What is the Blockchain?
Blockchain is a shared, distributed ledger that facilitates the process of recording transactions and tracking assets in a decentralized network. Assets can be tangible — a house, a car, cash, land — or intangible like intellectual property, such as patents, copyrights, or branding. Virtually anything of value can be tracked and traded on a blockchain network, reducing risk, speeding up settlement and cutting costs for everyone involved.
Start Up or Early Stage Business
If you have a great idea for a blockchain based product or service, you’ve written a white paper or you even have a proof of concept, we can help get your business off the ground. Clarifying your business vision and goals, developing a business plan and raising the necessary capital are critical elements in the success of any early stage company. Welford provides expertise and advice in all the areas you need to get your blockchain business off to the best possible start.
Or you may have blockchain business that’s in its early stages and already generating revenues. How do you take it to the next stage?. how do you scale the business? Welford can help here too. We have experience of building early stage companies, generating new customers and driving revenue growth. We can provide sales and marketing, asset tokenization, product development expertise and advice on growing your blockchain business.
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If you’re an existing business considering the implementation a blockchain strategy or project, these are some of the questions you should be asking:
- Is blockchain the right technology to solve my problem?
- Would a blockchain strategy lead to improved efficiency and/or greater margins for my business?
- Which competitors are implementing blockchain solutions or launching new products and services based on blockchain?
- How significantly will blockchin disrupt my industry?
- What is my strategy to assess, review and implement blockchain technology and solutions?
Let Welford help you assess the industry, competition and technology and then develop a winning strategy for your blochchain project.
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As somebody once said, “there is nothing new under the sun” and this is true of the technology we’ve come to know as blockchain. Blockchain is actually a combination and extension of already existing ideas and technologies.
In late 2008, an individual calling themselves Satoshi Nakamoto presented a white paper called Bitcoin: A Peer-to-Peer Electronic Cash System which solved many of the problems that had previously held back the progress of digital currencies. The paper opened the way for blockchain, one of the underlying technologies behind Bitcoin, to be used not just for digital currency but for all types of transactions involving many types of assets.
Beyond the original application of a cryptocurrency, blockchain technology is already changing many industries and markets. Even nations states are embracing the concept of decentralized, open, borderless, peer to peer, censorship resistant networks.
For companies of all sizes blockchain technology can reduce payment and transaction costs, eliminate delays and outside influence in the execution of contracts, validate, track and monitor individual identities and transactions, interact with IoT devices to manage the data they generate and vastly improve supply chain management and the effectiveness of ERP systems.
Blockchain is a technology that is not going to be ‘un-invented’. It’s here to stay.
In conjunction with technologies such as Artificial Intelligence (AI) and the Internet of Things (IoT), blockchain technologies present a tremendous opportunity for innovation, competitive advantage and business growth. In the future, blockchain solutions from different companies or even industries will be able to communicate and share digital assets..
Over the next eighteen to twenty-four months companies will start to focus on blockchain use cases with a clear path to commercialization. The blockchain revolution is only just beginning.