Blockchain Revolution

Democratized Entrepreneurship: Under the right conditions, entrepreneurs are
the engines of economic growth in society. They bring fresh thinking to the
marketplace and fuel the creative destruction that makes market economies prosper.
Blockchain technology bestows individuals and small companies anywhere in the
world with many of the same capabilities of larger organizations. Blockchain-based
ledgers and smart contracts lower barriers to starting a company, expedite
incorporation, and cut red tape particularly in the developing world, where it takes
three times longer to incorporate and costs five times as much.
Blockchains can automate, streamline, and otherwise dramatically improve the
three components of business building: formation, fund-raising, and sales. Formation
costs will drop significantly, as blockchain is a trusted, known way to incorporate a
business. You can see ownership and maintain records easily, especially helpful in
areas where the rule of law is absent. Financing a company is easier as you can access
equity and debt capital on a global scale, and if you’re using a common denominator
—like bitcoin—you need not worry about exchange rates and conversion rates. Sales
become a function of accessing anyone with a connected device. Buyers don’t need a
credit card, local currency, or bank account.
Through secure and immutable ledgers, entrepreneurs will be able to register their
business and title of corporate assets; manage inventory, payables, and receivables;
and leverage other financial metrics through triple-entry accounting software and
other blockchain-based applications, reducing the need for auditors, tax lawyers, and
other vendors who weigh on small businesses.
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Regulators might cut small
businesses a break for opting into a triple-entry accounting scheme. That means more
to the bottom line and less wasted time. As the company grows, reconciling corporate
actions and documentation will become less complex. Through smart contracts, an
entrepreneur could automate many aspects of a company’s operations: purchase
orders, payroll, interest on debt, and financial audits in real time. Two new models for
individual entrepreneurship will gain traction:
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