A blockchain policy has been drafted and released by The Telangana Government. The government has also stated that this policy is supposed to be finalised and implemented in a month.
This implementation would make Telangana the first state in the country to have its own blockchain policy.
This policy aims at making Hyderabad one of the top 10 ‘Blockchain cities in the world. With this concept of turning Hyderabad into a blockchain district, the city would be able to house major technology companies that revolves around blockchain, research and development facility and a world class incubator.
The top 5 ways in which Blockchain can help start-ups in functioning better are:
Better Funding Options
One of the most critical factors for any start-up is Funding. It is something that cripple most start-ups right at their infancy.
Investors from various developed nations have shown much interest in making start-up investments in emerging economies. However, lack of policies and other political barriers are reasons which prevent direct foreign investments in most of these emerging markets. Policies of this sort have contributed to the limitation of the investment sources that start-up owners have.
By making use of an investment platform which is blockchain-backed, it becomes quite easier for start-up owners to interact with potential investors from different parts of the world and it also makes the investment process convenient for the investors without acting against any laws and regulations.
As far as funding for both start-up owners and investors is concerned new crypto funding platforms like URIS have been set up after gaining a clear understanding on the potential blockchain system.
The use of URIS ICO token in start-ups makes it easier to accept funding from various investment firmsin the world. Moreover, investors using URIS ICO tokens will also end up receiving higher liquidity options for their investment.
Transparency in Accounting
Storing data in public ledgers is one of the highlight features of blockchain. This helps start-up businesses to ensure that all the operational data and accounting is secure and accessible to all the stakeholders who are authorized of the company.
Because data stored in a public ledger is tough to manipulate, verifying databecomes easier for investors and higher authorities.
Storing and viewing transaction histories also becomes easywith the help of blockchain technology. Blockchain can help businesses in maintaining the record of products that they use, beginning from its source until it reaches its destination.
Detecting faulty or duplicate products will become easier through this. It can also ensure fair pricesare being charged on the products.
Improved Security for User Data
For every business in today’s time, user data turns out to be the most important factorand protecting the user data is also equally important for maintaining the reputation of any start-up company.
Security threats are known to be quite massive against user data and witnessing the recent cases, even Facebook, one of the top techsisn’t safe from hacking attempts on their user data.
It has become immensely easier and secure for businesses to store private user data, as all the data within a blockchain network are encrypted and stored in decentralized locations.
Moreover, users also have control of the data and they can also select the data they are willing to share with the business andbring changes to the data whenever they feel there is any such requirement.
Quality Customer Support
Nowadays, customer support is known to be the most essential department for any start-up, and not this is no surprise that considering customer’s feedback gives them reasons to return. Also, helping customers with their issues is a costly and time-consuming effort.
The use of blockchain-backed platforms enables start-up companies to offer customer service tasks to freelancers by the utilisation of Smart Contracts, which will help in removal of the need of arranging a dedicated customer service team. Moreover, once data of all the previous customer queries and issues becomes easily accessible, customers can be offered fast and efficient support.