This post was originally posted on StartUUp Asia.
If you don't stay up to par with how the rest of the world is evolving, your business won't last very long. Especially in this era of technology advancements. And as an entrepreneur, you’ll need to know the up and coming technologies so that you can take advantage and disrupt the industry. One technology that you can take advantage of is called blockchain.
The commonly-known use for blockchain technology is through cryptocurrency that came to life when Satoshi Nakamoto created Bitcoin. Although it was created for Bitcoin, blockchain technology can be used for so much more than cryptocurrency. It’s a relatively new technology that started in 2009 and is rumoured to be the new Internet; The new Web 3.0.
Before we dive into how you companies implement blockchain, let us understand what it is and its many benefits for you and for technology in general!
What’s Blockchain? What Is It Used For?
In simple words, blockchain is an open-source database technology - A digitised, decentralised, public ledger of all digital transactions.
Data and information are captured in a block through cryptography (the study of secure communication) that adds it to the chain. Once you code a piece of information on the blockchain, the data cannot be copied or changed, potentially removing fraud transactions. Plus, the authenticity of a record is verified by a decentralised network which means no one authority can control it.
This video explains it simply!
Benefits of blockchain
Once you’ve understood the basics of blockchain, here are the benefits of using blockchain in your business.
- Decentralized Network
- Immutability
- Speed
- Encrypted Securely
Ways to implement blockchain
There are a lot of uses for blockchain. In fact, companies that deal with information being passed around on the Internet will need to apply blockchain, or they’ll get wiped out. Companies like IBM and Samsung understands that blockchain is the future and they’re learning how to include blockchain.
Banking and Payment System
A British multinational bank, Barclays is taking on blockchain technology to eliminate identity theft. With blockchain, banks are able to be more transparent with their records and data that gives users a sense of trust.
Gaming Platform
Other than removing high transaction fees, Bountie uses blockchain to ensure security in the transactions and data protection. Players are competing with other players of similar ranking and through blockchain, players would not be able to hack and change their ranking to win more tournaments.
Contracts
Ethereum used blockchain technology to create smart contracts. Smart contracts are digital contracts that facilitate, and verify the contract. This video explains it very well.
Music Industry
There are a few startups like Voise that are using blockchain to disrupt the current music industry. They do this by giving creators the power to get paid by fans without paying huge sums to record labels.
So, are you excited about the future and want to utilise blockchain for your startup idea?
Start to validate whether blockchain compliments your idea. Research the industry for similar blockchain services. Finally, find blockchain experts to partner with you.
*Bountie Technologies is a gaming technology company based in Singapore that is creating a platform for gamers in Asia to make a living while playing their favourite games. You can follow Bountie on Facebook, Instagram and Twitter. *
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