Blockchain is going to order the entrepreneurship is the upcoming decade very well. Well, this is not a prophecy but a fact which has started to come true in recent years. May be just 5 years back, people were still hesitant about whether they should go online for big transactions or not, but nowadays, the swift and smooth avenue of money transfer has given them the courage to move forward. Our society is getting smarter and smarter devices with time. If our business model still tries to hold back to the traditional approach of ‘cash or gold on delivery,’ then I assume those firms are going to meet the end soon. Blockchain is such a platform for market players to use and progress rapidly.
Wall Street has come up with its blockchain network recently. The Wall Street Blockchain is a non-profit trade organization which is purely dedicated to helping participants adopt the new technology and smart contacts. We can see the same kind of treatment of money or rather e-money in the platform called Ethereum. Recently they are coming up with the 2.0 version of it with more adaptability and lucid usages. Ethereum is a platform that allows users to transact big deals with cryptocurrencies with utmost privacy and security. Many other blockchain providers are likely to come by the end of this year.
The advantages of using it outnumber the disadvantages, to be honest. Overhead and worrisome transactions within a few seconds could not have been done if it would have stayed in theory only. Secondly, the absence of any central authority makes it a hustle-free and safe transaction. The entrepreneurial world is looking with eagerness to accept it. Let me tell you some of the great opportunities for it.
Financial services: Fiat money is getting diluted in our recent market. The world economy is getting slower, and people are losing purchasing powers. If an entrepreneur allows his or her customers to use blockchain, then, certainly, both the parties will be benefited in a larger context. Also, different nations have different standards of reserves or gold. Blockchain will help to keep a unified global reserve across the border, which will broaden the business opportunity for entrepreneurs.
Smart Contacts: Millennial entrepreneurs are smart enough to handle their profession digitally. Quick contacts keep harping on that point itself. It loosens the hard and fast regulations. It helps you to get rid of endless legalities and duties, which, in a way, reduces your expenses. dApp in Ethereum is such a place that allows entrepreneurs to get everything in one place. If your time and money are wasted in unnecessary areas, even before you start, then what is the point in being a 21st-century entrepreneur?
Internet of Everything: We are moving on to a phase of time where the internet will be next to oxygen. Well, I am not here to judge its sociability, but I will not deny the fact that it has become one of the closest parts of our lives. Till now, we have seen the P2P model, that is, Person to Person transaction. But time will lead us to opt for the machine to machine transaction. The first advantage which we will get is a quick and perfect transaction. Secondly, the errors and questions of liability will be cut off from the problem’s list. M2M model is already there in the market. You pay your Uber driver while scanning the QR code. You buy a bucket from KFC by scanning there as well. I hope our near future will make us more compatible with this model in the bug business deal as well.
People move on from old habits to new habits, from old challenges to new challenges. This change will not be a challenge less. Security is still a big concern until now. Various IT firms are working on it and coming up with new inventions as well. We hope to see a great future. In this case, entrepreneurs must take risk. Without risk, there is no excellent earning, right? The fun is taking a risk is what makes a great entrepreneur. Blockchain is the new field for new blood. We believe they will accept it cordially.