Blockchain has various applications that can be leveraged by entrepreneurs to improve their business operations:
- Supply Chain Management: Blockchain can track the journey of products from manufacturers to consumers, ensuring transparency and reducing fraud. - Smart Contracts: These are self-executing contracts with the terms directly written into code. They can automate various business processes, reducing the need for intermediaries. - Payment Systems: Blockchain can facilitate faster and cheaper cross-border payments, which is especially beneficial for businesses operating internationally. - Fundraising: Entrepreneurs can use Initial Coin Offerings (ICOs) or Security Token Offerings (STOs) to raise capital, offering a new way to attract investors.