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Blockchain and Entrepreneurship

The Evolving Nature of Entrepreneurship

If you’re familiar with the changes that blockchain, or distributed ledger technology (DLT), will bring to the current job market, you know that the focus is on the effects and benefits for the finance industry. 

While it’s true that many of the most obvious applications for DLT are found within the finance sector, the benefits of DLT are hardly limited to those working in finance. Current job seekers and university students would do well to pay attention to the changes DLT will bring about their industry.

Entrepreneurship is one of many areas that are poised to reap numerous benefits from DLT. Currently, entrepreneurs are limited in their abilities to quickly and efficiently grow their businesses because they are frequently kept out of the loop about industry transactions or are forced to wait on investors or clients.

DLT opens the door for many would-be and current business owners by gaining access to verified and trusted information they can use to their benefit. Furthermore, it opens up a whole new range of products and services entrepreneurs can offer the general public using DLT.

For current or future students enrolled B.C. universities, like SFU, UBC, or UVic, it may be in their best interests to seek out and learn as much as possible about this game-changing technology and its applications to their future ambitions. Especially if you study business or entrepreneurship (or just have dreams of being an entrepreneur).

Doing so will give you a head start in a world that is still getting used to the idea of DLT and its applications in entrepreneurship and other areas. It’s quite literally like having a superpower – something you understand and can use, that most people cannot (and will not put the time into learning). As any good entrepreneur will tell you, being on the cutting edge and being one step ahead of the competition is a cornerstone of becoming a successful business owner.

Practical Applications Of DLT[

There are multiple ways DLT can benefit the entrepreneurship sector. Since DLT is a reliable, verifiable system, it offers several solutions on various levels.

In H.R., DLT has the potential to cut manhours and resources for something as routine as employment background checks. It makes it easy to authenticate potential candidates’ employment histories on resumes or social media profiles.

Secondly, DLT has an unprecedented ability for legal agreements to function on an automated platform. Rather than waiting for digital signatures in e-mails that can get lost in spam boxes or be forgotten, clients and business owners will have the ability to create documents that update in real time, thereby eliminating delays and moving to the next step.

In the same vein, entrepreneurs using DLT can save time and resources usually spent on fundraising and working with venture firms. Fundraising is an essential aspect of getting a project off the ground, but it can take the focus off of the expansion and slow down the process in a field where quickly moving is crucial.

DLT can even work with supply chain verification and bring an unprecedented level of accountability at the shipping and logistics level.

One of the most substantial problems facing entrepreneurs is raising money to finance their projects. Many current lending institutions don’t work for emerging businesses such as startups. DLT, with cryptocurrencies like bitcoin, will make capital more accessible for entrepreneurs, without the worry of fees and exchange rates.

Knowing how DLT works and how to use it will make applications of this new technology easier for students who take the right steps.

Preparing For The Inevitable Changes

University students in Vancouver are uniquely poised to benefit from enrolling in courses designed to empower them with knowledge around blockchain and DLT.

Vancouver is currently the global leader for DLT development, and because of this, universities such as UVic, SFU, and UBC, are working to incorporate more courses dedicated to this subject, to better prepare aspiring entrepreneurs for the shifting job market upon graduation.[2]

Vancouver’s RED Academy, UBC Blockchain, and our very own Blockwise courses are three of B.C.’s top resources for students interested in learning about DLT. Each offers courses and workshops that provide practical information that they can apply to their future as entrepreneurs upon graduation.

Not only is Vancouver a hub for DLT development, but it was also named one of the most entrepreneurial cities in Canada in 2014, and this trend continues to hold.[3] And according to a study conducted by the Business Development Bank of Canada, more than 98% of business across Canada are small or medium-sized.[4]

Students graduating from UVic, SFU, and UBC with degrees in entrepreneurship and who are well-versed about DLT will be the most prepared and have the most significant opportunities to turn their future small businesses into large-scale enterprises using the applications of DLT.

DLT And The Future Of Entrepreneurship

DLT is changing how every business operates, making understanding this new technology an inescapable reality for aspiring entrepreneurs. DLT has the potential to streamline nearly every aspect of a business, which will get things moving faster and move entrepreneurs to where they want to be.

For many, building a business requires a degree of trust among multiple groups, and a system like DLT that offers full transparency makes this process much more accessible.

DLT and other crypto technology are only going to get better, and going into your field of study prepared for the changes that are sure to happen soon will give you an advantage in a competitive area.

So, if you are a student looking to add DLT to your toolkit, check out our events! There, we host training sessions featuring some of the most knowledgeable DLT experts in the B.C. area. Plus, you may have a chance to meet several hiring managers in attendance looking for talented, creative minds.