Blockchain is basically associated with cryptocurrency (digital tokens of different kinds) and ICO’s (Initial Coin Offerings.) But, what we often hear about is Bitcoin, an extremely famous token in the crypto-world. So, what is blockchain technology anyway and what’s the hype all about?
This new technology has the world on it fingers. It’s a distributed ledger that allows companies an access to a much secure and transparent way to store the data in ordered records.
Even the celeb world is not left alone, this revolutionary technology is creating a buzz and is a new accessory for all the hot-shot celebrities. We’re talking about some big names here. Floyd Mayweather and Paris Hilton have jumped on the cryoto-bandwagon in hopes to make quick cash by promoting ICO’s to their die hard fans.
But, what is the problem with all this buzz and hype being created around money raised from the sales of digital tokens? The blockchain technology even though known by many has been sidelined by the crypto-world. Especially business entrepreneurs because the focus should seriously switch towards the technology itself and should be used to create new vale.
It’s time to look past the hype of cryptocurrency! We have some nuggets for you to chew on entrepreneurs, if you’re really looking for ways to optimize your business with blockchain.
Time to Think About the Customers
It’s all about the customers they say and a company which values there customers goes a long way. SAP is a software corporation with a $22 billion annual revenue. It’s a great company to take inspiration from actually. It’s a company that focuses on customer thinking design.
SAP is all up for helping the entrepreneurs to create a value proposition with the customer life-cycle in their mind. Companies like Benjamin Moore Co are working with SAP to use innovative ways to find solutions with this leading-edge technology.
Red Alert: Never Ever Launch a Business as a Token
Many entrepreneurs are unfortunately joining the blockchain looking forward to making quick and easy cash instead of actually building a business. Due to the rise of cryptocurrency, the blockchain industry has grown parallel to it. However there is a difference between cryptocurrency and blockchain that needs to be identified. Blockchain is a database whereas, cryptocurrency is a form of digital money. See, the difference?
So, you’ll be making a complete fool out of yourself if you build a business based on monopoly money. The business is always made on a product and not its feature. That’s just how it really works. For example, a token is the feature of blockchain not the product and a business is mainly run on the product. Grab a pen and paper, it’s time to learn how you can really use blockchain and benefit from it.
No More Token?
We’re not here bashing tokens here, my fellow entrepreneur! A business can be build with token as a feature and not the other way around. Don’t just latch on to the hype, focus on the important things in a business. Rushing into making quick money on an ICO won’t bring in the investors and no one would want to go downhill with you.
What should be the game plan then? The blockchain systems are organized into blocks which helps in retrieving and tracking the data really quick through time. That can be really useful to businesses who have it in their foundations to track information by time and date. Blockchain can really address business problems and provide solutions which were never available here. Getting the memo?