FX.co ★ Five advices to improve business with blockchain

The market participants' widespread use of the blockchain technology, for example, when working with cryptocurrencies, somehow makes us understand it, taking account of the technicalities related to the innovation. Experts believe that the proper use of the blockchain technology would greatly help in business. They offer a number of advices for those who wish to improve its performance in the market of cryptocurrencies.

Systematize client management

According to some analysts, client-oriented approach is of utmost importance in the business development. The SAP Leonardo platform helps enterprisers to build the system of relations "businessman-client" based on user needs. Such companies as Deutsche Telekom and Benjamin Moore operate with SAP to create innovative solutions on the basis of the blockchain technology. Penny Delgadillo, the Vice President of Marketing for SAP, notes that blockchain is changing business processes. We consider the technology from the point of view of a complete cycle of client management.

Issuing tokens is not a goal but a means of achieving the result

The popularity of cryptocurrencies contributed to growing the blockchain technology. Its role as a digital public database of transactions was a major reason for the success of bitcion. However, it should not be forgetten that token is a function of blockchain, not a stand-alone product. Experts warn that it is impossible to build a successful business without a specific product, but only with virtual money. Tokens, like bitcoin, can be used to pay for goods and services, but a unique product, or a creative solution is required to operate the business.

Start a business where tokens serve a function

Analysts believe that enterprisers should focus on solving real problems instead of trying to make money from ICO. Business based on blockchain should concentrate on problems, which require the specificity of distributed databases to solve them. It works well in such spheres as delivery chain management, or pharmaceutical industry. Controlling the authenticity of the products with the help of blockchain helps to reduce the number of counterfeit goods.

Primary rounds of ICO financing should not be changed

According to experts, primary token supply, that is, attracting funds through cryptocurrencies, turned the world of venture capital investments upside down. However, experts warn that ICO should not be considered an alternative to the traditional ways of attracting capital. The note point out that bitcoin is not a business, but a protocol. And when building an activity based on the blockchain technology, you need to be forward looking and to create an innovative company within the blockchain parameters.

Take more care of the existing business, and less of ICO

Experts do not advise to concentrate too much on the primary distribution of tokens, but to pay more attention to the real business. It is important not to miss the right moment for carrying out the ICO. In so doing, there is a need to enhance knowledge and to find as much information on the blockchain technology as possible.