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You may have been forced to questions why the blockchain technology popularity continues to rise by the day. Needless to say, that would have been really impossible except for its wide range of importance that cuts across virtually all aspects of lives, trades, activities, and professions. Prominent by the day are blockchain entrepreneurship, business intelligence, and data analytics. Blockchain business applications are just so numerous.
Of the truth, any innovation that could impact a global economy significantly is such a huge one to reckon with. Hence, the level of importance attached to this technology. Let’s face it, blockchain is so much more than the technology of cryptocurrencies. Everyone must, therefore, be prepared for its promise to bring about new developments and how they apply to our different disciplines and reality globally.
An entrepreneur has found the computing paradigm a very important one. Consequently, they have tried to understand how adventurous and significant they potentially are on businesses. It is no longer a talk of what to expect, but a testimony of what we are experiencing. Therefore, it is believed that every entrepreneur needs to understand the blockchain technology because of the following reasons:
Business Information Security
Business information security and storage has moved to the cloud. In fact, that has become a standard for top businesses in this century, particularly in 2018. However, most businesses have pinpointed a limitation to this system. This among others include having to depend on a third party to store the information contained in the cloud. This could pose some business concerns, perhaps risks especially if the firm involved handles a large amount of data or classified information. Sometimes, additional costs arise from preferential treatment requests. Blockchain technology solves all of these problems at a go, opening up opportunities for storage decentralization, data security improvement, storage efficiency boosting and removal of dependency on third parties.
Identity Protection and Background Verification
Hacking and identity fraud are some other big blocks on businesses since the advent, viral acceptance and adoption of the internet for business use and others. However, the savior has come with blockchain technology. From passport to certificates, important trade document and lots more, the technology can be easily applied to identity verification and authentication, thus providing a safer and more secure business environment that cut losses to identity thefts. This one importance makes it very useful for HR managers’ potential employee CV and other documents’ verification.
Smart Contracts and Agreement Creation
Virtually all business activities are going digital in our ever-developing world. Contracts and agreements are now programmable so that they are automatically executed once their conditions are met. This is called ‘fully automated legal agreement’. These leave no room for human errors in contracts and agreement creation at all as anyone with a business, phone contract or mortgage easily understands the value created in the process by following its easy-to-understand terms. Smart contracts after completion run the way they have been written thus making processes efficient for parties involved, and reducing business risks. This is one huge feat blockchain technology has also been able to achieve to assist entrepreneurs.
Access to Start-up Capital
Reality checks have revealed how difficult it could be for upcoming entrepreneurs to gain capital access. There are arguably loan and grants channels but the majority of them are suboptimal to start-up entrepreneurial dreams. However, with cryptocurrencies mining which is founded on the blockchain technology. Any entrepreneur from any global location could fundraise their own ideas as the currencies enjoy acceptance independent geographic location without hidden charges and international fees.
Transparent business and accounting conduct
The blockchain technology has proven to be capable of controlling and conduction delicate aspects of businesses including accounting and logistics just transparently. Consequently, supposed leakages which could harm the economic strength of businesses are blocked to free businesses up for development. Smart contracts remove errors and risks, some technologies automatically tracks and verifies business logistics stages e.g. shipping, while others eradicate the need for expensive freight brokers. This makes the technology a digital broker for carriers around the globe. Rather than having a centralized management system that places business safety on human trusts, the system is decentralized to accommodate transparency and accountability like never before.
MiMundo is a technology first company based out of Valencia-Spain and Lisbon-Portugal helping numerous startups and enterprises to solve the complex business problem at scale. Our focus on business problems instead of technology solutions separates us from other technology providers. Our rich and deep domain expertise in E-commerce, Loyalty, Transports and Logistics, On-Demand, Online Education, Arts and Media, Health care, Fin-tech, Supply Chain, Gaming helps us to define scalable, fast, secure and optimal solutions for each specific industry use-cases. We are working on disruptive technology like Blockchain, Machine learning, Artificial intelligence, IOT, Virtual and Augmented reality. We can connect over a call for 30 minutes free consultancy or you can visit our website https://mimundo.io/