Analysis

7 ways Cryptocurrencies and Blockchain Are Changing Entrepreneurship

Since the advent of Bitcoin, there has been a lot of buzz in the business sector regarding the blockchain technology and cryptocurrencies. These technologies have become the latest talk of the town. If the experts are to be believed, it’s only the beginning. Such development comes as a breath of fresh air to budding entrepreneurs, since blockchain-based exchanges of data and tokens have unleashed a sea of new possibilities for entrepreneurs.

The need to present innovative business opportunities that are safe, fast and more transparent is felt across various industries. The blockchain technology is already redefining the world of entrepreneurship, the evidence of which are mentioned below.

  1. Implementing efficient wealth management

Cryptocurrency and the blockchain technology can be used effectively for the management of wealth when it comes to your business. This is why many organizations are working towards creating their tokens for optimum investment solutions, and providing the investors with some remarkable opportunities to manage their wealth without any restrictions or obligations proficiently. Irrespective of whether you are an entrepreneur or a financial expert, there are companies, which will help you manage a portfolio of crypto assets.

2. Enhancing the digital publishing engagement

Digital publishers and advertisers are frantically searching for ways to establish their relevance with one another. Nowadays, conventional banner ads that have very little to do with an article are no longer considered effective in terms of retaining the users. So to fix this lack of relevance issue, some companies have introduced an innovative way of pay-per-article advertising where advertisers can pay for a valuable ad above a relevant article that a target audience will go through on a publishing site.

This technology adopts a proprietary form of cryptocurrency, which is Engagement Token, to boost the engagement. Both publishers and readers can receive tokens on commenting and publishing pertinent content, and advertisers can buy tokens to choose the placements of their ad among relevant articles.

  1. Encouraging the entrepreneurs to integrate various scientific advancements

We’ve taken a huge leap in terms of scientific advancements across every industry the last century alone. But there was no way to decipher the critical data and information, as they were restricted by governments and institutions around the world, thus obstructing the course of continued scientific advancements.

Cryptocurrency and blockchain technology can ward off the hurdles we face in case of scientific advancements by offering everyone access to real-time data. Several companies have already started working on a platform that will allow every individual to take part in initiating further advancements in this sphere.

The system adopted by such companies will incentivize the accumulation and application of molecular data on a global scale using a new crypto asset and blockchain to circulate data and various invaluable resources. The collective potential that we all possess could help us detect a definitive cure for cancer, or fight the Ebola virus, and other significant discoveries that would ensure this world indeed turns out to be a better place to thrive.

  1. Creating a strong medium for consumer loyalty

Customer loyalty is crucial for every business to thrive. To form and develop consumer-business relationships, many entrepreneurs endeavour to build customer-loyalty programs. However, such programs require technical assistance and accurate bookkeeping records, building one more data field for entrepreneurs to monitor and tackle. Naturally, the processes become stressful and tedious.

A blockchain is a pertinent tool that enables the entrepreneurs to create hassle-free consumer-loyalty initiatives, rewarding the regular customers with special discounts and bonuses and nurturing close relationships.

The automated transaction ledger integrated within Blockchain can easily monitor the interactions that happen with different consumers and present consumers’ loyalty status appropriately. There are organizations that allow users to quickly build blockchain-driven loyalty initiatives to align with their existing business strategies.

  1. Making E-commerce more secure

The emergence of e-commerce has made it simple for everyone, particularly during the holiday season. Even though it’s a lot less taxing than driving from one store to another in order to find a certain product or item. It completely redefines the concept of window shopping. Also, the concerns of falling prey to fraudulent activities prevent the users from making certain or as many purchases as they would have.

The integration of cryptocurrency not only reduces the risk of fraud when it comes to shopping online, but it also makes things easier for vendors and sellers as well. Transactions with cryptocurrency are permanent.  Other than the alleviation of risk, adopting cryptocurrency offers more opportunities for worldwide businesses.

Even the most prominent companies like Yahoo and Equifax have fallen prey to data breaches by viruses or hacking that has prompted the release of personal information of millions of consumers. With e-commerce industry becoming increasingly popular, it becomes necessary to safeguard it from online frauds.

Also, there are operations related issues in the e-commerce sector as well. Established organizations are encountering difficulties over adjusting to operation management online. Eastman Kodak, a 129-years old firm, has been going through the same struggle and then finally opted for investing in the development of an encrypted, digital ledger of rights ownership, known as the KODAKOne. Photographers that have been associated with the company can register their previous or new work on it and license them by using the platform.

This system allows them to indulge in secure payment and receive money almost immediately through the advanced technology, without bothering about their work being lifted or plagiarized.

  1. Providing greater access to entrepreneurship education

People are turning out to be increasingly aware and intrigued by the skills of entrepreneurship, and many such people don’t have the resources or time to seek proper education from formal institutions. It’s practically impossible for someone with a full-time job trying to venture into his/her own business to find time to enrol in a regular MBA program.

While formal education may be no longer a necessity, in this case, many new entrepreneurs often look for comfortable and cost-effective learning opportunities. That’s why the flexible, valuable and affordable educational options are helpful for them to hone their skills that are mandatory to grow their businesses. Some organizations use the blockchain tokens to offer digital courses, video content, and personal tutoring to the budding entrepreneurs. Such courses tend to touch upon topics like management and investment techniques.

The token’s automatic smart contracts and immutable ledger render the transactions that offer these learning opportunities that are efficient and affordable. Entrepreneurs only need functional internet connectivity to access the educational content.

  1. Building trustworthy associations

Entrepreneurs tend to prosper within a network of mutually supportive associations that allow them to initiate their business endeavours. Many such associations, like the ones between the investors and founders, often transform into unofficial or official contractual agreements. When these associations don’t work out, and deals fall through, that’s when the entrepreneurs struggle. For instance, a product launch could be jeopardized if a deal with a manufacturer is cancelled.

In such cases, smart contracts and Blockchain signatures offer impactful and reasonable options for entrepreneurs looking for dependable legal contracts. Some organizations offer tools for users to create and personalize legal agreements and smart contracts using the blockchain technology.

So having the blockchain technology and the access to cryptocurrencies could remarkably transform the way entrepreneurial responsibilities are perceived.

 

Author Bio – Ava Smith is an entrepreneur and activist of women’s rights. She has pursued her MBA from Australian National University. She has recently joined Assignment Help Company as an essay typer.

 

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