More Than Bitcoin: Activate Blockchain’s Power for Your Business

Many could claim that Bitcoin is a bubble waiting to be burst, and that investors would eventually want their money back. However, blockchain technology has come to the forefront again with great admiration and unique use-cases.

Often described as a ledger, blockchain has a technology code inside of it that doesn’t allow any one person to access the ledger of records.

It encodes them in such a manner that all transactions, usage, and information is hidden in plain sight. It’s a great way to enhance security and store data in ordered records.

Blockchain is associated with Bitcoin and empowers it, but is also powering many other industries such as medical devices, tourism and fashion.

Blockchain is now the go-to technology for many start-ups looking to advance their industry with the power of automated ledger systems and transactions.

Here’s 5 ways that entrepreneurs can take advantage of Blockchain technology in their day-to-day systems –

#1 Think customer management –

Customer management is a huge component in any and all businesses.

When you don’t have a solid CRM in your organization, you may be missing out on leads that need to be looked at immediately.

An example of this is SAP, which helps entrepreneurs in design thinking and lets blockchain take over their business model when it comes to customer retention. Although the technology behind blockchain may be difficult to understand it can change the way that you approach customer relations.

When you have a technology solution that doesn’t need a centralized management system at its core, then you have a safe repository for data, transactions and customer information.

All data is secure, and insights can be driven from information that is insight driven. You don’t need to store data in folders or files anymore, you can store it on distributed networks across a peer-to-peer system.

#2 Don't launch a business as a token –

Don’t focus on creating another bitcoin or a competitor to an existing platform.

Instead, focus on empowering your organization through the power of blockchain.

You should be creating businesses that are centred solving a problem. A problem that’s profitable enough to tackle and pursue.

If you do desire to start a new business, then you should conduct thorough research into where, what and why you want to start this new venture off. Nobody wants to buy monopoly money, or a new token, or a coin that may not have any value in the future.

A “token” is just a feature of the blockchain business. What you should want to focus on is what solution that “token” participates in.

Is Bitcoin making transactions easier for a large number of people?

Sure.

But will another token be able to stand on two feet?

Probably not.

You should focus on blockchain’s immense capabilities to empower your business or start a new one leveraging its reach. The Bitcoin gold rush may last short term but the power of Blockchain is where the treasure is hidden.

#3 Build a business with the token as a feature –

Don’t latch on to a hyper or a trend.

You don’t want to create a business model on a fad movement or something that doesn’t make sense to people. Entrepreneurs should focus on solving a single real business problem, and try to create business value out of the venture.

If your business depends on luck, or the power of strangers using alternative currencies, then you need to change your line of thought.

Don’t want to be labelled as a get rich quick scheme or a trend that has no long-term benefits to customers. Blockchain business should focus on solving advanced systems that require organization into “blocks” that carry timestamps and chain events.

The power of blockchain is immensely useful to businesses where the very foundation of its processes is dictated by the ability to track time and event data.

Error-free mechanisms have been built in the past, but none so powerful as blockchain to ensure that there are no redundancies.

A great example of the power of Blockchain is the SophiaTX product that allows the pharmaceutical industry to address key challenges faced in the marketing.

Existing ERP systems gain more access to distributed data and can track spurious drugs and counterfeits. Providing a node of authenticity in the blockchain is the secret weapon that most brands will be using in the near future.

#4 Don't substitute raising a series A with an ICO –

Raising a series-A involves a certain set of process and matching systems.

It shouldn’t be replaced with an ICO or Initial Coin Offering. ICOs are a fund-raising mechanism for companies in the cryptocurrency market. Essentially, for all intents and purposes it resembles a Series A round, but its based on the demand for the cryptocurrency.

It’s not recognized by many countries still, and has multiple unknown quantities attached to it.

E.g. one business, or coin, could be funded by shady characters and the other investors wouldn’t even know about it. An ICO shouldn’t be viewed as a viable alternative to a Series A and many VCs are seeing the reality first hand.

Bitcoin, as a token has had so many ups and downs that at this point nobody wants to touch it with a ten-foot pole. You don’t want your business to become a failed Bitcoin, two years down the line.

If you want to create a business on a blockchain, then you should think outside the cryptocurrency box and create innovations that the market really needs.

Don’t assume anything that you can’t prove without some market testing.

#5 Focus on a real business and less on the ICOs –

Learn more than your competition about blockchain and less about trying to find “the next big thing”. You’ll be better off building a business, rather than explaining how Bitcoin is useful to your last remaining friends.

Find a niche that you’re an expert in and enhance your business by developing it on blockchain.

Conclusion

Blockchain is your friend, and the more you understand it the more you gain from it.

Investing in your company’s technological advancement is a good idea so long as you’re not just building another coin.