The drivers of business success have changed. If you’re an entrepreneur or business owner, you’ve probably noticed the business environment is a lot faster, more global, interconnected, digitized and much more competitive than in years past.
Businesses face a range of transformative forces.
As technologies accelerate and converge –
Consumers are demanding hyper convenient, user-friendly digital services and information has become readily available and accessible.
Economies are rapidly digitizing and automating.
Globalization is deepening. People, businesses and economies are more interconnected than ever before. Competition is heating up, and regulations are becoming more complex, multijurisdictional and burdensome.
Demographics are also changing. The populations in advanced nations are aging while developing countries are seeing massive population and income growth. This means the most significant business opportunities now and in the future will be found in developing nations.
The rules of the game are not the same anymore which has made it very difficult for businesses relying on outdated technological infrastructures to scale up, stand out from the pack and achieve sustainability.
Unlocking the economic opportunities of the new digital economy require businesses to modernize their operations and sit at the cutting edge of innovation and change. This is only possible with a future-proof and robust technological foundation that allows for agility and long-term sustainability. Put simply, businesses must be built on a foundation that can empower creativity and enable the development and monetization of innovative business models.
So, where does blockchain technology fit in?
Blockchain is an effective foundation to help businesses redesign their operations, products, and services for the digital economy.
It provides a new foundation for competitiveness as it creates the resilient digital infrastructure necessary to deal with the new rules of the digital economy. It provides a foundation that enables businesses to navigate a faster, primarily digital global economy where complex regulatory issues abound. It also gives businesses the capacity to access the vast economic opportunities that can be found in the world’s untapped developing markets.
Yes, these are bold claims.
Of course, the technology is not a magic wand or panacea to all the problems facing entrepreneurs and businesses today. It’s also true that a blockchain is not suitable for all businesses.
However, when applied to the right business, the technology can have real transformative impacts. There are plenty of applications in sectors like healthcare, supply chain, IOT, energy, finance, and insurance. For businesses in these sectors, blockchain has key benefits in verifications, the movement of assets, ownership, security, and identity.
Here are just a few examples.
- The technology enables the accurate and efficient verification of information such as permits, transactions, and identities which can solve many problems for business operations. The ability to verify data has not been tampered with, identify the source of information, securely record data and track a chain of custody from creation holds enormous benefits for efficiency, security, compliance, and costs.
- Blockchain can facilitate the direct and automatic transfer of payments or assets between businesses, governments, and people for services rendered. Cross-border payments and remittances can happen with a click of a button from any device in real-time and at a fraction of the cost of today’s transactions. This cuts out excessive intermediary costs, redundancies and dramatically improves operational efficiency.
- Blockchain-based identity management systems remove the need to issue, verify and store sensitive customer data. Manual processes that form parts of KYC and AML compliance like the collection, validation, and verification of critical documents and the sharing and reconciling of data can be eliminated.
- Complicated, time-consuming and burdensome regulatory reporting to authorities that demand constant sharing of counterparty exposures, transactions and up to date customer records can be eliminated as businesses and regulators gain real-time access and a permanent audit trail of all transactions. Rules set out by regulators can even be hard-coded into a smart contract ensuring automatic compliance with specific AML & CFT regulations and triggering alerts for any predefined suspicious activity.
- Communications and data reconciliation associated with post-trade clearing and settlement can be eliminated. The time needed for registration, transferring ownership and moving assets from one account to the other when trading can occur instantaneously. Smart contracts can execute commercial transactions and agreements automatically and with complete transparency.
- Businesses can gain the capacity to track and securely register the movement of goods and information across entities and have granular traceability and auditability into complex trade financing or supply chain processes.
I get why blockchain matters. Where do I get started?
Up until now, it has been hard for entrepreneurs to use blockchain technology and access the technology’s huge benefits. Other platforms like Ethereum are finding it difficult to scale and have proven hard to use for the average entrepreneur. They are also more geared towards large corporations who have big budgets and diverse skill sets.
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Metabase Network is a high-performance blockchain business engine and developer platform designed to empower innovators and entrepreneurs, high growth startups, small businesses and kick ass designers, developers, and engineers to create, build, and lead the industries of tomorrow.
It provides a comprehensive foundation to build and monetize next-generation businesses and complex dapps for smart cities, IOT, energy distribution, supply chain, healthcare, finance, insurance and much more.
It’s designed to enable any entrepreneur or developer with a basic level of coding experience to utilize it.
Ride the next wave
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