5 BENEFITS OF BLOCKCHAIN FOR STARTUPS

Iqvis.com 2 What is Blockchain? Blockchain is an undeniably ingenious invention – the brainchild of a person or group of people known by the pseudonym, Satoshi Nakamoto. But since then, it has evolved into something greater, and the main question every single person is asking is: What is Blockchain? “The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.” By allowing digital information to be distributed but not copied, blockchain technology created the backbone of a new type of internet. Originally devised for the digital currency, Bitcoin, the tech community is now finding other potential uses for the technology.

Iqvis.com 3 Benefits for Startups The potential of blockchain technology has reached far and beyond what we could have imagined. The disruption of blockchain technology is influencing almost every sector that is directly or indirectly related to the financial transactions. Startups and businesses are no exception and to harness the potential of innovative technology, let’s have a look at how it can be utilized. Here are 5 ways blockchain technology can benefit startups and businesses.

Iqvis.com 4 The biggest obstacle for any startup is to raise capital to turn their ideas into reality. There are many countries where startups do not have access to fundraising and capital through financial institutions. he blockchain is here to rescue today’s startups as they can gain access to the capital via initial coin offering – or token sale. Easy Access to Capital 1

Iqvis.com 5 The blockchain is also helpful in managing supply chain. Most of the entrepreneurs are aware of where they are buying from directly but don’t know who their vendor’s suppliers are. Blockchain could help businesses in knowing the supplier. For instance, if a device is not working, using blockchain they can see who the original supplier was and identify every suspicious product. Supply Chain Verification 2

Iqvis.com 6 Most of the industries are working on how to utilize blockchain for business. When it comes to legal agreements, blockchain could automate the process through smart contracts. Startups and businesses can automate the process of legal agreements and documentation without the involvement of humans that slows down the process. Fully Automated Agreements 3

Iqvis.com 7 Hacking and cyberattacks are one of the biggest threats modern businesses are facing. Company’s own and customers’ data is always the key target of the hackers. With the help of blockchain, customers can take the control into their own hands with an encryption key so that only business and customer would have access to it. Cybersecurity Via Blockchain 4

Iqvis.com 8 Blockchain ensures that all transactions are transparent and recorded accordingly. Since all transactions take place on a public ledger, encrypted and secured without giving the authority to anyone to manipulate it. With the help of blockchain, startups can validate the information and ensure transparency in transactions. Transparency and Accountability 5

Iqvis.com 9 Want to Learn More? While we’ve covered the topic in brief, still if you aspire to read about them in details, please visit “TechTalk”, where we’ve covered the subject in details. OR just click on the link below and read the relevant post! 5 Ways Your Startup Can Benefit from Blockchain

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