Why entrepreneurs must embrace Blockchain for business growth

It is no doubt that you must have come across the term ‘Blockchain Technology’, but there’s a chance you have been wondering how the blockchain technology actually works A blockchain is a decentralized ledger of all transactions across a peer-to-peer networks. Using this technology, participants can confirm transactions without a need for a central clearing authority.

This means that a blockchain can be plainly said to be a chain of blocks whose efficiency in maintaining a prudent and transparent mode of transactions has made it stand out as one of the best inventions of the digital world.

The process all starts when someone requests a transaction, the requested transaction is broadcasted to a peer to peer network consisting of computers known as nodes, the network validates the transaction as well as the status of the transaction, the transaction then completes successfully. As the transaction completes, a new block is added to the existing blockchain in a way that is unalterable and permanent. Once verified, the transaction is combined with other transactions to create a new block of data for the ledger.

A transaction request can involve cryptocurrency, contracts, records or other information, hence, the unalterable and permanent records nature of the blockchain technology thereby makes it a great technology to be used in several applications/industries in a bid to ensure maximum transparency and keep the tiniest of records.

Blockchain has turned itself to one of the hottest financial technology trends of the 21st century and it is gradually revolutionising every industry in the world, hence why entrepreneurs must embrace its usage.

Meanwhile, here are the reasons why entrepreneurs must embrace the usage of blockchain for the growth of their businesses.

 

For financial savings:

It a known fact that entrepreneurs need financial support and backup for their business. Therefore, they need to spend every penny wisely. It is because a penny saved is a penny earned. Start-up owners have to understand this. This is exactly where Blockchain comes to their rescue. Entrepreneurs can save up using blockchain without any fear of loss, theft or any bank charges.

 

To mitigate payment barriers

Blockchain could be utilised as a medium to compensate employees for their contribution to the growth of an organisation. Many start-ups seek the services of remote workers. Some of them pay in the form of Bitcoin. Keeping this in mind, entrepreneurs must think about paying their remote workers in the form of Bitcoin. This move could significantly lower the cost of payroll processing for them. A lot more positive things can happen for start-ups. Time consumed in the transfer of money from one country to another or from one bank to another will reduce significantly when Blockchain is embraced. Payroll processing service providers can circumvent the cost of money transfers. Payment in the form of Cryptocurrency (Bitcoin and others) could save a lot of money for you as well as your employees.

 

Healthy Security

One of the top ways blockchain can improve your business as an entrepreneur is by giving you robust security measures in the environment.

The technology comes with the power of decentralisation and transparency which encourages users on the network to store and verify some or all of the information stored in the network. Also, the blockchain network comes with higher complexity and security considerations which lower down the risk of cyberattacks.

In addition, the concept of Blockchain for digital identity facilitates users with the functionality to protect and maintain their identity and see how they can access their information and use it for any purpose.

 

YOU SHOULD NOT MISS THESE HEADLINES FROM NIGERIAN TRIBUNE

Northern Elders Forum Mere Irritant, Featherweight ― Presidency
The presidency on Sunday described the Northern Elders Forum (NEF) as a mere irritant and a featherweight following the position the group took on the worsening insecurity in the north. The presidency was reacting to a statement Sunday signed by the group’s convener, Prof. Ango Abdullahi, which alleged that the insecurity… Read full story

COVID-19: NCDC Confirms 403 New Cases, Total Now 16,085
The Nigeria Centre for Disease Control (NCDC) has confirmed 403 new cases of COVID-19 in the country, bringing the total number to 16,085… Read full story

MONDAY LINES: Why Black Lives Cannot Matter
The white world has, in recent weeks, been assisting in reevaluating black lives. They’ve joined blacks to shout ‘Black Lives Matter’ as the world agonises over deadly racism abroad. But how much of value do the blacks place on their own lives, especially in Africa? Is it the destiny of the black man to suffer and be pitied from eternity… Read full story

Insecurity: North Set For Protest On Tuesday
Disturbed by the incessant killings in the North, the Coalition of Northern Groups (CNG) has concluded arrangements to stage a protest on Tuesday. This was contained in a statement issued to newsmen in Kaduna on Sunday and signed by the spokesman of the group, Abdulazeez Suleiman… Read full story

Wike Hosts Obaseki In Closed-Door Meeting
Rivers State Governor, Nyesom Wike on Sunday hosted his embattled Edo State counterpart, Godwin Obaseki in a secret meeting at the Government House Port Harcourt. No details were revealed about deliberations between the two governors from the South-South region of the country, but it must not be unconnected… Read full story

Reconsider Decision On SON, NAFDAC’s Ban From Nation’s Ports, Land Borders —House Of Reps Urges FG
The House of Representatives has urged the federal government to reconsider its decision to disallow the nation’s regulatory agencies, Standards Organisation of Nigeria (SON) and National Agency for Food and Drug Administration and Control (NAFDAC), from operating at the nation’s ports and land borders… Read full story

Post COVID-19 Economy: Considering Unclaimed Monies In Banks As Temporary Source Of Revenue
Although the guideline released by the Central Bank of Nigeria (CBN) with effect from October 7, 2015 for management of dormant and inactive accounts has been in operation, Deposit Money… Read full story

Subsidy Removal: We Won’t Be Used As Bait To Impose New Price Regime —Wabba
We have clearly made the point because the information we have is that last week after they paid the so-called arrears of subsidy, which some newspapers captured as almost N168 billion, they also gave the information that marketer would now start the importation of refined products. The marketers, on the other hand… Read full story

Oshiomhole Must Be Stopped From Gifting Edo To Opposition —APC Publicity Secretary
There is really no major crisis in the party. We just have a man at the helm of affairs at the national level that is power drunk and irrational in his thinking. I say this with every sense of respect to his position. We are very mindful of the health and wellbeing of our people, knowing that the office of the governor is not worth the… Read full story

FG Working To Use Plasma From Recovered COVID-19 Patients’ Blood For Treatment
The Minister of Health, Dr Osagie Ehanire, on Sunday said the Federal Government is working on a research which aims to use plasma from the blood of recovered coronavirus (COVID-19) patients to treat other infected persons. Tribune Online reports that Ehanire said this while answering questions from journalists in Abuja on… Read full story

Leadership Bytes From Edo
When Adams Oshiomole was jumping up and down campaigning for Godwin Obaseki in 2016 to succeed him as governor in Edo State, no one could have imagined that the relationship between him and his protégé would be headed south shortly thereafter. Obaseki was Chairman of the Edo State Economic and Strategy… Read full story

EDITORIAL: UN’s Dire Forecast On Job Losses
LAST week, in a widely circulated official statement, Elisabeth Byers, Senior Spokesperson of the United Nations World Food Programme (WFP), issued a grim forecast for the Nigerian labour market that the Federal Government and authorities at various levels will do well to take to heart. Pointing to relevant UN data… Read full story

LEADERSHIP & MANAGEMENT: Power Of Quotes
Richard Branson abandoned schooling to become an entrepreneur in 1966. He started with Student Magazine, which he had hoped would become his generation’s voice. Despite the general acceptance of the magazine, it didn’t make as much money as he had envisaged. Consequently, the budding entrepreneur ran into… Read full story

You might also like
Comments

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. AcceptRead More