Blockchain and an Introduction on Its Role in Entrepreneurship
With the effects and capacities Blockchain has shown from itself, its presence in the current world of economy has become strongly significant and dramatic. The attention of many investors in different areas has been drawn to this new technology and, fairly speaking, it has caused earning credible income and profit for some of them. The evidence shows that this capacious technology, i.e. Blockchain can take a similar route to what Internet has passed in 1990s. Internet altered the world of entrepreneurship and made dramatic changes. Now, the looks are at the Blockchain; that is, it seems as if Blockchain has reached the puberty to be able to enter the world of entrepreneurship and make big changes.
The Importance of Blockchain in Entrepreneurship
Although the instances of using Blockchain are well understood by the public like cryptocurrencies, there are few who can exactly realize the technology behind these applications. Put it simply, Blockchain is a type of technology and a decentralized network which the capability to provide an absolute and deep database to do various affairs. Blockchain is considered a trustable protocol which can help forming transparent transactions without being overseen by any agent and central core like bank.
Entrepreneurship Opportunities in the Infrastructure of Blockchain
One of dramatic opportunities of entrepreneurship is empowering entrepreneurs in building strong networks and platforms which organize various applications. The followings are among the important capacities and applications of Blockchain:
• Financial services: given the problems and volatilities in different cryptocurrencies in the world, the field of financing currencies requires a new infrastructure to maintain the people’s capitals in various locations. The existence of infrastructures and systems which specify the possibility of storing and cryptocurrency transaction in a clear and lucid way is necessary more than any other time. In this case, the people’s different capitals will not suffer depression and value loss easily. In addition, financial services offered through Blockchain greatly help the increase of transactions and financial affairs speed and decrease of cryptocurrency transfer costs too.
• Drawing legal smart contracts: smart contracts are a part of computer software programs that there is no need to any central overseeing agent for their running and development. These contracts can be drawn in the infrastructure of networks which work with Blockchain technology and can be signed under various conditions between contract parties. As a result, it paves the way for different legal affairs which have appropriate speed and lower cost.
• IoT: the world moves toward smarter and more functional tools day by day. From coffee makers to different vehicles, all are on the way to get smarter. The more the application of these tools and devices develop, the higher the need to provide security and promote their effectiveness will be. In the shadow of Blockchain technology, IoT can be equipped with the communications between two machines without any middleman. With decentralization of the networks that IoT works under their control, the security and speed of controlling this new technology will increase too. [1]
Blockchain and the Manner of Making Revolution in the World of Entrepreneurship
some examples of Blockchain application in the growth of the world of entrepreneurship have been pointed out in the previous part. Now in this part we address this issue that how this new technology can make revolution in the world of entrepreneurship.
Removing the Stage of Authentication and Investigating the Cases of Manpower and Workforce
It is the workforce which brings about a large part of the success in every company and organization; however, the process of employing and authentication and verifying the documents and claims of those job applicants who are joining different organizations and companies is usually difficult and time-consuming. With Blockchain system, different applicants who seek for a job should register their documents and specialized as well as professional resumes in Blockchain infrastructure; hence, there will be no possibility to alter and tamper with the data. Moreover, any claim is confirmed or rejected on the part of the other users present in the network. For example, the academic degree of every user can be traced by the university where he/she has studied. As a result of such facilities, a transparent and reliable network of the users’ data and information is created and the department of human resources can easily proceed the operations and measures related to employing the staff. This system and technology will significantly help the growth of entrepreneurship in the selection of the applicants.
Making Positive Changes in the Supply Chain and the Value of Different Products
The management of value and supply chain in every company and organization will get more attractive with the help of Blockchain. All suppliers control their products with including products’ data in Blockchain and when a product has a fault, its supplier will be able to be traced comfortably and quickly through Blockchain. In such a network, the supplier cannot hide anything and should be totally responsible for the product. It can cause entrepreneurs to handle the supply chain affairs with lower charges and more speed.
Easier Access to the Capital
One of the major problems of entrepreneurs in the early steps of their activity is to gain access to the investors who undertake project financing. In most of the places of the world there is no access to technology-based methods to receive capital for entrepreneurship projects. There is much hidden charge in the methods of absorbing traditional capital. For instance, in entrepreneurship loaning, the barriers and problems such as the need to the minimum deposit or the profit rate can prevent furthering entrepreneurship in a no-bump route; however, with Blockchain network, there will be the chance to absorb investors for entrepreneurship projects from all over the world. So every entrepreneur can receive capital from all across the world through making international communications and deploy his/her business model. [2]
Transparent Support and Sending in Supply Chain and Cycle of Entrepreneurship
Postage and sending industry, supply chain and support can boom the world of entrepreneurship significantly via Blockchain. Smart contract and removing middlemen in every trade and furthering the supply chain cause the increase of the speed and transparency of performance for different parts of an entrepreneurship project. No need to the middlemen in the world of Blockchain helps decreasing the charges to a large extent. Removing the middlemen, business models are able to transform and change their appearance anew. Transparency and the speed which are present in all these tasks are rooted in data immutability and their transparency. [3]
The world of Blockchain can make many changes in the world of business. With this new technology forming new business models will play an important role in the changes in the field of entrepreneurship.
References
[1] Blockchain Council, Toshendra Kumar Sharma, “What Are the Entrepreneurial Opportunities in Blockchain?”, April, 2018
[2] The Founder Institute, “What the Future of Blockchain Means for Entrepreneurs”, December, 2018
[3] Coinnounce, “7 ways in which blockchain is defining entrepreneurship”, June, 2018
www.counos.io 