The one and ‘probably’ only technology that has no end to explore, blockchain!
First invented in 2008 to serve as public transaction ledger of the cryptocurrency bitcoin, blockchain potential is found to be much more than a transaction of cryptocurrency. In businesses, blockchain has helped industries thrive in terms of security, recruitment, contracts, absence, productivity, marketing, advertisement, etc.
Surprisingly, those benefits do not only apply to big corporations but startup industry as well. Coindesk reported that startup can raise up to $20 million to build YouTube on a blockchain. Startup Lino based in Silicon Valley is preparing to take YouTube with blockchain decentralized, collectively-owned video content. The purpose, said the news, is to cut out the middleman to more fairly compensate content creators.
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Hence, if you want to reap or gain more profit like Lino, let’s take a look at how your startup can be improved with blockchain…
- Customer experience
One of many blockchain features is to create business transparency. It creates visibility of transferred data that allows its users to leverage trust amongst consumers. This, then, can create brand loyalty and better customer experience by eliminating repetitive and manual tasks of conforming order process.
As a startup, you can direct the completion of order through blockchain when confirming an order/payment instead of using standalone accounts and risk your customer’s data. Not only does it secure your transaction, but allowing blockchain data confirmation can also help you reduce the amount of human capital required to sort through and verify the transactions.
- Alternative payment
Blockchain can give alternative choice for consumers in terms of payment method. One of the big pluses of blockchain in business and e-commerce is its payment methods. If you provide many choices for consumers to their payment processor, they will be more than happy to do a transaction with you. Besides, transaction done in bitcoin or other altcoins can benefit both customers and merchants because not only is it easy to implement, but it does not require an exchange rate fee and is volatile.
- Supply chain experience
Following the two previous points, blockchain will not only help you in creating robust customer experience by creating a better transaction. Blockchain can also be used as a tool to track in real-time the movement of goods, their origin, and quantity. Logistics team surveyed that startup can reap more profits as blockchain has helped business to save over $5bn cost annually by cutting unnecessary shipping containers.
- Hiring experience
Hiring is a challenging task, mostly for a new startup. Unless utilising professional service, there are big chances that you will spend higher cost and time to shortlist the right candidates. With blockchain, however, you can save your valuable time for verifying resume of a job applicant. You should utilise blockchain by allowing candidates to store their data in blockchain-based employment, then granting employers’ permission to access it. Candidates can store their educational records, letters of recommendation, employment history, and any documents needed in your hiring process. This way, you will have a better and more transparent experience to conduct screening.
- Security and fully automated legal agreements
Blockchain has an unquestionable security system. Unlike many security techs, blockchain is unbreakable. As the name suggests, blockchain can block access to any data stored in blockchain from cybercriminals. The decentralised system in blockchain makes it hard for hackers to access and corrupt your data or transaction process. Additionally, any changes that are made will have to be authorized and verified with blockchain.
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