Entrepreneurial Opportunities in Blockchain
By Rakesh Kumar on The Capital
Entrepreneurs in the nascent industries like Blockchain are ought to face challenges, but also at the same time, they have wide opportunities in-front of them to be unearthed. In recent times, blockchain had made quite a buzz due to the astronomical gains that investors have seen in this period. Many observers have also compared Blockchain to the Internet in its initial stage in 1994. It means the blockchain space is ripe for entrepreneurial pursuit.
Blockchain Technology is a decentralized distributed public ledger system that stores digital data. It is the answer to every centralized data storing issue with privacy that the world is facing now.
Why Blockchain ?
Despite the media frenzy surrounding the Bitcoin and other cryptocurrencies, most of the people don’t understand the underlying technology. At its core, a blockchain is just a decentralized, tamper-proof database. It is called the trust protocol of the web as they assist settle transactions between anonymous entities on the web without browsing a centralized service sort of a bank. In doing so, a lot of the overhead of going through a financial institution is minimized. Since the transactions are settled during a decentralized manner employing a consensus mechanism unique to the network, no central authority can poke into the transactions. Therefore, the transaction is safer and users remain fully control of their Bitcoins through the whole process. In this way, individuals and corporations can leverage the facility of the blockchains to manage information, access, and trust across a network.
Entrepreneurial Opportunities
Perhaps the most exciting piece of the blockchain puzzle is how the technology can enable a whole new wave of entrepreneurs to build more quickly, more efficiently, and much bigger than ever before. Here are some ideas that can help entrepreneurs:
- Verification of Supply Chain: Blockchain can transform the supply chain in three main ways, i.e, tractability, transparency, tradeability. Apart from these three, other benefits could be more interoperable data, offers scalability, improves inventory management, reduce or eliminate frauds & errors, increases trust between stakeholders.
- Fully Automated Legal Agreements: Blockchain, through smart contracts, can speed up the process without any human interventions which slow down the entire process. A Smart Contract is a self-executing computer software piece enforced in a decentralized platform like Ethereum.
- More Efficient Fundraising: Raising money from the traditional route of venture capitalists can take more time before anything is finalized. The self-verifying system of blockchain can help venture firms to transfer funds in a few minutes after the investment decision. This will speed up the entire process of raising funding and reduce the amount of friction in the fundraising funnel.
- Transparent & Accountable Shipping Logistics: The logistic field is primed for a technological upgrade, and blockchain fits the requirement. Blockchain’s ability to act as a ledger makes it the perfect technology to facilitate shipment tracking, global contracts, and payment processing throughout the logistics industry. Hence, making logistics more efficient and transparent.
- Eliminate Background Check: Blockchain can be used to verify different works and save precious time to be invested in other works. Some of the works like a blue checkmark on Twitter, employment verification in LinkedIn, etc. could use the valuable services provided by blockchain. So there will be no need for the third party for this checking like Equifax, which was breached earlier.
So, we can rightly say that blockchain can provide its services from a mere dating app like Tinder to the source of politician’s funding and more sectors to be integrated after other new technologies like Internet-of-Things(IoT), Big Data, etc. will come into the picture. Not only this, but blockchain could also help the unbanked population in the developing and under-developing nations. Project Libra of Facebook envisions this very financial inclusion initiative to kick start in the near future.
Conclusion
Blockchain’s entrepreneurial opportunities are abundant in every sector, which is now known in the financial sector because of huge investments in cryptocurrencies, particularly Bitcoin. As the knowledge of blockchain is improving, so as the trust of the people in this technology. Like the internet, blockchain will hugely revolutionize the digital world.
To avail blockchain and cryptocurrency related services, you can visit Brugu Blockchain Services.
You can read this related article on Blockchain Startups here.
