How Blockchain will Enable Entrepreneurs in 2018

(SALEM, Ore.) - Blockchain technology is far much more than what is currently being used by crypto-currencies. Many entrepreneurs who are green to these technological trends confuse the bitcoin cryptocurrency with blockchain infrastructure.

The term blockchain first went mainstream after it was associated with cryptocurrencies. However, blockchain technology has many more uses apart from the cryptocurrency market.

Anyone who has had a look at the latest finance and technology news on the latest digital tools that will transform the world of business, will know that Blockchain is set to be the next big thing in tech.

At a higher level, the blue-chip company IBM defines blockchain as an immutable and shared ledger for recording the transactions that have happened in any business enterprise.

Others have defined blockchain as a peer-to-peer secure platform that can be used to verify digital event’s history.

Consequently, both the small companies and large corporations can leverage on blockchain infrastructure for the storage and management of organization information, trust, and access to a broader network.

The other significant benefit that comes with blockchain technology is that it is decentralized. This means that the company data is not controlled by a single person or entity and therefore no individual can override or manipulate the information.

This is particularly critical to sectors like government and finance which are highly susceptible to system abuse and fraud. In this article, we are going to discuss how, entrepreneurs can leverage on blockchain technology to gain an edge over their competitors, survive and thrive in the 21st-century global economy.

Do away with the background check

Of late, there has been a debate about how business enterprises can start using blockchain infrastructure for trust verification when it comes to the human resource industry.

For instance, a company like LinkedIn can make use of blockchain technology for employment verification the same way that Twitter incorporated the blue check mark for account verification.

Instead of having the human resource department from every firm having to make inquiries about an employee from the company where they previously worked to verify work experience and history of employment, companies can embrace blockchain for the verification of critical employment data.

This information may include job responsibilities, job description and title and the start and ends dates for the employee of interest. The incorporation of such a simple technology in the business operations of a company could lead to the saving of huge investments regarding resources and countless hours that are otherwise wasted when going through such bureaucracy.

The verification of the supply chain

One of the most potent pioneers of using blockchain technology for the benefit of a business when it comes to keeping the supply chain in check is Alicia Tillman who served as the Chief marketer at SAP.

At many times, companies know the party from whom they are making direct purchases from but are not aware of the parties who supply their vendors.

Businesses enterprises can now comprehend the implications of recall using blockchain technology. You can use blockchain to identify the exact supply of a product whenever there is a failure of a specific component. Moreover, you will be able to identify every faulty or suspect product or parts of the commodity that could be affected using this amazing technology.

Blockchain has also been very critical in the verification of things like ethical sourcing, ensuring that practices of child labor are not perpetuated by employers and avoiding counterfeit products and goods.

The incorporation of transparency into the chain and supply will lead to the exposure of the various uncertainties that have become a menace to business enterprises since global sourcing was introduced.

Accessibility to capital

Raising capital to finance business projects has become one of the most significant barriers for budding entrepreneurs and startups.

Business owners and managers in many parts of the globe outside the United States do not have accessibility to fundraising instruments and modern financing that could raise enough funds for their companies affordably and efficiently. Most of the lending mechanisms found in most parts of the world are suboptimal for small and medium-sized business entities.

Blockchain will enable all entrepreneurs regardless of their origin or financial orientation, access capital that would be critical for the growth of their businesses.