The secret of high efficiency?

January 10, 2019 Blockchain

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Blockchain: the concept / technology as powerful as the Internet has shifted from the moment it was considered to have been overestimated until now when it became an important part of a number of industries, banks and government.

While technology has made a prominent place in a series of high-level processes and has found associations between a number of major brands such as:

A general hypothesis has been that the disruptive technology is practical only for the big names in the world and, consequently, has become very unapproachable for mass use, unintentionally.

Our intent today is to remove the hypothesis and to do Startup blockchain a technological event that can be implemented on a large scale by companies and industries of all sizes and in all categories. While, there have already been several use Blockchain cases in Enterprise setup, are startups that must reform with the power of Blockchain on the back of them.

Something to which we will deal with in this article.

This article is to let you know the skills of Blockchain for startup and how it can be used not only to make your business efficient but also to mark it as a highly innovative brand. We will help you identify the ways Blockchain Startup it can affect and make your processes much easier.

What can Blockchain do for your startups?

You can make yourself early adopters

Just like the early days of the Internet, the Blockchain world is underdeveloped to an enormous degree. There are a number of critical elements that need to be addressed before Blockchain becomes a mass phenomenon.

For startups who are willing to act as quick minds and follow the flag strategy of the establishment, there is a golden opportunity to conceive and grow a community before the space becomes too crowded Blockchain business applications.

Investing time and resources to develop a business model with Blockchain at the heart of the processes or even an important part of the work mechanism will automatically give startups an edge over others working in the same domain – something that all startups need in a moment where there are thousands of companies working in the same category, fighting for the same piece of the market.

It can replace old-fashioned processes with digital systems

A number of startups operate on some or other form of legacy software or outdated infrastructure, which not only increases the cost of conducting business but also makes them inefficient and inconsistent to a large extent.
Furthermore, a large number of vital processes are manual in nature, which means that they are subject to a massive risk of human error.

With Blockchain for small businesses, startups will be able to solve a large number of these problems. The technology is known to decentralize the segregated data pool among a large number of different processes – something that solves the needs of startups to rely on manual work to collect and process data.

It can protect their data

Computer security is a point of concern for companies of all sizes in all sectors. Global spending on cybersecurity-based services and products such as automation and IoT is estimated to increase by $ 1 trillion within the next five years.

Noting the unbelievable safety evidence that Blockchain systems are coming, they are quick to become the way we collect and organize corporate data – and a primary response behind the question about because companies use Blockchain.

All data collected in the ledger are automatically encrypted with the newest and largest cryptographic methods, warehouses are only accessible through a key-value mechanism that validates and authorizes identification before granting access.

Furthermore, the decentralized mechanism of Blockchain for small businesses reduces the security risk to a large extent. Because the distributed system can not be manipulated by a single entity, it is impossible for hackers to modify data without warning all users of the network, which protects against corruption and returns control to actual users.

Now that you've seen how Blockchain can make your startup more efficient, let's look at ways you can use technology in your startup to make your business more efficient, transparent, and decentralized. The answer that is equal to that of Because companies use Blockchain.

ways Blockchain for small businesses it can be used for better processes

Here are some of the best Blockchain applications in your company –

1. Payment and transfer of money

One of the most common Blockchain applications in a startup is seen in use of technology in the payment domain and money transfer.

The current story is that Blockchain is ready to transform transactions and startups are known to deal with a number of suppliers around the world, to take advantage of high-quality, low-cost services. Blockchain with its cryptocurrency element is useful for making cross-border payments easier and much cheaper than traditional payment methods, which are blocked by high transfer costs.

2. Creation of contracts and permanence

While you're starting, there are a number of contracts you'll need to involve – with your interior designers, your food and beverage distributors, your offshore software development company, and a number of other third-party stakeholders.

With so many contracts to do and ensure to be followed, the use of Blockchain in the business world can be very useful, through the Smart Contract route. Since we have already talked about the concept in our Smart Contract Guide first, we will not go too deep into the mechanism here, but what we can tell you about Contracts and Blockchain is that it is impossible for any of the parties involved to break the Smart Contract.

3. Distributed cloud storage

A distributed cloud storage includes decentralized peer-to-peer cloud storage solutions. Using the combination of encryption and Blockchain to protect files on both (transmission and nodes), decentralized cloud storage makes files unblockable and Blockchain a useful element of your startup.

In other words, the distributed cloud storage system exists when every element of cloud storage, such as processing, transport and storage of data, is inserted into the blockchain ecosystem.

When this happens, every data – how it has been moved, who has carried it out and how it has been governed can be seen by anyone with access to the Blockchain. A system of this kind helps to provide full accountability, traceability and transparency for the cloud and the entities that use or manage the cloud.

4. Protection of digital identity

Another crucial application of Blockchain in companies is Identity Management.

Identity management is something that the world suffers from. Regardless of the type of company or team you belong to, you're never really sure if your identity is spread on the Internet and, in the worst case, in the hands of hackers.

In the case of startups, what happens is that, in a search for efficient growth and performance, they register and subscribe to a number of websites that in some cases can be harmful.

Blockchain, in this case, can be used as a platform to protect identities from fraudulent activities. Technology can help companies manage reconciliation and authentication problems faced by a range of industries. In addition, it allows companies the freedom to develop encrypted digital identities that replace user names and PINs with complete security elements that save the resources and time of institutions and their customers.

5. Supply chain management

There are several ways in which Blockchain can be used in business when it comes to the Supply Chain Management process, to make it more real-time, accessible, transparent and efficient.
Here are the different Blockchain applications in SCM –

Monitoring of the place of origin

In the blockchain-based supply chain management process, sourcing and storing records becomes very easy for accessing product information via embedded RFID tags and sensors. Everything related to the product, directly from the current state, can be monitored via Blockchain. Along with this, origin detection can also be used to detect fraud in any part of the supply chain.

Cost reduction

when Blockchain is used in the supply chain to speed up administrative processes, the additional costs that occur in the system are automatically reduced with guaranteed transaction security.
Secondly, the elimination of intermediaries and intermediaries in the supply chain reduces the possibility of duplicating products, frauds, saving them a lot of money.
Payments made can also be processed by suppliers and customers in the supply chain with cryptocurrencies rather than relying on EDI.

Establish trust

Trusting complex supply chains with many participants is necessary for regular operations. For example, when a manufacturer shares his products with suppliers, he should be able to depend on them for the following factory safety standards.
Furthermore, when it comes to regulatory compliance, such as security authorities, trust plays a key role. The immutable nature of the blockchain in the supply chain is well designed to avoid tampering and build trust, marking confidence as the primary application of Blockchain in business.

6. Quality customer support

There are two ways through which Blockchain is used in the business world to increase the quality of customer support.

Data cleaning
Whether it's inept data import tools or human negligence, CRM users worldwide have to handle inaccurate or duplicate data at some level. With blockchain in place, a customer can have his own personal block that presents companies with a unified and accurate image of their personal information, past transactions, subscriptions, etc. Hence, blockchain helps these companies circumvent the problem of inaccurate, obsolete and duplicate data records altogether. This allows better information on customers and helps companies to involve them more effectively.
Loyalty programs
Loyalty programs aim to generate profits by adding value to the customer's experience. However, due to their variable mileage, volatile value and related privacy issues, they are cumbersome for customers and produce a low ROI. However, in a very similar way to cryptocurrencies, brands can use the blockchain to reimagine and reinvigorate their loyalty programs.

With blockchain, consumers would have a single decentralized portfolio compatible with all brands. They would not be bound by the rules and the limits of the individual brands and the redemption of the points would be considerably simplified. The consumer will have much greater control over the whole experience and the brands will complete their portfolio by offering them better offers.

7. Advertising and promotion

The need for promotion while it is necessary for companies of all sizes is something that is not recognizable for start-ups that are just starting and need awareness in the market.
Even after being one of the most important elements of a company, the advertising industry is full of a number of shortcomings that make it unnecessarily expensive and opaque for startups.

When Blockchain is introduced into the mix, there are a number of items that are sorted and optimized on the promotion front.

We see the benefits of using Blockchain in your company in terms of decentralized advertising.

Better audience targeting

Previously, as a marketing operator, we relied on more than one source to get information about users' buying habits. But now with blockchain, advertisers will have the freedom to create buyers' demographics by directly obtaining the necessary information from the buyer.
The technology will collect all the information that users want to share their purchase model and bring them to advertisers.

The problem with online advertising is the lack of knowledge about the fact that it's hard to know if the people who clicked on the ads were real buyers or paid clickers. However, since the blockchain is transparent, advertisers can easily understand if the clicks they are getting, even if they come from the target population or not.
In this way, the advertisements would prove to be of value in money.

Many times, it happens that you see an advertising banner on the price list of Facebook of the product as N, but when you visit the site, the number is displayed as X. The identification and correction of problems like these are the tasks carried out by the verifiers of the announcements, to which the networks pay a lot. However, blockchain helps to ensure that the actual information is exactly the same as that shown in an ad.
Reduce the high cost associated with the ad control process.

Management of advertising inventory

As we all know, ad space is the space advertisers make for ad sales. It can be calculated on a monthly basis. The information that is entered into the entire ad inventory management cycle: number of space, length of the ad, record keeping of which day is assigned to which brand, the amount that must be charged based on the location of the space etc. – they are too many to manage manually. Using smart and blockchain contracts, brands can not only better manage inventory, but also receive payments from advertisers on time.

8. Generate funds

One of the biggest signs of success for any startup and also the one that helps them grow to their maximum capacity is the amount of investments they receive. When your startup is supported by investors, do not become just a point of reference from which to draw, but also get sufficient funds to support your needs for growth and expansion.

Now, when we talk about generating funds or raising investments, there are some options available for startups and entrepreneurs: Crowdfunding, Angel Investments, Venture Capitalist, bank loans, loans to small businesses, etc.
While among all these ways of generating funds, Venture Capitalist has established itself as the most preferred form of fundraising as entrepreneurs get not only the funds but also the experience of VC investors, ICO (a fund-raising mode operated by Blockchain) is rapidly replacing the VC model.

There are a number of reasons that have not only brought the demand for VC and ICO to a level playing field, but have also increased the number of fund investments for the ICO fund model. But the ones that make ICO the ideal for you are:

Compared to the VC model that asks entrepreneurs to prepare to validate the financial and market response that shows how your startup or idea is a success, ICOs have a much smaller number of benchmarks to follow, making it easier for entrepreneurs raise funds through the ICO itinerary.

While VC financing operates within a certain geographical limit, ICO can be raised by investors in the UAE while in Australia.

Unlike the VC funding calendar to raise funds, ICO only lasts for around 30 days. Make it much quicker for entrepreneurs to raise funds.

So, here are the many advantages that are labeled with the integration of Blockchain in a startup. But these benefits, like all genuine and validated benefits, do not come without their challenges.

Especially when technology is so disruptive and less explored as Blockchain, the demands of companies that face a challenge in its implementation are very obvious.

Let's see what challenges are faced by the Startups and the possible solutions that can exist to overcome and adopt the technology in the business process.

Challenges that will have to overcome

Complexity in regulations

The biggest obstacle facing the adoption of corporate blockchains is the lack of regulations that safeguard entrepreneurs if something goes wrong. While, there are a number of regulations coming up to improve the rate of adoption Blockchain, the moment you will have a legal regulation in place is still far away.

Presence of legacy systems

Start-ups wishing to take advantage of Blockchain will need to have a DLT infrastructure, something that requires technical know-how and capital. The solution to this is investing in experienced Blockchain developers who know how to integrate the technology into the existing system and then integrate on a smaller scale rather than going all-in.

High-level incidents

For something that has been anointed to be highly secure, Blockchain does not come into possession of hacking and security breaches. The Internet is full of Blockchain hacking events that cause people a loss of millions and millions of money, making security the main factor in keeping Blockchain in full adoption by companies.

The solution to this challenge is the use of the private or authorized Blockchain ecosystem instead of Permissionless or Open Blockchain. By making Blockchain Authorized, add another level of security to the mechanism, making it completely inaccessible. In addition, as the number of affected parties decreases in this case, the throughput time increases to multiple, making it easier to manage multiple transactions at the same time.

Now that we've seen how Blockchain can make Startups more efficient and the probable challenges along with the ways you can conquer them, it's time to look into the Blockchain platforms that you'll have to work on to use the technology in your startup.

Business blockchain system platforms

Here are the platforms we have trusted for the development of the enterprise level Blockchain system for your Startups –

Hyperledger fabric
Quorum
VechainThor
R3 rope
Hedera Hashgraph

As can be seen, corporate blockchain systems typically have much more throughput, less latency, and much less complex consent protocols than standard public blockchains such as Ethereum or Bitcoin.

With this, you not only know why invest in Blockchain to improve your startup efficiency and the various Blockchain applications in your company but also how to establish oneself as an innovative company but also which platforms to use to make it possible. What remains now is to get in touch with ours Blockchain app developers and start with improving your startup.

Continue to explore the product design landscape with these useful resources: Blockchain for the startup of startupblockchain

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