Entrepreneurs consider blockchain to be disruptive as part of a technology with certain rules, which is very safe.
Entrepreneurs need to understand that blockchain is not just about cryptocurrency, its benefits are more than that.
However, the gift of blockchain is undoubtedly valuable to the “cryptocurrency” world, but there are domains and usage cases where Blockchain is far more disruptive than ever.
Why is there so much hype surrounding blockchain technology?
There have been many practices to create digital money in the past, yet they fail always.
The problem in practice is trust. If someone develops a new currency called the X Dollar, how can we trust that they will not give themselves a million X dollars or steal your X dollars?
Bitcoin may design to solve this problem using a specific type of database called a blockchain. In most normal databases, such as an SQL database, there is someone responsible for changing the entries (e.g. giving them a million X dollars). Blockchain is different because no one is in charge; the people who use it runs it.
What’s more, bitcoins cannot be counterfeited, hacked, or spent twice – so people who have this money can trust that it has some value.
What is the main purpose of blockchain?
Blockchain aims to process digital information to be recorded and distributed, but not modified. Stuart Haber and Scott Stornetta first developed Blockchain technology in 1991, two researchers who wanted to implement a system that could not damage document time stamps.
Here are few things entrepreneurs need to know about blockchain
1. Fundraising on blockchain
Blockchain offers a new way of raising funds for entrepreneurs through ICO (initial currency issuance) funding. The most important issue after building a company or building a company for the first time is having funds. The company needs money in the early stages of formation. Thereafter, Blockchain will use for fundraising for product development and research purposes based on Proof of Concept(POC).
2. Seamless infrastructure
The idea of trusting another company that verifies or holds data or information for security purposes based on certain conditions, such as reputation and market capitalization, if one of them has a malicious effect on the computer, can lead to a computer disaster. These companies handle markets with variations in their pricing plans. This manipulation will lead to endless exploitation of the markets, which in turn promotes the organizational structure for the new era of entrepreneurship. This can completely avoid by using Ethereum-led second-generation blockchain.
Blockchain provides the power to destabilize every industry. It implements a real-time democratized infrastructure where power is within the community and does not accumulate with an institution. All cash transactions can be verified over the network and it is not necessary to give financial verification power to a trusted institution like banks or other financial institutions.
Therefore, blockchain is an important concept that is attracting global attention because of the enormous opportunities it offers. So everyone must know that.
4. Running a business with blockchains
Opportunities exist for those who own businesses and are interested in blockchain technologies. Those opportunities are going to be eaten up boldly in the first place, i.e. by those who make previous moves like the first groups who trust the internet. Rather than being too late for the party, be one of that group.