Jenny Holt, Negosentro | With just under a million businesses in the Philippines, the vast majority of these businesses are micro and small enterprises in a variety of sectors. But one area that still remains largely untapped is blockchain. Although there might be a number of users who have opened up their user accounts and have invested in cryptocurrency, blockchain technology is about more than just that as it opens up the door to so many different applications. Furthermore, these blockchain businesses don’t have to rely on traditional financing to get off the ground.
Getting To Grips With Blockchain Technology
One of the biggest game-changers where innovation is concerned is blockchain. The technology is being picked up around the world and venture capitalists are spending millions in funding to get these businesses off the ground. Some of the biggest investors in these consortiums are the big banks as this technology opens up a whole new financial playing field. Businesses that are able to harness that technology effectively will undoubtedly be able to jump onto the Bitcoin bandwagon effortlessly. This is a massive entrepreneurial opportunity for Filipinos who have the technological savvy to get off the ground.
Cryptocurrency Funding For Digital Currency Businesses
Although bitcoin relies on blockchain technology, it’s only one of many other applications that find this technology to be the ideal foundation for exciting businesses. Traditional businesses require capital to operate and the modes of finance may differ slightly. Those who rely on blockchain technology will rely on a different approach: cryptocurrency. This is because cryptocurrency is the oil that lubricates the blockchain machine.
Innovative Startups That Use Blockchain
Startups using blockchain technology as the base for their own cryptocurrencies are in good company as there are a number successful blockchain businesses that are setting the digital world on fire. These currencies have the potential to be the next Bitcoin and cater to different markets and even demographics. Some are even educational tools designed to enlighten their users on cryptocurrencies and then pay out rewards in the form of Bitcoin currency.
There is simply no end to the uses of blockchain technology, which is not just limited to the financial arena. There is a myriad of applications that can use the technology, such as mass storage. For those that want to invest in the next best thing, this technology might just be it.