How Blockchain can Boost Startup Growth?
Startup stability only comes with rapid growth.
Startups are growth hungry projects. In fact, the survival of any startup is directly linked with its growth metric. But unfortunately, sometimes, it gets very hard for startups to overcome major business development hurdles that are entrenched in conventional transactions. Limitations in contracts, fundraising, and financial matters are some of the prominent problems facing startups.
Blockchain in startup growth
To put it simply, blockchain is a public ledger, and it has a transaction history that is completely immutable. So how this new record keeping technology can help startups in stabilizing their growth needs.
For starters, blockchain is more than just a fancy record keeping technology. In fact, its application spans a wide spectrum of business domains.
Blockchain can boost startup growth in multiple ways.
Its decentralized architecture, enables it to persist horizontally across multiple nodes providing data integrity & security. While, strong encryption algorithms ensure data authenticity that essentially remove the need for any intermediaries across multiple business processes.
Therefore, these diverse applications of blockchain technology in verification systems, instant transactions, and data integrity & authentication provide startups with unique & unprecedented opportunities for growth.
Fundraising made easy
For startups, raising funds within limited time spans is a crucial stage in early development phase. Also being one of the most difficult phases in startup incubation, fundraising gets very hard when startups approach financiers in a traditional way.
Crowd funding with blockchain is efficient & simple.
But, one alternate & more preferred method for startup financing is crowd funding. What blockchain provides in crowd funding is a more efficient & streamlined solution that enables startups to leverage the power of cryptocurrencies & native token sales to boost their crowd funding investment manifold.
Instant transactions
When it comes to startups & businesses, financial transaction delay is one problem that considerably hampers expected growth.
Blockchain enables swift transactions like never before.
Blockchain in this situation also provides the most efficient solution. With financial services that leverage blockchain technology, startups & established bussiness alike, can speed up their transactions resulting in instant settlements.
Ripple is one such service that provides businesses the opportunity to instantly settle their transactions via their popular cryptocurrency XRP.
Smart deals with Smart Contracts
Smart contracts is beyond doubt the most fascinating application of blockchain technology.
Startups can save time & money with smart contracts.
With smart contracts startups can completely automate their deals. Cutting the cost on intermediaries, smart contracts can enable startups to focus precious resources on their primary product or service.
Smart contracts in blockchain are complex automated & completely autonomous programs that leverage trust — intrinsic to blockchain — with swift transactions & data authenticity to automatically fulfill contract obligations.
Entrepreneurship opportunities in Blockchain
Besides, having the ability to boost startup growth, blockchain technology also holds immense opportunities for entrepreneurs.
Blockchain is a new & emerging technology, with many technology applications yet to be discovered.
With blockchain there are endless opportunities for new projects & ideas.
In this scenario, blockchain with its unique attributes provide great opportunities for new developers & startups to establish many pioneer blockchain businesses & apps.
