Blockchain and cryptocurrency are digital ledges used for securely sharing economic transactions in a decentralized database. They offer increased security by eliminating data duplication and providing data integrity with a single source of truth. Over the years, technology has undergone significant changes. These changes have affected startup businesses both positively and negatively. They have disrupted business models based on old technologies and inspired new ones like most technological companies we know now.
This shift has inspired a significant number of new business owners to seek to understand blockchain and cryptocurrency. These individuals are more focused on commercial opportunities and how they affect their businesses and the market in general. The core features of cryptocurrency and blockchain, transparency, truthfulness, immutable, public but private with personal data, secure, direct, with 24/7 availability, and accessible to every user with an internet connection, have greatly affected startup industries.
Providing secure transactions
Many startup industries have been subjected to losses through insincere business counterparts who target them and swindle the little capital they have, diving them back to the ground and in debt. However, with blockchain and cryptocurrency, startups have been assured of safe and secure transactions. Their ledgers are public and their data is verified and encrypted using advanced cryptography.
They also use the distributed ledger to verify products’ authenticity and trade status by tracking them to their origin. That process helps businesses buy and sell securely. In addition, these technologies are less prone to hacking and risks of personal information being changed by third parties.
Providing faster payments
Cryptocurrency significantly reduces time delays and human mistakes. Unlike other services with grace periods that money takes to mature, blockchain and cryptocurrency offer faster payments and are also 80% cheaper. All transactions are documented in permanent decentralized records with close monetization and transparency. Due to this, many startup companies are accepting cryptocurrency as a payment method.
Providing a seamless sales process
Startup industries tend to go for the new technology business models and pay no attention to older models. That directly results in an improvement in crypto and online sales. These technologies share the goal of digitizing all assets, automating processes, and eventually providing a seamless and frictionless sales process. Investors are incentivized to make the best possible decisions for their companies, leading them to a parallel and successful path.
Some industries may run out of business
Blockchain and cryptocurrency are meticulously taking over the financial sector worldwide. With new businesses opting to accept cryptocurrency as their payment methods, startup financial industries are losing customers and revenue. The loss is inevitable for most companies if they do not change their business models to adapt to the changing technology due to the fantastic security of liquidated assets crypto offers, unlike cash.
These technologies also help startup industries analyze, research, consult and predict future sales and market prices. That’s a tough offer to pass.
The Plan by Dan Hollings article says that past performance is not indicative of any future results. Therefore, when investing in cryptocurrency or Blockchain, it is imperative to do intensive research and look at it as a long-term investment to garner maximum profit.
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Chatwalee Pingkasan is a full-time creative content writer. Digital marketing, lifestyle travel writing, and the practice of self-care are currently her main interests. Follow her on LinkedIn.