5 Things about Blockchain every Entrepreneur should know

Which technology is behind the functioning of cryptocurrency? If you have the keen interest in investing and business domain, then you must be familiar with the “Blockchain” a technology used by the bitcoin which keep the track of all the data and transaction.

In layman terms, Block is the digital piece of information like the age, gender, name, transaction that is stored in the public database (public database is the chain). This is the decentralized ledger system.

Blockchain is useful safekeeping the subtle data:

Traditionally record- keeping system was handled by one intermediary. In that system modification and stealing of data were easier.

Now with the blockchain technology, people can safeguard their sensitive data. In this technology, modification is not a piece of cake. Here data is linked to one another. Any changes require taking permission from several parties. It follows the decentralized verification process which reduces the chance of error in the recording process.

Cameron Chell, the chairman, and co-founder of ICOx Innovation having the expertise in blockchain technology finds it more secure as it works in a decentralized way. Thousands of system verifies it, as it runs on the algorithm providing the secure way of transaction. Cameron Chell is a tech entrepreneur currently serves as CEO of Business Instincts Group where he has helped launch several successful tech startups.

It can manage the Infrastructure Cost:

Every entrepreneur spends thousands of dollars for office set-up, to hire the right candidate, and on the latest technology. But the concept of blockchain technology can help an entrepreneur save their money.

Now the entrepreneur doesn’t need to install big servers rather they can lean on the blockchain to store all its sensitive data. This accounting system prevents the data from manipulation; misusing and attacks.

Smart Contracts:

Being an entrepreneur you have many tasks to perform within the deadline. Imagine using a blockchain technology, which is available 24/7 and you can make the payment for the services you received.

For example, you have undertaken the joint venture project and you have received the revenue from two to three different businesses. Now you have to further make the payment to two to three business partners. The smart contract can automatically distribute the money based on the percentage.

Deletion Process is not easy:

Deletion of Data in the Blockchain Technology cannot be done. This can create a problem for many businesses that have to follow certain Government guidelines and CSR interferences.

Many private entrepreneursrun their business using private blockchain technology that has some degree of centralized nature but some data they may require removing according to the Government norms. In these scenarios, an entrepreneur may face the problem.

The entrepreneur can raise fund from the Blockchain:

The entrepreneur can create the token or cryptocurrency and sell to the client or to the people to raise the fund for the business.

It could be used in exchange for the services, or in exchange of any concept that the business follows solving the financial problem of the organization.