It’s understandable if you’re still trying to wrap your brain around Bitcoin and ICOs. However, blockchain, the underlying social encryption technology that underpins cryptocurrencies, is relevant to all businesses.
The technology’s far-reaching ramifications are extensively recognized. Blockchain’s rise to the top buzzword of 2018 is predicated on its ability to increase transparency and efficiency, eliminate fraud and corruption, resolve supply chain concerns, and offer people control over their data.
A blockchain may be instantly applied to anything. It will be years before we use an alternative form of payment for the majority of items.
How This Can Be Beneficial to You
When it comes to cryptocurrency, I’m far more interested in the imaginative uses of ICOs as alternatives to venture capital than whether or not someone will eventually be able to use Dogecoin at their local supermarket. That is actual and useful information for businesses and entrepreneurs.
An ICO can be more significant than a quick means to raise funds. Swytch is a green energy token with an imminent ICO. It will use data and analytical modeling to determine the relative environmental impact of users’ energy use and allocate tokens accordingly. It will be based on blockchain technology.
Essentially, they’re establishing a genuine monetary incentive for energy efficiency. They also want to use a Proof-of-Generation protocol to generate evidential proof of energy production in order to take data straight from current smart meters and build a network of trustworthy devices.
It is no longer possible to build a simple ICO. Those were the days. A coin offering at random will not work. An ICO in 2018 must have a compelling rationale, just like any other movement or marketplace.
Last year, it was still new enough to start one and prosper. It’s now the same as pitching anything else: it must have substance and a marketing hook that points to steadiness in an unsteady market.
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Why Should Your Startup Use Blockchain?
The obvious and quick answer is that you may receive additional funding. The Long Island Iced Tea Company changed its name to Long Blockchain Corporation, and money began to flow in.
That frequently used example demonstrates how powerful the keyword is this year. However, there are real reasons to use a blockchain. It is a public ledger capable of storing and managing all forms of transactions. Transactions occur in “blocks” that are time-stamped and linked to one another. Tampering with any information in a block would have an impact on the entire chain, making it impossible to manipulate and more secure.
Facebook’s recent difficulties demonstrate that every firm, no matter how large, is vulnerable to deteriorating public trust if it cannot keep user data secure. There will be a reckoning. Established companies, such as Facebook, will most likely survive and thrive. Startups seeking funding may be unsuccessful.
Most venture funders, in my experience, will now prefer a company that uses a blockchain to secure data and transactions over one that does not. That’s becoming general knowledge. And the entrance hurdle to developing a blockchain is low. It’s actually fairly easy.
Recognize the Trends
Companies are currently willing to pay good money to access your data on a daily basis, without your knowledge or involvement. Blockchain technology can eliminate the need for middlemen, allowing people to authorize their own data as they see appropriate.
This year, pay close attention to this area. Read. Learn. Inform yourself.
Why? Consumers will demand solutions and protection for their data. A paradigm shift is on the road, which always implies opportunity. If you can reverse the process and offer individuals authority over their own data, you will be satisfying a growing demand while potentially generating a very significant business. On a smaller basis, permitting that within your current firm will boost consumer confidence.
Because you’ll know when someone wants to access your data if you have control over it, you can charge companies for its use. ICOs like Sooloox allows users to authorize the use of their data rather than merely providing it, reversing the marketing approach and making it consumer-led. Consumers can exchange their data as a commodity in an open data marketplace.
You do not need to be a technological specialist. But, regardless of business, knowing future consumer needs (privacy, data ownership) can help you identify where and how to position your startup to acquire an investment or find consumers.
