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Even though most of us are familiar with the term “cryptocurrency”, many of us are not aware of the “Blockchain Technology”, which is pretty much the heart and soul of cryptocurrencies.
Well, cryptocurrency might be the best use of blockchain right now, but the technology has the potential to impact almost any business or industry out there positively.
Startups are among those businesses that can make huge benefits by making use of blockchain technology. In this article, we will be listing the top ways how blockchain and help startups function better.
Top 5 Ways How Blockchain Can Help Startups
Better Funding Options
Funding is one of the most critical factors for any startup and something that cripple most startups right at their infancy.
Investors from developed nations are very much interested in making startup investments in emerging economies. However, there exists a lack of policies and other political barriers which prevent direct foreign investments in most of these emerging markets. Such policies very much limit the investment sources that startup owners have.
By making use of a blockchain-backed investment platform, it becomes easier for startup owners to connect with potential investors from anywhere in the world and also makes it easier for investors to make investments without going against any laws and regulations.
Understanding the potential blockchain has regarding funding for both startup owners and investors, new crypto funding platforms like URIS have been set up.
By making use of URIS ICO tokens, it becomes easier for startups to accept funding from investment firms anywhere in the world. Moreover, investors who make use of URIS ICO tokens will also receive higher liquidity options for their investment.
Transparency in Accounting
One of the highlight features of blockchain is that it stores data in public ledgers. This helps startup businesses in making sure that all the accounting and operational data is secure and accessible to all the authorized stakeholders of the company.
As data stored in a public ledger is complicated to manipulate, it is also easier for investors and higher authorities to verify the data as well.
The use of blockchain technology makes it quite easier to store and view transaction histories. This will help businesses in maintaining a record of products that they use, all the way from source till its final destination.
This, in turn, will help in detecting faulty or duplicate products and will also help in ensuring that only a fair price is charged on the products.
Improved Security for User Data
User data is very much important for almost every business in today’s time, however, user data is also really sensitive and any breach of private data of users can wildly damage the reputation of any startup.
Security threats are quite massive against user data and seen from recent cases, even tech giants like Facebook aren’t safe from hacking attempts on their user data.
As all the data within a blockchain network are encrypted and stored in decentralized locations, it becomes very easier and highly secure for businesses to store private user data.
Moreover, as users have complete control of the data, they can also choose the data they wish to share with the business and also make changes to the data whenever they need to.
Quality Customer Support
Customer support is essential for any startup, and that is how any business can get customers to come back in the future. However, helping customers with their issues is a time-consuming and costly effort.
By making use of blockchain-backed platforms, startups will be able to offer customer service tasks to freelancers by making use of Smart Contracts, which will remove the need of having a dedicated customer service team. Moreover, as data of all the previous customer queries and issues will be readily available, fast and efficient support can be offered to each customer as well.
About Blockchain-backed Platforms for Startups
Going forward, blockchain-backed platforms will help startups to gain initial funding easily and will also help them in streamlining their business process for maximum profit.
Platforms like URIS are trying to create a bridge between startups and investors with their ICO tokens. The URIS ICO tokens will help startups to accept both local and foreign investments easily and the tokens will also help investors diversify their investments as well.