If you are forming a start-up, 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 start-up than the currency itself. That technology is Blockchain, a platform that 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 start-up can profit from the advantages this technology provides.
RELATED ARTICLE: WHAT IS BLOCKCHAIN TECHNOLOGY AND WHAT IS IT GOOD FOR?
A Path to Funding
One of the most crucial factors for start-ups is funding. Funding makes or breaks companies just starting out. Investors are ready to support your endeavors. But a myriad of factors can prevent investors from getting funds to your company. Thanks to Blockchain, 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 & Accounting Transparency
It’s crucial that all your accounting is in order when you build a new business. Your commitment to accuracy in accounting will offer peace of mind to investors and stakeholders. For example, 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, Blockchain allows all your constituents access to an accurate report of your financial situation.
Photo Credit: by Pixabay on Pexels.com
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. Start-ups 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 to helping a start-up 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 start-up, Blockchain can help to provide it.
A Way Forward
When you form a start-up, it makes sense to see how blockchain can work for you, your customers and the sector you’re entering. Blockchain will undoubtedly have a positive impact 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 start-up utilizes Blockchain, 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.