During a time of such rapid technological advancement and innovative growth, blockchain is becoming a very prevalent technology. Essentially, blockchain technology presents itself as a secure way to track and distinguish transactions through the recording and distribution of information without the ability to edit or change.
It is a technology that has proven itself to be something valuable on multiple levels and has the potential to change the way we operate in industries such as banking, investing, and so much more.
Despite all that, there are still many businesses who question the security of blockchain and are not open to implementing this technology into their company. The introduction of blockchain to a business can present multiple issues and obstacles for companies to overcome.
See below for the five challenges blockchain entrepreneurs will face according to Business.com.
Creating a new business model
With the implementation of blockchain, a company will have to adapt or modify the structure of their business. Depending on the complexity and purpose of current business models, blockchain forces companies to alter their structure to legally comply with certain standards.
This can present itself as a detrimental problem to smaller businesses and startups who are lacking the funding and personnel to make these changes.
Luckily, the federal government provides one of the most generous tax incentive programs in the world that is available to companies of all types and sizes. A number of other innovation grants/funding are mentioned at EVAMAX website.
Blockchain is a fairly new technology that may be foreign to both individuals and companies. As stated previously, this technology may require serious modifications to the structure of the company and can require business owners to be creative and innovative during implementation.
It is important for businesses to be knowledgeable of blockchain technology in order to avoid any problems or obstacles they may face.
Finding talented people
Despite the increasing interest and use of blockchain, it still may be difficult to identify individuals with thorough knowledge and experience of the technology. Prior to implementing this into your company, business owners should provide employees with additional training regarding blockchain and other facets meaningful to their role.
Proper training will lead to success in the long term, as knowledgeable employees will be able to resolve problems that arise and maximize the company’s use of blockchain.
Acquiring the proper funding
Blockchain-based companies are often perceived by investors as high risk and can deter them from financing your business. Funding is vital to the success of a company, especially for startups and those partaking in big projects. Companies should identify investors who are open to blockchain and develop a strong relationship with them.
Other than investors, the Canadian government also offers a tax incentive and grants/funding for businesses across the country. Companies involved in activities or projects regarding technological advancement or innovation are likely to be eligible for investment tax credits, innovation grants, and/or cash refunds.
EVAMAX has assisted companies in successfully acquiring these benefits for over a decade and can help your company receive the funding needed to carry out business operations and more. Read more client testimonials
Incorrectly evaluating the business
Evidently, implementing blockchain technology into a company presents many risks and potential issues to be faced. Business owners are often very optimistic about the returns and future of their business, which can cause them to be unprepared for when problems arise.
Future profits and returns should be calculated realistically and accurately in order to align business operations with their potential capacity.
Businesses who improperly evaluate their company will often face serious losses and lost connections with their investors. Companies should always ensure they have a thorough understanding of their industry and what they are implementing into their operations.
All in all, blockchain technology can provide a company with new opportunities to operate and grow. It can lead to more transparency, enhanced security, increased efficiency, and a reduction in costs.
The time we are currently living in requires businesses to adapt or die, and blockchain has the potential to be the next big thing.
If your company is looking to take this next step, EVAMAX can assist you in acquiring the financing needed to ensure your business goals are met.