New startups need to begin factoring in blockchain technologies. The blockchain is much more than Bitcoin even though the bitcoin blockchain was the first desentrilzed ledger for transaction using cryptographic maths and smart contract combinations.
If you are staring a business you need to rethink your tech game plan and look a little further afield to the benefits of the blockchain technologies available to you. Here are some benefits of implementing your own blockchain:
- Costs nothing – Blockchain is open source and the code is available to use and manipulate.
- Perfectly safe – Blockhcain is pretty much hacker proof as every single block will need to simultaneously hacked which is highly unlikely given the complex algorithms involved to create new blocks.
- Smart contracts do all the work – Smart contracts can be coded to perform pretty much any function you need. Whatever involves data can be put onto the blockchain.
- Blockchains are gradually becoming associated with low risk in business. Blockchain tech reduces a lot of transactional risk which is a big plus for any investor to see.
- Create your own currency – with Blockchains you can create your own currencies to trade with other cryptocurrencies. This gives your business a unique position of value!
With all this advancement on our doorstep there are some possible routes to take when looking into blockchain technology and possible crypto coin creation. Personally I like to be able to make my own blockchain but that’s just me.
- If you have enough programming knowledge you can choose between several blockchain open source codes depending on your needs. Essentially there are 2 types of blockchains – Permission based and Permission-less. Business and Enterprise normally vote on the Permission based chains for good reason. I am a fan of Hyperledger for business blockchain uses. The Linux Foundation has the code and the white papers to review.
- Hire a programmer to design the chain and crypto for you. This is likely to be costly and you also need to make sure that the chosen programmer understands the fundamentals of blockchain development. There arnt many around so we move onto option 3 …
- Use an existing and proven blockchain platform like Etheruem. Here you can build and deploy your own applications and blockchain centeric architecture to meet your own needs. You can also use their coin – Etherum call ERC20 for your currency needs.
Time to revise the business plan and rethink your strategies moving forward. The use of blockchain tech within a company improves its customer retention and client adoption more so than not having it. Ideally your business plan should focus on the internal blockchain ecosystem of the business and how it answer the following challenges:
- How to leverage the technology to acquire customers
- How to retain clients
- How to add more value to customer relationships
- How to enhance the customer experience and trust
Answering these questions will generate a differently focused business plan. It will be ‘more’ futureproof in its planning and direction. Additionally if you create your own cryptocurrencies these can be used as loyalty rewards. The benefit of a successful cryptocurrency or any other for that matter means that it can be exchanged for any other crypto including cash. Now we have just created an economic incentive to do business with you.
The age of crypto based startups is seeing a lot of available finance being poured into them. Dont believe me? A quick check on Google will unveil the truth. The world is changing and any business no matter what the location can be funded and supported in distributed and open source support structure. Give it a think. The time is now to rethink and re-purpose your startups business plan.
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I build business plans and will soon launch BaaS services - Blockchain as a Service. If you need some help let me know.