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How Blockchain Helps Launch Startups

2019-04-02 by Alexander Slichnyi

That blockchain tech has already had a big impact on society is clear. It’s estimated that by 2030, virtual currencies will be adopted by most governments in the world. Blockchain-based apps are bound to power these currencies.

Why? Because blockchain tech offers a completely different approach to online security, and to reduce infrastructural and transactional costs. How could blockchain assist businesses? Let’s examine this.

It Could Reduce Budgetary Constraints

New businesses are normally not short of ideas but may be short on capital. Ongoing running costs may prove to be the death knell for a new business. As a result, startups need to find ways to cut costs. Blockchain tech could make this easier for them.

Say, for example, that you’ve come up with an idea for a driverless car. You’ll need to start at the design stage. That means having access to powerful design software, or, at the very least, some serious computing power.

There’s no question that these items would be a good investment, but what if your budget just won’t stretch that far? What if you could rent the computing power that you needed as and when you needed it instead? The blockchain-based app, Golem, already makes that possible.

According to their site, it’s like having access to a supercomputer. Essentially users within the system can opt to sell their spare computing power or use the computing power in the network in exchange for tokens.

Coming Up with Solutions

Maybe you’ve hit a bit of a brick wall when it comes to one design area. That means spending a lot of time and effort to research that aspect, or hiring an expert. What if you could get hundreds or thousands of people working to solve the problem for you?

Blockchain could make that possible. How to incentivize participants and copyright issues would need to be investigated, but it is an intriguing option.

Running the Cars

Finally, you’d need to put some infrastructure into place to help run the cars once they’ve been built. Again, blockchain tech could prove invaluable in keeping costs to a minimum. Instead of having to build and maintain a network of computers, you could take advantage of the power of a blockchain-based network.

These are just some of the ways that the tech could be useful going forward. We don’t know how far this tech could take us. Do you have some ideas on the subject? Let us know about them.  

URL: https://techjury.net/blog/global-it-economics/

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