7 Ways Start-ups Can leverage Blockchain
The blockchain, a revolutionary technology in recent times can do much more than just cryptocurrencies. The potential of blockchain reached way beyond our imagination. The digital disruption of blockchain technology is impacting all major industries in multiple ways. Here, let’s discuss about a few areas, where start-ups can unleash the power of blockchain implementation in business.
1. Transparent and Accountable
The most efficient features of block chain any business can count on are transparency and accountability. Since blockchain implemented network is decentralized, start-ups can act vigilant in monitoring the transactions. The information once moved on to the ledger is immutable and validates transactions using smart contracts, hence improves the trustworthiness of organizations.
2. Take advantage of being an early adopter
As blockchain has been evolving in recent years, numerous opportunities are yet to come going further. Hence, start-ups can open the doors for this innovative technology to take over the new businesses. Early adopters gain a great advantage in outperforming competencies and develop a firm blockchain network a way before the technology reaches saturation. Start-ups can create a defensive environment by investing early, in this potential technology for business advancements.
3. For privacy and security
Privacy and security are the concerns of any organization, whether it’s just started or well established. Since Blockchain implementation is incorruptible, it’s the best way for start-ups to store and manage business data. All the information which is moved on to a ledger is encrypted using efficient cryptographic methods. The decentralized nature of blockchain reduces the risk for start-ups.
4. Employee background verification
Since most of the start-ups run with limited costs, an uncomplicated modification of the system could streamline them. The blockchain adoption to create an ecosystem where the employee details like past employment experiences, designation and job roles are accessible to the employer, can save great amount of time and resources. Since such information on blockchain is irreversible, HR can verify the claims made by the candidate.
5. Fully automated legal agreements
Start-ups can utilize blockchain in the time consuming process of legal agreements and documentation. Blockchain will eliminate the delay in business contracts that require signature and approval of parties by fully automating the process. Immutable documents and time-stamped digital signatures leave no scope for disputes or ambiguity. Through automation and blockchain adoption in legal agreements, start-ups can have the proof of all legal transactions and interactions of the business, thus minimizing the risk.
6. Fundraising for start-ups
The most common hurdle that start-ups come across is raising capital for the new business idea. Though numerous ways of lending are available through pout the world, they have a few restrictions and are not commonly accessible by start-ups or growing companies. By eliminating the middle men in raising capital, start-ups can utilize blockchain to receive funds for their ideas in the form of digital currency, from anybody and any part of the world. Cryptocurrencies also control additional charges and does not restrict the accessibility to lending process.
7. Supply Chain verification
Another effective use of blockchain comes in supply chain management. If the start-up is associated with vendor supplies, Blockchain helps businesses in knowing the supplier, identify any suspicious activity during the supply chain and can also avoid uncertainties. This will also ensure that suppliers meet the requirement. Through the system’s transparency, products can be tracked in real-time and it avoids counterfeits.
Athena helps enterprises and start-ups in dealing with existing challenges, risks and inefficiencies through its blockchain services. Let us navigate your blockchain journey, whether you are just getting started or actively moving into production. To contact us Click Here