Why Tech Entrepreneurs Need To Prioritize Blockchain Technology?

In recent times, Blockchain technology has gained immense momentum because of cryptocurrencies. And Bitcoin was the first to adopt this technology and function along these lines. However, we’ve realized that the benefits and potentialities of this technology far outweigh its use just in the digital currency market.

Industry experts believe that tech entrepreneurs and startups can immensely benefit from this technology. According to Statista forecasts, global blockchain technology revenues will experience massive growth in the coming years, with the market expected to climb to over $39 billion in size by 2025. The banking sector has been one of the quickest to invest in blockchain, with around 30% of the technology’s market value concentrated in this field. Given the potential of the technology and the widespread business interest in the capabilities it can provide, blockchain has become an industry in its own right, even at this relatively early stage of its development.

First, let’s understand what Blockchain is:

Blockchain is the technology that can be understood as a suite of distributed ledger technology that can be programmed to record and track anything of value such as financial transactions, medical records, and much more. Blockchain stores information in a distributed ledger system called blocks that are linked together chronologically to form a continuous line, in simple words a chain of blocks. If you make changes to information on a particular block, the change is stored in a new block that all the participants in the blockchain have access to. It’s a non-destructive way to track data changes over time.

By the end of 2024, it’s expected that corporations will spend $20 billion per year on blockchain technical services.

Whether it is a startup or a large-scale business, security is one of the major concerns for all.

1. Services That Are Decentralized

In simple words, Blockchain is defined as a decentralized technology. Decentralized services are the backbone as it offers entrepreneurs unique access to the alternatives that are currently not accessible in the market. Due to Blockchain’s high security and encrypted nature, it is employed as the foundation for the world’s most famous cryptocurrency — Bitcoin.

2. Transparency In Business Operations

Another vital part of using Blockchain technology is transparency. Making use of Blockchain can help businesses and entrepreneurs know all moves related to payment. Moreover, Blockchain transparency also helps minimize the risk factor as it allows you to track all sorts of activity, which can ultimately help businesses find the culprit.

3. Absolute Digital Freedom

Well, there are several activities that are not allowed to be performed using online banking apps, and this is the main reason why most people avoid using official mobile banking apps. But integrating Blockchain technology in the custom software allows you to perform multiple tasks, and it doesn’t restrict you from doing various payment activities, which ultimately grants you digital freedom.

4. High Security

Well, there are several activities that are not allowed to be performed using online banking apps; this is the main reason why most people avoid using official mobile banking apps. But integrating Blockchain technology in the custom software allows you to perform multiple tasks, and it doesn’t restrict you from doing various payment activities, which ultimately grants you digital freedom.

5. Improved Efficiency

Blockchain technology offers end-to-end encryption which is communications between receiver and sender, which means there is no involvement of any third party in the process, which ultimately enhances the overall process. Moreover, transactions also take a few seconds instead of a week to complete international transactions.

6. Economical

As compared to other technology, Blockchain is affordable, which means for entrepreneurs, this technology will be best to manage payment activities. The removal of centralized authority from the process helps in improving costing. It is estimated that by 2026 Blockchain-based projects will add around $360 billion of value to enterprises.

Wrapping Up

Blockchain can be applied to every big, small, and medium business. It can streamline the growth of a business by facilitating business processes in different ways. Many businesses are embracing the potential of blockchain technology to ensure rapid growth and efficient execution of business processes.