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Sunday, August 14, 2022

Block chain opportunities for entrepreneurs

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One of the greatest technological advances of all time is the Internet. This technology provides tremendous amounts of information, makes communication easier than ever, and has transformed the modern business world. For these and other reasons, a life without internet is hard to imagine. If you could go back in time, you could make a lot of money by investing in the internet. Of course you already know it, with a drop of 20/20. What’s harder is knowing how to spend your money and time now. How do you know if a technology or a business will grow or fail? One of the best decisions you have is to invest in a proven technology or industry. For example, you might have invested in Uber, even though there was a productive taxi industry at that time. More importantly, you can invest in a development known today as “a new kind of Internet” – blockchain technology.

Blockchains have been causing a stir over the past year due to the astronomical gains that investors have seen during this period. However, it is important to note that blockchains are still in their nascent state. Many observers compared Blockchains in the year 2018 with the Internet around 1994. This means that the blockchain room is ripe for corporate aspiration. From the bank to the legal administration and supply chain, blockchains have a very wide range

Listed below are blockchain opportunities

Financial Services

  • Because most currencies have fallen away from the gold standard in one form or another; There is a need for a global reserve currency. Due to the fractional reserve bank and the ceaseless pressure on fiduciary funds, the global money supply continues to be sown. This becomes problematic for people who have their savings in these trust currencies because they continue to lose purchasing power. For this reason, blockchain-based credit and loan services are required that allow much more transparent systems. The introduction of transparent financial systems will prevent future financial crises such as the 2008 financial crisis. Blockchain-based payment gateways also offer several advantages over traditional gateways, such as higher speeds and lower costs. , Request Network, Kyber Network, and OmiseGo are the main payment processors in the blockchain range, but none of them currently have a working product. Therefore, it is an excellent opportunity to compete in this field.

Smart contracts are legally enforceable

  • A smart contract is the software that executes itself and can be applied decentrally to platforms such as Ethereum. Smart contracts can be programmed to make a financial or legal transaction based on a variety of conditions, if and when. Combined with decentralized oracles, intelligent contracts can handle a variety of everyday legal tasks that are otherwise slow and costly. Because intelligent contracts can be integrated into virtually any Ethereum network application, they can be very useful in applications related to manufacturing, supply chain management, and contracts. For example, intelligent contracts can be used in a supply chain to verify the authenticity of the goods at each checkpoint.

Internet of Things

  • The world is moving towards more and more intelligent devices. From refrigerators to coffee makers and even public transport. As these smart devices become more common, solutions must be found to keep them safe and effective. Blockchains provide a good use case for this scenario due to their nature without trust. As new devices are added to the Internet of Things, machine-to-machine (M2M) transactions will soon become more numerous than P2P transactions. The existing payment infrastructure could not be used in this case as the fees charged by them are quite high. It would require a global network capable of developing at millions of transactions per second and managing micro-transactions at no cost. IOTA is working to solve this problem, but it is far from a finished product. At present, the IOTA network is very centralized and could therefore compete fairly in this area.

Checking the supply chain

  • Blockchain also helps to check things like ethical sourcing, avoid counterfeit coins, and insure against child labor practices. The introduction of verified supply chain transparency will expose many of the uncertainties that have beset companies since the beginning of global sourcing. In addition, companies can verify that their suppliers meet their procurement requirements.

Access to Capital

  • A massive entry barrier for entrepreneurs with ideas is to raise capital to finance their projects. And in many parts of the world outside the United States, entrepreneurs have no access to modern fundraising and fundraising tools that could provide them with efficient and cost-effective money for their businesses. Many of the credit mechanisms in most parts of the world are not optimal for small, growing businesses. The cost of traditional loans is limited in additional fees and minimum deposits. All of this only adds to the challenge of starting a business that is already very difficult. Blockchain will ensure that every entrepreneur from all over the world has at least access to capital. While not all ideas are equal and eligible, at least all creators will have the opportunity to raise money for their idea as digital currencies like Bitcoin will work regardless of geographic location. In other words, everyone is able to accept and send cryptocurrencies without fees and hidden international exchange.

More effective fundraising

  • Startups are about to move fast and solve problems as quickly as possible. One of the biggest problems with building a business is investing time and expensive resources in the fundraising process. Obtaining funds at the right time and from the right people is extremely important and essential to your road map. However, you need a lot of time to get away from your core business. In fact, raising money from traditional investors can take months of meetings, travel and emails before everything is done. Entrepreneurs are in business, moving fast, spending no time collecting money. Using a block chain, a self-auditing system, venture capitalists can transfer financing within five minutes of their investment decision. This will speed up the entire fundraising process and reduce friction in the fundraising funnel.
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