It is no longer a question of whether we should incorporate blockchain into our startups but rather how and when to implement it.
Blockchain is a decentralized and distributed digital ledger that provides a permanent and immutable record for transactions if you're unfamiliar. This article will give an overview of what blockchain technology is, how it can be used in your start-up organization, and why start-ups should consider looking into the advantages of incorporating this new technology.
1. Virtual marketplaces
Perhaps the most prominent use of blockchain currently is virtual goods and exchange. The most well-known of these companies are virtual currency exchanges, like Coinbase and Bittrex, which allow people to exchange a wide variety of virtual goods through this technology. The main benefit to using blockchain in a marketplace is the lack of fraud. It can be used to verify that a transaction has occurred between two or more parties, therefore eliminating the possibility of double-spending. While many people have already seen these examples on mainstream media, many other industries use this technology in their business models.
2. Network-based services
Another example of a start-up utilizing blockchain technology is that of a VPN service or node. Because a VPN is essentially an encrypted tunnel, the data naturally has to pass through a centralized server. This creates the possibility of foul play by the VPN node owner, allowing them to eavesdrop on your data. The use of blockchain technology in this service helps to ensure that no such malicious acts can occur because it gives players complete control over their interactions.
Continue reading: https://www.entrepreneur.com/article/411961
Blockchain is a decentralized and distributed digital ledger that provides a permanent and immutable record for transactions if you're unfamiliar. This article will give an overview of what blockchain technology is, how it can be used in your start-up organization, and why start-ups should consider looking into the advantages of incorporating this new technology.
1. Virtual marketplaces
Perhaps the most prominent use of blockchain currently is virtual goods and exchange. The most well-known of these companies are virtual currency exchanges, like Coinbase and Bittrex, which allow people to exchange a wide variety of virtual goods through this technology. The main benefit to using blockchain in a marketplace is the lack of fraud. It can be used to verify that a transaction has occurred between two or more parties, therefore eliminating the possibility of double-spending. While many people have already seen these examples on mainstream media, many other industries use this technology in their business models.
2. Network-based services
Another example of a start-up utilizing blockchain technology is that of a VPN service or node. Because a VPN is essentially an encrypted tunnel, the data naturally has to pass through a centralized server. This creates the possibility of foul play by the VPN node owner, allowing them to eavesdrop on your data. The use of blockchain technology in this service helps to ensure that no such malicious acts can occur because it gives players complete control over their interactions.
Continue reading: https://www.entrepreneur.com/article/411961
