The technology can be
used for much more than cryptocurrency.
There are many disadvantages small and medium-sized ventures
face in the current business atmosphere. Despite their status as the backbone
of any major economy and integral to GDP growth and other national metrics, smaller
firms face high barriers to entry and low insulation from conditions that would
barely scratch their larger peers. The current regulatory environment is
purpose-built for companies that are several magnitudes larger, and makes it
hard to find financing, scale operations, process payments and recruit other
ancillary services that are both necessary and yet monopolize the time and
resources of small businesses.
With blockchain's ability to achieve remote, autonomous
consensus between users, businesses have quickly figured out that
such self-reliant data infrastructure is useful for things far beyond crypto
currency. It can help bring products and transactional services to market
quickly and inexpensively, and offload the traditionally high costs of
security, Know Your Customer (KYC) protocols, data storage and other
overheads. It not only reduces costs, but also allows businesses of all sizes
to compete on a more level playing field.