This will be a bold statement: it is time for your business to start embracing the blockchain, which is the biggest technological changer since the Internet. Blockchain, for those who are not familiar with this concept, is a super ledger. This technology enables users to enjoy transparent and distributed digital records of transactions without the need for a central database. By decentralizing data storage and supporting the distribution of digital records, the technology provides transparency and allows users to transact with each other without the need for a third party. With blockchain, everyone can manage their own data-from money to personal information. It is very helpful in terms of data transparency, accessibility and integrity. Imagine what happens when ordinary people have complete control over their data management methods? Third parties will no longer be needed, which will greatly reduce transaction costs, reduce waiting times, and ultimately make it easier for people from all walks of life to obtain services. This technology will change the practice of every industry, and early adopters will definitely be the winners. Now that you have achieved success in the traditional market, why invest in blockchain? I think this is a path to ethical profit and efficiency, which will enable companies to provide better services to target markets while reducing costs. Blockchain technology in mainstream industries allows all participants to perform cost-effective verification, thereby reducing the cost of auditing transaction information. In fact, blockchain can allow new markets to emerge. As a music producer using blockchain, I discovered something that was unimaginable in the music industry in the past. Music streaming has subverted the music industry, just as mobile phones have changed the way people communicate. As more and more people have access to the released music, my company uses blockchain to add content that is already working. Blockchain will not only allow listeners to legally access music, it will also make the royalty income of copyright owners, record companies and distributors transparent. Blockchain projects all boil down to trust and transparency. If these two factors are not realized, then everything you outline in the team checklist will be in vain. The difference between blockchain projects and traditional products and mainstream products is that they all run on a platform centered on the user community. If you plan to work on a blockchain project, your future users will appear on your website the moment your website goes live. They will watch and comment on your every move online, and they will also ask questions. Consumer participation is always beneficial to business. The challenge is how to turn this participation into education and make people have a good understanding of feedback. This is crucial, especially because for many mainstream consumers, decentralization is a novel idea. This step is where many ICOs failed in the previous year. There are many reasons why blockchain startups fail, but here are some things worth noting: ·Lack of tangible products that solve real-world problems ·Little contact with the community ·Lack of transparency People are not afraid of new technologies. For example, Bancor, one of the ICOs launched last year, raised $153 million in three hours. My company Inmusik raised more than $7 million in funding before the launch of the ICO. What ruined the support community is dishonesty. It is a question of the space that allows anyone to create a project. Add unpleasant news about security threats to exchanges and ICO websites, and you will see a market full of fear, uncertainty and doubt. Sustainable development can only be achieved by those who listen to the opinions of the market, who understand exactly the will of the market and promise to meet these expectations in every launch. In the blockchain space, the most obvious winners are those who have released a user-friendly platform and have direct contact with the community during the development process. Launching an ICO does not depend on having a shiny white paper. Successful blockchain projects are those that can solve market uncertainty through proof of concept and proof of work. Finally, the biggest winners in the blockchain space are those who can prove that the technology is effective for their target market. Although blockchain can solve many problems, it is not the panacea we are looking for-at least not yet. As we strive to make blockchain an accessible concept, there is a lot of work to be done. This means localizing content, designing for mainstream audiences, creating an almost frictionless development process, and being active on social media to keep everyone informed about the latest developments, share content, and explain how blockchain projects solve the industry problem. I admit that this is a lofty achievement. Is blockchain a bubble? That's what they said on the Internet in 1995. Now, we seem to be unable to live without it. We are on the edge of the future of blockchain, and we have seen how big it will be. Now is the best time to start embracing and discovering this new technology. The Young Entrepreneurs Council (YEC) is a fee-based organization that can only be participated by invitation. It is composed of the world's most successful entrepreneurs aged 40 and under. The members of YEC represent almost every industry, generate billions of dollars in revenue each year, and create dozens of such industries.
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