It is no surprise how the introduction of cryptocurrencies and blockchain are changing the world, one day at a time. Every day, a big bracket of news related to cryptocurrencies and blockchain come out in the media, showing their powerful influence on the world’s greatest economies.
If you have been keeping an eye on the latest news in technology and finance over the past few months, however, then you’ll know the potential that blockchain and cryptocurrencies will likely have on the rest of society.
This is how Cryptocurrencies and Blockchain are already contributing to real-world improvements in the world of entrepreneurship.
Access to entrepreneurship education
For people to learn about Entrepreneurship, there’s not enough space to learn about the basics while already doing the 9-5 job. For this, to burst the bubble for you, Formal education isn’t a requirement as now many new entrepreneurs seek flexible, reliable and affordable educational options to help them develop the skills needed to launch their businesses.
For eg. SuccessLife is using blockchain tokens to offer video content, digital courses and personal coaching to aspiring entrepreneurs, covering topics such as management and investment techniques.
The token’s immutable ledger and automatic smart contracts render the transactions that provide these educational opportunities reliable and cost-effective. Entrepreneurs only need an internet connection to access the educational content.
Providing user-friendly financial tools
To keep cryptocurrencies empowered, and to make it possible for them to stay in the game, many new business ventures are using cryptocurrencies in addition to fiat currencies in order to manage their financing, either in the form token sale or an entrepreneur raising funds through adroit trading on crypto exchanges. Managing multiple fiat and crypto accounts, however, has always been a complicated task.
For eg. Zerta is a next-generation trading platform built by a leading team of exchange technologists and entrepreneurs. The platform connects an exchange, a crypto and fiat wallet, and a bank in a single ecosystem. As crypto adoption becomes more prevalent, it is important to focus on education and ease of use, especially within financial services
More Efficient Fundraising
Startups are about moving quickly and solving problems as fast as possible. One of the biggest points of friction in building a company is having to allocate expensive time and resources in the fundraising process. While raising money at the right time and from the right people is extremely important and critical to your roadmap, it does take tons of time away from your core business.
In fact, raising money from the traditional route of venture capitalists can take months of meetings, travel, and email back and forth before anything is finalized. Entrepreneurs are in the business of moving quickly, not spending time fundraising.
Using a blockchain, a self-verifying system, venture firms can transfer funding in as little as five minutes after making their investment decision. This will speed up the entire process of raising funding and reduce the amount of friction in the fundraising funnel.
Developing customer-loyalty platforms
In a distributed ecosystem, built with blockchains, the power lies with the customers. To nurture and grow healthy business-customer relationships, many entrepreneurs try to create customer-loyalty problems. Such programs, however, can pose more technological headaches and bookkeeping hurdles, rather than managing the customers relations.
Blockchain is an ideal tool for helping entrepreneurs develop low-stress customer-loyalty programs, rewarding repeat customers with special incentives and fostering close relationships.
Blockchain’s automatable transaction ledger can keep track of customer interactions and adjust customers’ loyalty status appropriately. For eg., Blockpoint, allows users to quickly set up blockchain-based loyalty programs to integrate with their existing businesses.
Creating reliable agreements
According to Tom Golway, chief technologist at Hewlett Packard Enterprise, Blockchain is the proverbial missing link that would empower legal agreements to operate at a fully automated level. That is, because blockchain is essentially a “smart contract,” businesses would be able to complete the entire process of orchestrating their legal agreements without today’s human intervention that slows the process down.
The hurdle of sending the contracts via email and waiting for a signature, digital or “sign, scan, and email back” can be eliminated by Blockchain. Blockchain will likely remove this delay from businesses that have well defined their terms and clients who wish to engage without the traditional delays of waiting for additional approvals and signatures.
Cultivating new investment opportunities
Broadening investments and introducing coin based transactions to open up new door of possibilities is another Entrepreneur’s concern. For eg. Muirfield has decades of experience facilitating private equity investment opportunities.
Now with the advent of Blockchain and its deployment across the world, Muirfield IP is rumored to be launching its own Tokenized Asset Offering (TAO) in 2018. Not only do token-based opportunities open up the doors for new entrepreneurs to purchase assets, facilitating a TAO also ensures that the laws and regulations regarding security tokens are strictly followed.