Blockchain technology counts as one of the greatest innovations to have ever graced the business space. It stems from the disruptive nature of the technology and its powerful features.
Which have all become relevant to traditional businesses looking to transition into the digital world. Startups are not left out of this rat race.
In recent years, the business world has evolved, prompted by new trends emerging almost daily.
Many businesses now deploy every resource at their disposal to retain a sizable share of their markets in the wake of a massive digital transformation.
These businesses, including startups, have realized that integrating new technologies into their infrastructure enhances business processes.
While the technology did not become a sensation until 2009 following Bitcoin’s arrival, its origin dates back to attempts by developers to establish an infrastructure that offered improved processes for businesses than centralized systems.
It is common knowledge that centralized systems are riddled with a myriad of challenges.
Many businesses are affected by challenges such as expensive and slow decision-making, data loss, cumbersome paperwork, and more. Blockchain adoption is considered a calculated attempt to address these challenges while boosting its user base and increasing its R.O.I.
The massive adoption of blockchain for cryptocurrency sheds light on possible use cases in that businesses can deploy the technology. In the past months, these use cases have become a reality.
However, experts and developers have argued that blockchain is still in its infancy and will enjoy more adoption and utility in sectors like supply chain, retail, e-commerce, and real estate beyond what is being witnessed now. But what are the current utilities of this innovative technology, and how is Aves-Lair helping drive adoption for big players and startups in the business space?
Common Utilities of Blockchain Technology in Business
Blockchain in Digital Transactions
The most common utility of blockchain technology is found in the finance industry, courtesy of cryptocurrency. Cryptocurrency has been tout as a better alternative to the fiat type of money, subject to excessive control by central authorities like banks and governments.
Privacy is the most touted benefit of blockchain by cryptocurrency users, given the absence of a centralized infrastructure. Users are involved in a peer-to-peer (P2P) network, consisting of many other participants who strive to achieve consensus on transactions.
Many startups in the B2B and B2C sectors have deployed this utility in their respective processes, benefiting from the speed and reduced transaction cost that blockchain offers.
Some startups are also developing tokens with several utilities for their clients, using blockchain technology as the hosting infrastructure.
Blockchain for Smart Contracts
Contracts and agreements are a constant in the business world. Traditional businesses sign contracts contained in a cluster of paperwork, posing risks such as manipulation of terms by a party to the agreement.
Other risks include rescission and delay in decision-making. Even attempts to seek redress for rescission take a lot of court processes.
However, startups can leverage smart contracts powered by blockchain technology to create agreements. The immutable nature of blockchain makes it impossible to alter the terms of a contract.
Smart contracts operate using condition precedents. If one party fails to fulfil a side of the agreement, the other party can also withdraw from his obligation.
However, if the first party executes his part, the smart contract automatically performs. The additional terms are containe in the agreement without requiring the signature or involvement of either party.
Blockchain for Data Storage
Startups continue to deploy blockchain technology for storage purposes, as they have discovered that centralized systems are unreliable.
Experts continue to cite risks such as data loss and manipulation that this storage mechanism poses. In recent times, startups are resorting to blockchain to avoid these risks.
Since blockchain utilizes a distributed system with many interacting nodes. Startups capitalize on this to store their data on many servers, preventing an avoidable loss if one server shuts down or is exploit.
How Aves-Lair is Helping Startups Leverage Blockchain Solutions
With a rich portfolio that includes clients like Blocksport, P.U.M.L., Burble, Immutable X, and Compute Coin, Aves-Lair has positioned itself as a beacon to assist traditional business startups in adopting blockchain solutions and other modern technologies.
In light of their expansion to the digital space, most traditional startups look forward to adopting technologies that can simplify and hasten standard business practices.
Aves Lair commits itself to a digital revolution that involves helping transform modern technologies. In A.I., Blockchain, Cloud, and Data Analytics (A.B.C.D.), from ideation to practicality.
It aims to create an ecosystem that comprises an intersection where groundbreaking startups, innovative corporations, visionary investors, and top scientists. Industry leaders can meet to develop and improve on emerging and cutting-edge technologies.
Aves Lair features a seed-stage accelerator program where it hosts different startups interested in incorporating technologies in A.I., Blockchain, Cloud, and Data Analytics.
In this program, startups (B2B, B2B2C) can leverage vast resources, including funding, mentorship, market insights, and strategies to attain next-level growth and scalability.