Startups are very important for the economic growth of a nation. They introduce new job opportunities and the latest technologies like the internet of things, artificial intelligence, etc. Since the number of startups is increasing day by day, competition between them is also increasing.
Role Of Crypto And Blockchain In Boosting Startups
Startups can make huge benefits by making use of Blockchain technology. In this article, we reveal how crypto and blockchain helps to boost startups. Below given are the ways in which crypto and Blockchain boost startups. Let’s see them.
Funding is the most important factor for any startups. As startups are playing a critical role in economic growth, investors are very much interested in startup investing. But there are some political barriers that prevent direct investments. The existing policies limit the direct foreign investments of these emerging markets.
Blockchain-based investment policies make this easier for startup owners and investors. URIS is the new crypto funding platform that makes it possible. URIS is a non-profit organization founded by a mix of entrepreneurs, venture capitalists, and independent investors. It is launched to give young companies easier access to funds, tools, and guidance.
Secure accounting & Operational data
Transparency is very important for Blockchain as it uses powerful cryptography to approve transactions in the blocks of the distributed ledger. The digital records are stored in multiple computers, so no record can be deleted falsified. This helps the startups to secure all operational and accountable data. This also makes data accessible to all authorized stakeholders of the company.
Easy to view transaction history
Storing and viewing transactions is quite easier by using Blockchain technology. This will help the business to record all the details from its source to the final stage and detects whether any malpractices have occurred. This also helps to increase the trust of the company.
Ensures good customer service
Blockchain has the potential to transform the way companies interact with customers. It is a platform for decentralized computing that enables anyone to exchange value to anyone else without the involvement of a central authority or a third party. Blockchain also removes friction and frustration from the customer experience. Startups will be able to offer their customer services to freelancers by smart contracts.
Security to the user’s sensitive data
People don’t trust each other. So data should be shared in a secure and tamper-proof platform. Blockchain has the potential to increase transparency, reduce costs, enhance security, and to increase the efficiency of the total system. Enhancement of data security is the primary advantage of the Blockchain platform as it is encrypted and stored in a decentralized ledger. The most important feature is that the users have complete access over the data and they can change or update them whenever required.
A startup is a young company or an entrepreneurial venture in search of enough financial backing to get off from the ground. Blockchain is an ideal platform to boost your startup. Ideas are always easy to build up, but it’s difficult to implement them. If you need to start a business, this article is a perfect guide for you. Know your projects better than anyone, know your customers, and have a burning desire to succeed.