Cryptocurrency is making a Huge Impact on Some of These Sectors

 

There is little doubt that the blockchain revolution is well and truly underway. This has been exemplified by the huge number of businesses within each sector who have begun accepting cryptocurrency for purchase of products and services. A few sectors though, may be set to completely evolve with the introduction of blockchain technology and cryptocurrency paving the way.

Music and Entertainment Industry

In recent years with the development of so many streaming platforms and the ability to download music and TV with ease, these are industries which have really suffered.

Through the use of blockchain technology though, it is hoped they can begin a steady recovery. The advantage which the blockchain holds within this industry is the ability to cut out unrequired intermediaries from the process. This gives the artists a much greater degree of control over their work and also a closer connection to platform users.

With the implementation of many incentivized platforms from which advertisers can also benefit, it is hoped this will rejuvenate the industry, and act as a turning point for many artists.

Shipping Industry

A key concern within the shipping industry is always security. Reliability and speed of delivery are also very close to the top of this list. By incorporating blockchain technology in to the industry courtesy of many start up projects, all of these issues can be addressed.

Security will be provided thanks to immutable smart contracts and the complete transparency which the blockchain provides, speed and reliability can be improved through the removal of ineffective intermediaries’ which have commonly slowed down the system.

The fact that the blockchain allows for total and easy tracking also ensures that all parties in the industry benefit vastly from its introduction.

Payment Services Industry

Much alike some of the key concerns in the shipping industry, the payment services sector can be overly bureaucratic and tiresome to engage in. That has all changed with the introduction of blockchain technology. Suddenly, the world has opened up like never before, with a range of platforms offering ultra-cost-effective, fast, and reliable payments across the globe in a borderless fashion, and all assisted by various cryptocurrencies and blockchain supported platforms.

Red Flags to Watch Out for When Investing in an ICO

 

There is no denying that ICOs are all the rage at the present moment. Even In the current bear market, ICOs are being released by the dozen week after week. All of the hype may have you interested in taking a punt on an ICO. This is especially true if you are already a somewhat experienced crypto investor who wants to delve deeper into the market. This could be in search of gains or perhaps you are very passionate about a certain project. Whatever your motivation, you should be able to recognize the key point of an ICO and what separates good, bad, and ugly. Here are a few pointers:

Teamwork Matters

You can go a long way to learning about the validity of a project based on who is involved in the team. Starting an ICO is no small feat. That usually means there should be at least 8-10 team members encompassing all business areas.

If there are only a small number of team members or a little reliable information on their backgrounds. This could be taken as your first warning sign to be careful.

Community Integration

The blockchain community is still relatively small. Small and strong. This usually means that in order to raise the required capital, the heads of the project will need to engage with this community successfully. This means establishing solid profiles and engaging on forums such as BitCointalk. You should monitor these communications to obtain feedback for good or bad from other community members.

A lack of presence in these vital areas and lack of a good quality LinkedIn profile containing in-depth information is another huge red flag if it occurs.

Poor Design and Marketing

One of the most obvious warning signs of a shady ICO is a poorly written Whitepaper or a poorly designed website. These simple matters should be a pre-requisite of any investable project in any industry, let alone one which proposes to harness the latest innovations in blockchain technology. This could be a clear indication to run very fast in the other direction.

Why do I need an ICO to Keep Growing my Company?

Even the most groundbreaking, innovative projects can suddenly hit a stop light. This could be for any number of reasons, though one of the largest and most frustrating issues which causes this is scalability, and lack thereof.

Scalability is different from growth. Growth is more akin to the company’s aspirations and the end result of a project. Scalability on the other hand is more in-line with the capabilities of a project and team. Essentially, a project requires a platform to enhance the capabilities which will then allow it to grow. This is scalability and an ICO can be a key asset in a number of ways to help a company continue scaling.

An ICO Provides a Platform

Access and exposure to the marketplace has always been a key problem for project looking to continue scaling. All too often, they may find themselves swallowed up by larger, more financially dominant competitors. Many of these competitors may have been later to market and providing a lesser service, but ring craft, connections, and financial power likely helped them to overcome smaller startups.

Suddenly, an ICO levels the playing field somewhat. It gives the potential of mass exposure to these new and aspiring projects and provides a key ingredient to progress the onward journey- Finance.

Through launching an ICO, your company is immediately in the spotlight thanks to the feverish interest in upcoming ICOs and with this marketing platform and a good idea, comes investment.

Provides Essential Strategic Planning

A vital part of launching any ICO which has a chance of being successful is arming your potential investors with as much information about the company as possible. This means you have to be precise and clear about the direction you are taking.

Developing your Whitepaper, company roadmap, and extensive accompanying strategy assists your ICO in gaining the trust of potential investors.

More than helping to gain the trust of investors, it also gives you a clear direction of where things are headed. Clarity of vision is essential when scaling your business.

Strategic planning is something which does not always appeal to the skillsets of entrepreneurs and innovators. By launching your ICO, you are positively forcing yourself and your company to plan for the future. This can only have a favorable outcome for your business.

Establishes a Support Network

Launching an ICO creates an extensive support network which is two-fold. You will require a team of people within your company to assist with everything related to the launch. This inadvertently means you increase the knowledge and expertise within your company.

Secondly, the support of the passionate crypto-community will be invaluable to the future of your company. These two factors combine to create a support and knowledge network which would simply be inaccessible, particularly in such a short period without an ICO.

My ICO Raised Huge Money, But Still Failed. Why?

So, you’ve done all the “hard work”. Written your whitepaper, promoted the project from Tel Aviv to Timbuktu till you were literally knocked off you feet. It was all worth it though because you hit somewhere in the middle of your capital target. A bunch of money = SUCCESS……right? – WRONG.

Indeed, reaching your capital target it a hard feat in itself and something for which you should feel proud. Most ICOs do not even reach that point. There are many other keys to success you need to put in place though. Here are a few which can make the world of difference to your success story.

A Committed Team

Committed, knowledgeable, and well balanced. You may have the best conceptual idea the market has ever seen, you may also have developed and MVP, the early stages of a platform, or other form of prototype. This is fantastic and your team may well be the Harlem Globetrotters of engineering, finance, marketing, or any particular area.

No player is bigger than the team though, so what you really need is balance. Balance of knowledge, power, and above all, commitment. Make sure that the skillset of the entire team is well balanced to meet the post ICO challenges of regulation, legalities, and the next steps in the development process.

One Vision

This may seem like a ridiculous point. If you have already set about your ICO, surely you have a vision. Unfortunately this is not the case. Many project fail to truly look beyond the initial stage. They adopt a “cross that bridge when we get there” attitude. This is still the case even when they have developed what looks to be a comprehensive roadmap. It is often easier to think of ideas than act.

Combined with this lack of planning in detail is the fact that most ICO teams have never had access to as much finance as they suddenly have in the post-ICO stage. Alas, like many a punch-drunk boxer, they simply don’t know how to deal with it. This is why it is of vital importance to adopt your vision team wide and ensure to stick by it.

Partner Up

A one-stop-shop for avoiding most of the issues above is to partner up with experts. There are many options available in the current market to join incubator projects and team up with companies who will help you launch your ICO from A-Z.

The importance of such a partnership could be the difference between life and death of your project. You still have the key say in how things are run, but all of the unpleasant elements are taken care of. In many cases, the difference between success and failure can be just a little helping hand. This is a helping hand which such partners can often provide.