Blockchain has become so accessible, practical, and is receiving worldwide acceptance. With the transparency, reliability, and swiftness of the use of distributed ledger, a lot of entrepreneurs find it useful and incorporate it into their systems. With that, it has changed the way people do business globally.
This article will highlight the significant ways in which blockchain and cryptocurrencies, have impacted on entrepreneurship today.
Ways Cryptocurrencies Have Positively Impacted on Entrepreneurship.
Creates Reliable Business Agreements.
One of the problems entrepreneurs face is that there are a lot of business agreements that are not genuine, safe, and reliable. Most of the time, the relationships between founders, and investors are private contract agreements. So when such a deal fails, the business fails, and the entrepreneurs struggle. For example, a product launch could fail if either the manufacturer or investors, withdraw from the agreement. If either the manufacturer or investors have to make the product launch successful, it would take a whole lot. Extra work, and struggle to put everything in place, and back on track.
However, with blockchain and smart contracts, entrepreneurs get reliable, affordable, and effective legal contracts. There are also customized intelligent contracts, and legal agreements on the blockchain that help to enhance and build productive entrepreneurship.
One of the strategies that help entrepreneurship is crowdfunding. With crowdfunding, entrepreneurs can get the finance and investments, which they need for their startups, or other ways to enhance their business.
In 2017, the blockchain industry was able to raise $5.6 billion funds for startup businesses. The blockchain crowdfunding model has been successful and has brought in a lot of investments for entrepreneurs. In as much as blockchain has done so much for its entrepreneurs, is market is still highly inefficient. It needs more people to maximize its use globally. The method for blockchain crowdfunding is very safe, reliable, easily accessible, and the process is entirely transparent.
Helps to Establish a Customer-Loyalty Platform.
Customer loyalty is one which is vital for any business that wants to grow, expand, and succeed.
Having loyal customers is essential. It’s essential to build and nurture business, and customer relationships.
Figuring it all out for a lot of entrepreneurs is really stressful, and challenging to manage. However with blockchain, tracking and managing your business, and customer loyalty relationship is more straightforward.
Blockchain based solutions have efficient tools and programs which aid and guide entrepreneurs in developing customer-loyalty programs which are less stressful. With this program, you can do something to build your business-customer relationships such as rewarding consistent customers with special incentives or establish close relationships.
Blockchain’s automatable transaction ledger helps to keep track of the interactions of each customer, and with it, the entrepreneur can see if there’s a change in the customers’ loyalty status.