The business world has never been the same with the emergence of Blockchain Technology and Cryptocurrency. The changes were the beginning of the transformation that was coming the entrepreneurship way. Blockchain Technology and Cryptocurrency are no longer the new technology that arrived on the business landscape but something that has become a mainstream part of the business world. Entrepreneurs empowered by these technological convenience are in a rush to experiment and create innovative business solutions that are faster and more secure. Here are the six ways that the wonder called Blockchain Technology is shaping the entrepreneurship world in a more advanced way than we had known it.
1. Entrepreneurship Education:
Before the popularity of business studies entrepreneurship had been something that had to do with only the limited few who had the drive and passion. With the emergence of Blockchain Technology there has been companies like SuccessLife that use Blockchain tokens to offer video content, courses and personal coaching to almost anyone who has a flicker of passion for entrepreneurship. Management and investment techniques are now things that are available to people at the click of a button. The fact that the tokens have an immutable ledger and runs on automatic smart contracts make these transactions reliable and cost-effective. People who do not have the time to enrol in a business course can easily hone their skills with the help of these companies. Entrepreneurship education has therefore crossed the threshold of the few and moved on to the commons who has the fire to keep their business dreams blazing.
2. Crowdfunding Opportunities for All:
The Blockchain Technology has made it very easy to have these crowdfunding campaigns. The year 2017 saw Blockchain startups raise an amount of $ 5.6 billion in funds through community campaigns. This crowdfunding that is based on Blockchain technology is so successful that it is attracting a lot of investments from the big guys also.
The traditional crowdfunding market is extremely inefficient. This has led to entrepreneurs taking innovative measures to combine Blockchain technology with crowdfunding to give power to entrepreneurs across the globe.
Acorn Collective is one such company that provides second-generation open marketplace for businesses that are looking at crowdfunding. Any business man who passes the primary screening can make a pitch in the Acorn Platform.
The Blockchain Technology makes the process transparent, and very safe. The fact that this can be accessed by people from any region makes it an entrepreneur’s dream. This helps entrepreneurs to increase marketing support and maximise the chance of a successful project.
3. Rise of User-Friendly Financial Tools:
There has been a rise of user-friendly financial tools. Entrepreneurs are using cryptocurrencies alongwith fiat currencies to manage their financing. However managing both multiple fiat and crypto accounts has been a difficult task. This has led to the emergence of companies and platforms like Zerta that is a next generation trading platform that has been carefully built by a leading team of exchange technologists and entrepreneurs.
This platform works to connect an exchange, a crypto, a fiat wallet and a bank all in one single eco-system. To quote Paruyr Shahbazyan, “We are taking the crypto-trading market up to the level of traditional markets and stock exchanges.”
The use of cryptocurrencies are bound to increase. It is important that entrepreneurs focus on education and the ease of use of the financial services. Companies like Zerta would now have to shift focus to give users a personalised and customisable interface to help all experience levels trade, to send and receive payments and to engage with a community of like-minded people.
4. New Investment Opportunities:
Investment is something that every entrepreneur is looking to diversify. The rise of the Blockchain Technology has opened up new opportunities for the same.
To give an example the company Muirfield has decades of private equity investment opportunities but with the rise of the Blockchain Technology, Muirfield IP is launching its own Tokenised asset offering. The token based opportunities open up doors for new entrepreneurs to purchase assets. This facilitates a TAO which makes sure that the laws and regulations regarding the security tokens in business are followed.
5. Customer Loyalty Programs:
Customer Loyalty programs are essential to every business. Every entrepreneur knows the importance of having a customer loyalty program. But managing a program is not very easy given that it requires a lot of bookkeeping hurdles and creating another huge field for entrepreneurs that they need to manage.
The Blockchain Technology has helped to solve the problem with managing the customer loyalty programs. The automatable transaction ledger that Blockchain Technology has allows entrepreneurs to keep a track of customer interactions and manage customer loyalty status.
6. Reliable Agreements:
Agreements hold the trust of entrepreneurs. The relationship between an entrepreneur and his investors and partners are what make or break a business. Some relationships do not seem to need a contract because of the history of business that runs through the bond. But from a business perspective it is best to have a written agreement to avoid future complications that might arise. An agreement that is not adhered to often inconveniences an entrepreneur. It is best to have reliable agreements written to have a smooth business relation.
The Blockchain Technology comes with the Smart Contracts that provide effective and affordable options for entrepreneurs who are looking at developing reliable legal contracts. There is a company named DocTailor that offers tools for entrepreneurs who are looking at building and customising legal agreements and smart contracts on the Blockchain Technology.
The Blockchain Technology has been shaping the business world very smoothly. The changes that we see now are only the tip of the iceberg of the evolution that is to come. Entrepreneurs must keep themselves aware and up-to-date with the changes that are reshaping the business world. It will help them to thrive in a business future that is very different than what we know. Blockchain Technology is here to stay and entrepreneurs who understand this can be sure of tasting success.