You must have heard about the blockchain, the most emerging technology behind various cryptocurrencies like Bitcoin and Ethereum, shaking up the world of finance. Still, this technology is finding applications beyond these cryptocurrencies. This technology has been leveraged in more inventive ways every single day. What internet do for the information the blockchain will do for the transaction of value. It will bring better efficiency, less oversight, reduced intermediaries, enhanced privacy, and improved audibility. The possibilities for the use of blockchain are as limitless as the use of the internet. With many of the companies already running a pilot in this technology, opportunities in this nascent market are there for the decade.
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Benefits of Blockchain Technology Which Helps in Startup
Blockchain can be used in many other ways than cryptocurrency, and it is one of the many examples of how many companies are using Artificial Intelligence (AI) these days. If you talk about the benefits of this new technology, then I must say that it provides limitless benefits that help startups in different ways.
Better Funding Option
For a startup, funding is the most critical factor, and it is something that damages most startups at their beginning. In this emerging economy, many investors from the developed countries show their interest in funding or investing in these startups. However, due to political barriers and lack of policies, it limits the source of investments for startups.
It becomes easier for both investors and startup owners to contact each other from anywhere in the world without going against any law or regulation by using a blockchain-backed investment platform.
Transparency of Data
Blockchain allows storing data in a public ledger, which becomes available to every authenticated stokehold user, who can watch every detail of the manufactured product. As the data is placed in a public ledger, so it is challenging to alter the data; in this way, the data would remain unchanged and authenticated.
Better Traceability
The blockchain technology allows the storage of a detailed history of the product from the beginning until the last finished product. It contains the transaction details, which helps in detecting the faults or duplicated products and maintaining the fair prices of the products.
More Secure User Data
User data is the most important thing for a business, user data is susceptible, and breaking of private user data can damage the reputation of startups. Blockchain provides encrypted and decentralized data storage, which provides a more comfortable and secure private user data. It also provides the complete control of data, which means an owner can choose the data which they want to share and to make changes whenever they want.
Quality Customer Support
Customer Support is important for any startup, which makes the regular customers of any startup, which is a very costly and time-consuming effort. Blockchain-backed platform usage able the customer service tasks to freelancer by use of Smart Contracts. Moreover, the need of the customer service team will be eliminated, and previous customer’s issues and queries will be available, which provide efficient and fast support to each customer.
Laila Azzahra is a professional writer and blogger that loves to write about technology, business, entertainment, science, and health.