Unless you have been living under a rock, you will have heard the word Blockchain thrown into the conversation on many occasions. As it continues to dominate the finance and technology world, we thought we would look at how it can help your startup.
If you don’t know what Blockchain is – here is our simple explanation. It was created to make online trade faster and more efficient. Its peer-to-peer distributed ledger is cryptographically secure, append-only, extremely hard to change and can only be updated with consensus or agreement among peers.
Here are some of the ways Blockchain can help:
- It allows you to keep an eye on Transactions easily; it’s incredibly transparent, safe, and reliable.
- It relies on digital contacts that cannot be altered in any way- increasing credibility.
- Because Blockchain uses a decentralised network, it has little risk of fraud.
- Allows for easy payment. With bitcoin, online payment possibilities are endless, and your business can make payment transactions seamlessly.
How Startups Are Using Blockchain Technology to shake up the current industry landscape:
Retail: Startup blockchain companies in the retail industry aim to shift this balance towards the actual sellers and the middleman platforms.
Health Care: Blockchain technology will allow for safe and global sharing of info across platforms, enabling a more accurate diagnosis.
Cloud Storage: Solutions are currently being designed to overcome the weakness of cloud storage by using blockchain technology.
Real Estate: Platforms using blockchain technology will be used for recording and transferring deeds and land titles, removing the issue of fraud, loss of vital documents and more.
Music and Entertainment Industry: Blockchain technology could enable them in the future to sign smart contracts that could track how much revenue they should get based on real-time purchases.