What is "blockchain"?
“A blockchain is a growing list of records, called blocks, that are linked together using cryptography.”
Blockchain was developed in 2011 to help make online trading faster and more efficient but has since expanded to something much larger.
Why should you use blockchain for your startup?
- It gives you the option to monitor transactions to ensure they are safe and reliable.
- There is a higher level of credibility because there is no longer a need for paper contracts.
- It reduces costs and increases accountability.
- There is a low risk of fraud since there is little chance of an individual getting control of the network allowing them to tamper with documents.
- It saves time since everyone is utilizing the same form of blockchain.
How can you start using Blockchain as a Startup?
Before you decide you want to start using Blockchain as a Startup, you need to have a clear business plan put in place that outlines your goals for working with Blockchain. Which areas of your business will be using Blockchain? How will this change the way people work?
Once you have decided that using Blockchain will help your startup, it is important to analyze the costs. What return will you obtain on your investment into Blockchain? Different blockchain applications can be used so do your research into each one and the cost to use it. Keep in mind that there is also the opportunity to build your own application, though this could come at a cost.
Finally, you want to discuss your ideas for implementing Blockchain with other stakeholders of your business. You will need to get buy in from all of these stakeholders to ensure that it is the right decision for your business right now.
A Look at Other Industries Using Blockchain
Healthcare
Blockchain in the healthcare industry allows hospitals to easily share information like patient history with one another. It gives these hospitals an easier way to communicate with one another and allows for a better flow of information between the facilities thus resulting in better patient care.
Advertising
Blockchain in advertising comes in the form of making ads more targeted towards the people that the ad is intended for. Blockchain gives advertisers the opportunity to tailor their content specifically to the end user.
Retail
People are now more easily able to buy and sell things online with multiple payment methods (ie. Bitcoin). Blockchain allows sellers to trade things easily without commissions or unnecessary fees.
Real Estate
Real Estate documents are now able to be stored on the blockchain network. As mentioned above, blockchain in this industry allows for the prevention of fraud and helps build a more trusting relationship between the agent and the buyer.
How can Altitude Accelerator help you with your Blockchain needs?
Altitude Accelerator has formed a partnership with Canadian blockchain company, ValidCert Inc. to implement a digital certification program to enable entrepreneurs a safe means to connect with partners and prospective investors. This private data room is available for all Altitude Accelerator clients and is specially designed for clients to share confidential documents with potential investors in their Investor Readiness program.
ValidCert wants incubators and accelerators to leverage their platform to ensure their program is shared in a trustworthy manner. Incubators and accelerators contribute to the growth of the Canadian economy by providing startups with tools to ensure their success.
Why is Altitude Accelerator providing a secure private data room to its entrepreneurs?
- Centralizing info helps entrepreneurs get to market faster
- Ensures a validated and trusted source of information for investors
- Continues to build and protect business brands (reduces risk of fraud/cyber threat to info and startups on this platform have completed programs/training)
- Reports to demonstrate usage, investments and course completion
What does this mean for current and past Altitude Accelerator clients?
- Existing and past graduates are provided with a “place” to market their accomplishments
- Access to validated certificate and data room to share and track potential investment opportunities
- Consolidate all their confidential information in a trusted platform represented by the Altitude Accelerator
About the Author
Kierstyn Pare
Social Media Director, King Street Media