Before we start on discussing the most significant opportunities regarding blockchain, let’s spend a couple of minutes understanding what blockchain is. The brainchild of Satoshi Nakamoto, blockchain often refers to as a new and secured type of internet, related to cryptography.
With millions of cryptographic data being saved on the internet each minute, blockchain allows the growing list not exposed to the third party. The entire information block is linked by cryptography, and consist a transaction data, date stamp and cryptographic hash (Merkle root hash).
Cryptocurrencies were launched in 2008, 10 years back from today in order to make the world cashless and make online transactions only with secured and virtual currencies.
Few popular and ruling cryptocurrencies that as well as profitable are- bitcoin, ripple, stellar, litecoin, bitcoin cash, lardano, ethereum and EOS. However, there are as many as 1500 virtual currencies are there in the industry. But are all of them are making as much profit as bitcoin? The answer is no. Not every currency has the same value or ability to attract clients.
The main concern that customers come across is if cryptocurrency at all safe to invest? Or transact? Well, this is where blockchain come into the picture. Using blockchain makes the transactions safe between the payee and the recipient.
It has been designed in a way to typically manage one to one network, adhering to a protocol for inter-node communication and collateral new blocks. Once recorded, the information in any given block can’t be altered. Though blockchain records don’t seem to be unalterable, block chains are also thought of secure purposely and exemplify a distributed system with high traffic.
So, here we have listed 6 main promising opportunities that blockchain may offer-
Before you start using blockchain thinking that it’s very necessary for your agency to grow, make sure you understand what blockchain actually does. Sit and think for a couple of days if your business ideas are competent to allow blockchain as a payment method. It’s been seen that companies with already a steady transaction system had complicated their process after allowing blockchain into it.
A health and efficient business flow might get hampered by blockchain. So choose wisely. On the other hand, the business that has international spread can always implement blockchain into their business. Take a famous retailer with international reach as an instance. They have implemented the blockchain solution into their business for creating a more trusted supply chain.
However, they have greatly benefited. Companies who are well acquainted with use the technology, improve trust and efficiency among its clients and take minimum time to react to supply chain problems and detect issues from days to seconds.
Before you start using blockchain, it is important to know the shortcomings. When you run a business, it is necessary to know what are the challenges or difficulties that may appear when the ICO (initial coin offerings) are in action. Even when the business is running in full action, you can expect the blockchain working partially. A blockchain works in full swing only and when it finds a high number of users. Without a community of users accessing and transacting in order to be in the business flow, the idea of blockchain will not work. The more number of users are there in the ecosystem, accessing to bigger values of coins to buy and sell, and invest, the system will attract more attention. With a smaller number of audiences, it’s more likely for the agencies to encounter with more issues while using blockchain.
When you are into an online business and love to hate monetary transactions, blockchain is a great idea for you to minimise hassles. With blockchain, you will start accepting payments in about no time. Your transaction would be cashless and safe, also ready to use for further investments.
Also, with emerging opportunities of only virtual currencies being the only method of transactions, it’s always safe to invest in some now when the rates are low. Simultaneously, if you have a business idea and you could not execute it thinking of the monetary hassles or if payment gateways are preventing you from registering your company or complete the legal process, switch to block chains.
You can create a wallet there, set up an API and start accepting due payments instantly.
Another opportunity when you start using blockchain is that you are free from any and every middleman that comes during the payments in other transaction systems. Middlemen exploit industries, and when it comes to payments, middlemen keep their profits in the pocket, hence connecting the consumers and the supplier.
Thus, the cost of products or services increases a lot. Consider Ethereum if you want to get connected to social enterprises on the Blockchain that can benefit directly from programmers, entrepreneurs, social entrepreneurs, miners, etc.
Blockchain can be your best friend if you are stuck with a business idea just because you do not have funds. It’s always easier to raise funds by using blockchain and cryptocurrencies. It is said that when you have an idea to lunch, it’s very tricky to find funds to at least initiate the business.
It’s the biggest hurdle to get in touch and manage real-time monetary transactions. However, by conveying your idea to investors who are already into ICOs, or are interested in investing suing cryptocurrencies, you will get in touch with the right people to raise investments.
Have you been a programmer all your life? Are you in search for a platform for a platform to connect with more like-minded people who would pay you right away you have worked for them? Blockchain is one of the most positive ways to encourage participants in the workforce even without managing funds in real time.
In blockchain solutions, smart contracts are an integral part of creating a tokenized ecosystem. Users have experienced this platform as healthy, while both sides of the transactional paradigm can be trusted as access to blockchain is limited.
Online and virtual businesses are now trying to figure out how to create mutually beneficial dynamics with their block chains. However, people seeking solutions can projects of SiaCoin as an example.
In SiaCoin, one can lend unused hard drive space to the network and get paid for that in any chosen cryptocurrency. And with these cryptocurrencies, the buyer can store more private space on the decentralized cloud.
However, one cannot deny the volatility that cryptocurrencies are into. In several studies, it has been found that cryptocurrency market volatility has a high chance to hamper business operations. It is because when people cannot see a proper method of payments, they could not incorporate with the idea of instant currency exchange, that too virtual.
Often investors step out from investing keeping in mind that swift upwards or downward swings in the value of cryptocurrencies can be the reason of lost money on the transaction unnecessarily. However, one cannot deny the risk factor that cryptocurrencies and blockchain platforms are into.
And this is the reason why many social media platforms have totally stopped advertising block chains and cryptocurrencies. Platforms like steam and stripe have stopped accepting payments via cryptocurrencies keeping market volatility and ever- processing environment in mind.
So how do the regulatory agencies take action in managing the market volatility and make blockchain a significant platform of trusted transactions?
As of now, regulatory entities have not initiated any unified regulatory approach regarding using, accessing and transacting through blockchain. So if time is, one can make changes in the business law. Furthermore, enforcement agencies are taking action to ensure these activities conform to securities laws, with Securities and Exchange Commission recently conducting investigations into the line of companies and investors.
People having overtly financial ideas are not immune to the investigations; otherwise one has no reasons to worry about.
Integrating blockchain with existing business, or building business based on the blockchain, with the only cryptocurrency being the mode of transaction, it’s not cheap. If there’s no guarantee of the bigger number of returns, it’s very likely for the investors, and existing employees to refrain.
So what if you had to take a chance with blockchain? Enterprises with the potential and clear scale of benefit from blockchain can transfer in the new standards. However, the adoption will be smooth once all the aspects are met. A smaller number of users will increase shortcomings. Regardless, the reward for getting the recipe right is immense, leading more and more companies to take the plunge.
So these are some of the most promising blockchain opportunities one can experience once his business is shifted totally to the cryptocurrency mode. Each of the opportunities has multiple methods of action, hence making it dynamic in sphere once used real time.