Leveraging by Entrepreneurs with Blockchain Technology
Validating transactions based on the requirements and set parameters is the primary function of the Blockchain, recording countless amount of data history in form of blocks that are highly decentralized, non-manipulative records. Rather than a single person having the key to access the information stored in blocks, anyone can track and store their transactions, using a private key that is important to be stored, having access to your digital wallet that has to be created for all crypto-based transactions. The next five years will see a phenomenal growth by industries moving towards adopting this technology. New entrepreneurs who are adept to this technological innovation waiting to be explored further can transform a whole new wave of businesses.
- background checks by the HR can be eliminated as a mundane process, adopting this technology that will verify the candidate’s profile from popular job sites, using such simple changes can save a lot of time and resources to be deployed in other things
- banks will soon adopt the credit rating company, accessing all your personal information, with this technology to secretly track all your personal credit history and validate necessary information, hiring a credit agency and the time is taken for them to publish the report itself is reduced to a great extent
- legal agreements will be fully automated to include all the missing links that become a pain area during any legal issues, smart contracts take lesser time to process, and the speed at which the entire documentation process is reduced a lot adopting the blockchain that will remove all the hurdles like sitting in your mailbox for a contract to get digitally signed
- recall implication is serious for a supply chain in any manufacturing company, we get to hear, often automobiles being recalled for a defective airbag that is already on roads, adopting this technology will nip the problems at the very source, identifying spurious spare parts, ethical sourcing and avoiding child labor that is rampant in such sectors
- You have a great business idea, but in vain to raise the capital to start up the creative idea, blockchain connects you to the global entrepreneur’s gateway that encourages budding and profitable ideas, you may raise the required capital in lesser time, as there are angel investors and crowdfunding ideas that encourage talented people to make their dreams into reality.
Embracing new technology that will be a game changer is unfolding its wings and spread globally.