One of the greatest technological advancements of all time is the internet. This technology provides enormous amounts of information, makes communication easier than ever before and has changed the modern business landscape. For these reasons and more, life without the internet is now hard to imagine.
If you could go back in time, you could make a lot of money investing in the internet. Of course, you already know this, as hindsight is 20/20. What's more difficult is figuring out how to spend your money and time now. How do you know if a technology or company is going to grow or fail?
One of the best choices you have is to invest in a tried-and-true technology or industry. For example, you could have invested in Uber, even though there was a prolific taxi industry at the time. More importantly, you can invest in an advancement that's been dubbed "a new type of internet" today – blockchain technology.
Before you can grasp the nitty-gritty details of why you should start a blockchain-based company, you need a basic knowledge of blockchain technology. Simply put, a blockchain is a shared, historical ledger that can't be altered. In the past, ledgers have been independent and changeable. Blockchain overcomes potential errors, fraudulent actions and various other inefficiencies because it's public and verifiable.
All right, that's all you need to know for now. Of course, the blockchain is more complex than this explanation, but you don't need to know all of its intricacies to build a blockchain company. In some ways, the blockchain is like a car. You only need a basic understanding of how a car works and how to drive it in order to take advantage of its benefits. Minute details can be learned along the way.
Unmatched potential for toe-to-toe competition.
Large corporations, from Goldman Sachs to Google, recognize that blockchain technology has untapped potential. These institutions want to upgrade their systems with blockchains so they can stay relevant as technology evolves.
With big players like this in mind, you might think that the market is saturated. Fortunately, this is far from the case. Although it's daunting to enter a space where established businesses are trying to stake claim, it is possible.
New, smaller business have less overhead and can make strategic moves faster than larger companies. Entrepreneurs actually have a chance to disrupt monopolies and achieve market dominance in the world of blockchains. Sound too good to be true? If so, here are two companies in the space that are already making big waves.
Everledger, a company that's placed 1.6 million diamonds on a blockchain, is proving how attainable it is to overthrow monopolies with blockchain technology. From here on out, a consumer may not have to shop with a retail store that's known to carry trustworthy, conflict-free jewels. With Everledger, they can pull out their smartphone and instantly see the history of the diamond they're viewing, whether they're in a Tiffany & Co. branch or shopping on Etsy.
Another company that's outcompeting established brand names on the blockchain is ShipChain. As the industry now stands, every shipping company has its own private ledger. If you need to track a package with the United States Postal Service, you have to do so on its system. So, transportation companies have single access points that can easily be corrupted or exploited. ShipChain has better security because it tracks the shipment of products from a buyer to a seller on a widely distributed public ledger. Everyone in its network can download a copy of this ledger, so it's entirely transparent and resistant to errors and fraud.
This innovative concept has been aided by big-name entrepreneurs, like Kevin Harrington (yes, he's the guy from "Shark Tank"), Joel Comm and John Monarch, so it's no surprise that the company was recently accepted into the Blockchain in Trucking Alliance.
Wrapping things up
As an entrepreneur, you have a lot of responsibility on your shoulders. Starting a company is no small task, and starting a successful company is even more daunting and challenging.
Although it can be hard to determine where your efforts will have the most impact, entrepreneurs today have a unique opportunity in blockchain-based companies. With the right insight and know-how, new business owners can quickly enter and dominate this space.