It has become an open source software, a business center, a market. But OpenBazaar started - as big business ideas almost always do - as a side project.
At a hackathon in Toronto in 2014, Amir Taaki and a handful of developers launched what he called "DarkMarket" with a proof of concept to create a decentralized market.
Taaki's participation in DarkMarket won the hackathon, but he chose not to pursue the project. Brian Hoffman, yet another enthusiastic developer, took over the project and renamed it OpenBazaar. People loved the idea of a "no-license" market and joined Hoffman to create the free and open source global market.
This case study shows how entrepreneurs used the blockchain technology framework to start a business. Crypto-economy has the same ability to propel businesses. Here's how to exploit this resource and exploit its possibilities to boost your startup.
Get funded with blockchain-powered ICO.
Imagine that you have a great business idea, an idea that your target customers will love. But you do not have the funds to advance your vision. This is a common problem for novice entrepreneurs. Traditional venture capital is notoriously difficult to obtain.
Initial Blockchain technology (ICO) coin offers to spell the good one tows for budding entrepreneurs. Consider ICOs as a way to democratize start-up financing. They provide a platform for raising funds from individual investors, thus ensuring emerging entrepreneurs that no one is alone.
You don't have anything to fear, no time to lose and nothing to lose.
• Refine your idea.
• Set up the new blockchain for your token.
• Receive start-up capital to finance your new business.
Your competitors are already benefiting from these offers, attracting vast amounts of money from ICOs powered by block chains. Reports have it that in the second quarter of 2017, entrepreneurs raised some $ 291 million through country offices, compared with $ 187 million in traditional venture capital funds.
Do your homework - carefully. Make sure you've got the technical expertise to consume all the benefits offered by the ICO. Hire a developer to help you in this business. He or she can ensure that your blockchain powered ICO serves not only as a fundraiser but also as a tool to create sustained growth.
Protect your enterprise with cryptography.
Cryptography can defend your e-commerce site, protect your data online and secure your company's files better than any other solution. Powered by the digital signature as well as by private and public keys, cryptography is impenetrable in the current digital ecosystem. This is because it transmits information in the form of codes, which makes the data unreadable to unauthorized users.
You can use cryptography beyond the data protection of your primary business. It can also help authenticate customers by separating real shoppers from cybercriminals. "Transaction records are checked every time they are passed from one node to another in the blockchain," says Youngwhan "Nick" Lee, CEO of EcoVerse and founder of the W3C Blockchain Community. "This allows you to trace and review your audits simply and seamlessly."
Allow crypto to run your ads.
How do you promote your business? In a time of ubiquitous fraud in online advertising, marketing your business is as difficult as developing and exploiting it.
Startups are eager to promote their products, bombarding their customers with torrents of newsletters, practical guides, coupons, and countless advertisements. Advocacy usually lacks attention because business leaders do not know exactly what their clients want. They hope their messages will please enough of their customers. The situation is worse than you think: according to a study by Dun & Bradstreet, 94% of marketers do not know the preferences of customers.
Crypto can professionally target groups of crucial customers with messages that resonate with them. Blockchain combines an exceptional level of tracking and transparency with the ability to collect accurate data. Overall, this ensures an optimal frequency of displaying ads for each customer.
Keep embracing new technologies.
No matter how difficult your traditional idea is, technology can make it transparent and straightforward. Whether you want to start a business or adapt the one you already run, the blockchain can help you in different ways:
• This can help you with the funding, thanks to the ICOs.
• He can help you with marketing, thanks to his precise follow-up and his transparency.
• Thanks to its cryptographic system, it can help you with security.
Work to input these technologies into your business, and you will become the next success story.