If you are forming a startup, you have likely heard of the cryptocurrency bitcoin, the first cryptocurrency to hit the world stage. Cryptocurrency is making changes to markets worldwide. However, the platform through which bitcoin is exchanged may make more of a difference for your startup than the currency itself. That technology is blockchain. It is what makes the buying and spending of cryptocurrency possible.
Today, people from all over the world are embracing blockchain and bitcoin, with a growing number of bitcoin wallets supported by licensed companies. Cryptocurrency trading technology has significant potential for all kinds of industries. Your startup can profit from the advantages this technology provides.
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A Path to Funding
One of the most crucial factors for startups is funding. Funding makes or breaks companies that are just starting out. Investors are ready to support your endeavors. But a myriad of factors can prevent investors from getting funds to your company. But new platforms now exist which allow all the right people to come together from all over the world, enabling better and increased funding opportunities.
Blockchain and Accounting Transparency
It’s crucial for all of your accounting to be in order when you build a new business. Your commitment to accuracy in accounting will offer peace of mind to investors and stakeholders. Blockchain technology provides real transparency through a public ledger. Entries are stored permanently and can’t be changed or altered in the public ledger. As a result, the technology allows all your stakeholders access to an accurate report of your financial situation.
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Blockchain Builds Trust
All new companies must begin building trust from the beginning. Established companies are ahead in the competition for investor and stakeholder trust. Startups must use all the tools at hand to encourage investors and stakeholders to take a chance on a trustworthy endeavor. Blockchain can go some way toward helping a startup establish a base layer of trust, specifically in terms of data security.
Blockchain puts customers in the driver’s seat when it comes to the information they share, so they can make educated decisions about what to share. The blockchain platform encrypts customer data and stores it in decentralized locations. Everything is kept safe and secure, out of reach of cyber-criminals who may be looking to steal data. Peace of mind is vital for customers, and for a startup, blockchain technology can help to provide it.
A Way Forward
When you form a startup, it makes sense to see how blockchain technology can work for you, your customers, and the sector you’re entering. Blockchain will undoubtedly have a positive effect from the very beginning. In fact, blockchain is with you every step of the way, making the transition into successful business easier and safer. When your startup utilizes blockchain technology, you communicate that you are keen on innovation and on protecting your investors, stakeholders, and eventually, your customers. That is a way forward for success.