to overlook the transactions, the process becomes more cost-effective and also saves a lot of time. Many start-ups and entrepreneurs are using it to their strengths by making it easy to offer without the reliance of any third party.
Blockchain technology holds the power to disrupt any industry with its decentralization model. It offers an infrastructure where the main power lies within the hands of the community and not to any one person or organization. Every transaction on the platform will be verified by the network without the involvement or verification of a single trusted entity like banks.
Decentralization increases transparency and the speed of operation because there is no involvement of any third party.
Blockchain is a revolutionary technology which is driving the world to its better self. It is important to understand and learn about blockchain technology before you start investing in it. So make sure you have all the information as this will reduce the chances of fraud with you.
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