The last thing you want to find out after starting your business is that you have failed to conform to the law by not filing for the right permits for your business. Before establishing a small business, you should pay attention to your town, city, and county regulations. In most locations, every business needs a basic license which is sometimes called a tax registration certificate. Apart from this, other permits and licenses may be required as well.

Business licenses and permits are issued at all levels of government – federal, state and local (city, county, or town). Depending upon the kind of business you are running, you may need to apply for licenses at multiple levels. For example, if you decide to open a restaurant in the city of San Francisco, you will need a business license and health permit from the city of San Francisco, sales tax license from the state of California and a federal tax ID number from the U.S. federal government.

Not sure what kind of license or permit you need for your business venture? Well, as usual, we’ve made it simple for you. Below is a quick checklist covering the most common federal, state, and local licenses and permits you may need to acquire before commencing business:

Business License – This is the basic license that you will need to operate a business legally. If the business is located within city limits, a license must be obtained from the city; if outside, it is procured from the county. Contact your city’s business license department to file an application. Also remember that you need to pay an annual fee.

Federal Employer Identification Number (EIN) – Also known as a tax identification number, this is required for almost all types of businesses. Depending on where your business is located, you may also need to acquire a similar tax identification number from your state.

Zoning and Land Use Permits – Before you start your business, you have to find out if the space you are going to use is properly zoned for the kind of usage that is planned. You may need a zoning compliance permit. Zoning laws regulate off-street parking, waste disposal, and the size, construction and placement of signs.

Health Department Permits – If your business involves the preparation and/or sale of food, you will need a county health department permit. Note that the health department will inspect your facilities before issuing one.

Sales Tax License – This license is essential before you can sell almost any product or service in any state.

Fire Department Permits – Businesses such as restaurants, day-care centers or any other that attract a large crowd need a permit from the fire department.

Special State-Issued Business Licenses or Permits – You may need special licenses if your business involves the sale of certain types of products including liquor, lottery tickets, gasoline and firearms.

Special State-Issued Occupational / Professional Licenses – In many states, people in certain occupations must have licenses or occupational permits. State licensing is typically required for auto mechanics, plumbers, electricians, building contractors, collection agents, insurance agents, real estate brokers, repossessors and personal service providers (beauticians, cosmetologists, therapists and masseurs). If you are thinking of starting any of these businesses, you will have to pass state examinations in order to get the permit. Contact your state government offices to get a complete list of occupations that require licensing.

Special Federal Business Licenses or Permits – You may also require special business licenses from the federal government if your business involves investment advising, drug manufacturing, preparation of meat products, broadcasting, manufacturing tobacco, alcohol or firearms.

Licensing and permit requirements for small businesses vary from state to state; it is therefore a good idea for you to contact your state and local government to determine the specific obligations for your new business.

If you think about it, a startup is like a football team at the start of the season. The right combination of skills, talent, leadership, and vision for success is needed to get a jumpstart and surpass the competition. But even if you got all of that, there is still high chance it won’t work without the right business coach to catalyze it.

A lot of companies have been using business coaches for decades. With talent and creativity flocking to startup companies, it is only normal for them to turn to business coaches as well. An executive coach has the potential to help companies evolve out of their business plan and truly prosper. Here are few ways that an executive coach can aid a startup company in reaching the next level:

They are objective – startups have an inherently obvious drawback: their leaders see their ventures like their own children and are too emotionally invested and attached to the business decisions they make. Emotion and passion are important, but they can often cloud perception, planning, and execution of business plans. The objectivity that an executive coach provides goes a long way in enhancing the performance of the startup. A leader of such venture can learn a great deal from an objective coach.

Help leaders develop their personal style – leadership qualities are essential for the success of any startup venture. That is why it is important to foster them right from the start and working with an executive coach can greatly help in that regard. Not only can they evaluate individual skills and see what needs to be improved, but they can also work with the leaders to do just that. Coaches bring out the best in people. Good coaches offer the right insight on behavior and thinking that fosters a suitable leadership style for the startup.

Help team building – the dynamics of the team are tricky business. The reason lies in the fact that every team member brings unique experiences and it can be difficult to make it all work. A good coach can help identify differences and recommend ways of making team gel better. The effectiveness of the team is an important part of every startup project.

Preemptively point out weak links – did you know that 8 out of 10 startups fail within the first year and a half? The reason is that companies do not have an action plan for possible issue down the road. Even skilled leaders might have a hard time reading coming changes and reacting accordingly. A good coach can lend their expertise in that regard and point out possible pitfalls before they manifest themselves.

Setting goals – a unified sense of growth is needed for a startup to grow successfully. An executive coach can work with the leader to align the goals and vision of the company. Not only that, but the coach can align the goals of the company with the leader’s personal goals for professional development and growth.

It is evident that an executive coach does wonders in regards to startups. The business coaching expertise they bring to the table can make a world of difference.

This professional offers legal advice to persons who are involved in all aspects and stages of any business. Some of the things that business law attorneys do include:

• Make sure that there is compliance with all local business laws. If they do business internationally, they will make sure they comply with those laws too.

• Offer advice and file forms for each step from the formation of a business to the dissolution if necessary,

• Handle lawsuits

• Review and write contracts

• Create staff manuals

• Enforce polices or guidelines

• Cover all communications with the media

One important job of the such law attorneys is the formation of a new business. If there is more than one owner, they will advise them on the type of business they are forming. It could be a partnership, corporation, or limited liability company. When forming a business of any type it entails a concrete understand of the liability and tax implications of each kind of business. Once the business is formed, the attorney may be responsible for filing all of the yearly reports and other forms involved with the business with the different government agencies.

Many times businesses will use such a law attorney when they want to terminate or dissolve their business. This is done to ensure that the pre-established dissolution guidelines are followed correctly. The attorney may also handle new issues like a lien, a big number of assets, or an outstanding debt. Business law attorneys may also give advice on some of the daily happenings in a business. They may be asked to develop guidelines for human resource staff regarding the firing and hiring of employees. If an employee feels that they have been sexually harassed, discriminated against, or wrongfully terminated they may handle the lawsuit if one has been filed. They could work on the behalf of the employee or employer.

Sometimes business owners will call business law attorneys if they have questions about specific ways to save money such as whether they should own or lease a building. They may also want advice on where they can conduct their business to avoid having to pay high taxes, which is particularly true if they are thinking of expanding their business internationally.

Some business law attorneys are familiar with patent laws so if a business has developed a product they may contact an attorney to help protect their interest by filing a patent. If the attorney has an understanding of intellectual property laws, they may be asked to help a business trademark the name of the product or their business name. Business law attorneys may act as the businesses spokesperson if a lawsuit they are involved in catches the attention of the media.

Just as there are reasons to get into global markets, and benefits from global markets, there are also risks involved in locating companies in certain countries. Each country may have its potentials; it also has its woes that are associated with doing business with major companies. Some of the rogue countries may have all the natural minerals but the risks involved in doing business in those countries exceed the benefits. Some of the risks in international business are:

(1) Strategic Risk

(2) Operational Risk

(3) Political Risk

(4) Country Risk

(5) Technological Risk

(6) Environmental Risk

(7) Economic Risk

(8) Financial Risk

(9) Terrorism Risk

Strategic Risk: The ability of a firm to make a strategic decision in order to respond to the forces that are a source of risk. These forces also impact the competitiveness of a firm. Porter defines them as: threat of new entrants in the industry, threat of substitute goods and services, intensity of competition within the industry, bargaining power of suppliers, and bargaining power of consumers.

Operational Risk: This is caused by the assets and financial capital that aid in the day-to-day business operations. The breakdown of machineries, supply and demand of the resources and products, shortfall of the goods and services, lack of perfect logistic and inventory will lead to inefficiency of production. By controlling costs, unnecessary waste will be reduced, and the process improvement may enhance the lead-time, reduce variance and contribute to efficiency in globalization.

Political Risk: The political actions and instability may make it difficult for companies to operate efficiently in these countries due to negative publicity and impact created by individuals in the top government. A firm cannot effectively operate to its full capacity in order to maximize profit in such an unstable country’s political turbulence. A new and hostile government may replace the friendly one, and hence expropriate foreign assets.

Country Risk: The culture or the instability of a country may create risks that may make it difficult for multinational companies to operate safely, effectively, and efficiently. Some of the country risks come from the governments’ policies, economic conditions, security factors, and political conditions. Solving one of these problems without all of the problems (aggregate) together will not be enough in mitigating the country risk.

Technological Risk: Lack of security in electronic transactions, the cost of developing new technology, and the fact that these new technology may fail, and when all of these are coupled with the outdated existing technology, the result may create a dangerous effect in doing business in the international arena.

Environmental Risk: Air, water, and environmental pollution may affect the health of the citizens, and lead to public outcry of the citizens. These problems may also lead to damaging the reputation of the companies that do business in that area.

Economic Risk: This comes from the inability of a country to meet its financial obligations. The changing of foreign-investment or/and domestic fiscal or monetary policies. The effect of exchange-rate and interest rate make it difficult to conduct international business.

Financial Risk: This area is affected by the currency exchange rate, government flexibility in allowing the firms to repatriate profits or funds outside the country. The devaluation and inflation will also impact the firm’s ability to operate at an efficient capacity and still be stable. Most countries make it difficult for foreign firms to repatriate funds thus forcing these firms to invest its funds at a less optimal level. Sometimes, firms’ assets are confiscated and that contributes to financial losses.

Terrorism Risk: These are attacks that may stem from lack of hope; confidence; differences in culture and religious philosophy, and/or merely hate of companies by citizens of host countries. It leads to potential hostile attitudes, sabotage of foreign companies and/or kidnapping of the employers and employees. Such frustrating situations make it difficult to operate in these countries.

Although the benefits in international business exceed the risks, firms should take a risk assessment of each country and to also include intellectual property, red tape and corruption, human resource restrictions, and ownership restrictions in the analysis, in order to consider all risks involved before venturing into any of the countries.

If you are a business coach or consultant and have not advised your clients that a book should be part of their business, you are doing them a disservice.

Writing a business book, manual, booklet, pamphlet, guide, how-to, workbook, etc. gives a business owner (regardless of the industry) visibility, credibility, and helps validate their expertise.

If your business coach or consultant hasn’t already told you, I’m here to tell you: A book should be part of your business. Perhaps you are saying to yourself, “Well, I thought about writing a book, but I’m not a writer.” Guess what? You don’t have to be a writer to become a published author. There are resources available to help you put your thoughts, ideas, and concepts into print and/or audio. There are literary industry professionals who can help you navigate the literary industry as well as shorten your learning curve when it comes to the business of writing and publishing.

Articulating your message in print can clearly and distinctively allow you to reach people who don’t know you. It’s also an extension of the services you provide to those who do know you.

Before you say, “I don’t have the slightest idea on what type of content to put in a book,” I can assure you that nine times out of ten, your book is already written; you already have the content needed to put out a publication. If you are blogging, doing article marketing, content marketing, social media posts, or even podcasts and videos, that content can be placed in a book.

Compile, tweak, and edit your blogs and articles. Transcribe any videos and podcasts you’ve done into text. Compile those tips, resources, and techniques you’ve been sharing all across social media. And you know all those times members of your community and network have asked questions on their social media posts and you went over and commented? Use that too!

So, if you haven’t been saving and tracking your public posts, perhaps you should start doing it now. Besides, re-purposing content is amazing, so why not re-purpose it in a book?

Adding a publication as a product to your already existing business shouldn’t be an option, but instead, a necessity. Books create supplemental, passive and residual income, and if used to create multiple streams of income, can help build generational wealth.

As an expert, when consumers come to you for your professional advice on a particular subject matter, you should be able to say, “I wrote the book on it”… and mean it!

What is a Kingdom Business?

First, I like to say there is a distinction between a Christian business and a Kingdom business. What is that distinction?

For starter, any Christian can be in business and many times that’s just what it is, a Christian in business. Most entrepreneurs start businesses so they can generate a profit and long-term wealth for themselves, including Christians.

There’s nothing wrong with this viewpoint on the surface. However, this type of view can give us a tunnel vision for our business. It can also carry the possible dangers of fueling our own greedy nature and make us lose perspective if our business truly belongs to God.

As born-again followers and servants of our King Jesus, we do not simply run a business like any other organization. In other words, the company we own and run is not solely our own. Everything we have actually belong to our King and we are mere stewards here to further His Kingdom.

Simply put, a Kingdom Business is any entity whose main purpose is to utilize gains from doing business in the marketplace to further the Kingdom of Jesus Christ.

What is a Marketplace Ministry?

Now that we have a better understanding of what a Kingdom Business is, I would like to address what a Marketplace Ministry is.

In a nutshell, Marketplace Ministry is God’s strategic plan to reach our world for Jesus through our work or business. Ministry takes place outside the four walls of our church. We spend many countless hours a week in the workplace and how we spend our time should matter.

Many of us Christians often feel detached from the true reality of Sunday worship when compared to the daily grind of our regular work week. We have a hard time when it comes to the integration of our faith and the business world.

Christians, just like anyone else, spend most of their time in the marketplace. Our marketplace ranges from home, business, and community. It’s basically wherever we are engaging with others.

God desires to use Christians as a living testimony to reach those who are lost and don’t know Him. We are God’s people whom He chooses to use as instruments of change in a fallen and corrupted world.

Why Build An Email List?

Some Christians are reluctant to build an email list due to the fact that it can feel really pushy and self-promotional. It feels a lot more like marketing and much less like ministry.

The biggest and worst mistake you can make with your online business whether it’s a Christian one or otherwise is to not develop an e-mail list. Perhaps you’ve heard the term “The Money is in the List” before? This is true even if it’s a non-profit service. By the way, the purpose of any business is to earn a profit.

Well, let me back up just a little bit. It’s not so much as “The Money is in the List”, but as a Christian building a Kingdom Business and bringing your ministry to the marketplace your email list is the best way to connect with your audience. Also, an e-mail list will be your most valuable asset as it’s the only thing that really belongs to you even if you have nothing to sell it’ll allow you to communicate with your subscribers directly.

It’s not a system that belongs to the proprietors such as all the social media platforms. For example, if you were to build a bunch of followers on Facebook or Twitter but never capture their email, how will you contact your audience if the platform bans you or the platform no longer exist?

When To Build An Email List and Who Should Be On Your List?

When? – An old Chinese proverb reads “The best time to plant a tree was 20 years ago. The second best time is now.”

Who? – Most people or “your tribe” if you will, do not provide their email address to just any person, so if someone gets on your list, they have currently shown that they know, like and also trust you to some degree already and those are the ones you want on your list.

Building an authentic email list will require you to recognize the needs of your target audience and simply fulfilling that need. These are the people you are building your email list for.

How To Build an Email List

To begin the list building process you’ll need to create an account with a list management service, such as Aweber, GetResponse, or Mailchimp.

Alternatively, you can go with a self-hosted autoresponder if you are more tech-savvy. I do recommend Aweber as I find it the most user-friendly in my opinion.

The most basic way to entice someone to fill out a subscriber form so that they can get on your email list is to create an “Opt-in Freebie”. The opt-in freebie can be almost anything you want it to be such as, an eBook, Free Report, Check List, a “How To” guide, etc. just so there’s some perceived value there.

You would present your opt-in freebie in the form of a webpage or pop-up box. This is your ethical bribe if you will, in exchange for a person’s name and email address. Once the subscriber is on your list, you deliver what you promised them.

We do this by way of setting up an autoresponder. This can be easily done through your list management service. Remember to keep your follow-up messages or newsletter relevant to your offer and mission.

Your next step is to secure a professional autoresponder account of your own, so that you can begin to build to an email list for your Kingdom Business and Marketplace Ministry.

If you are involved in the entertainment business then you’ve probably heard a few tall tales. The following is a list of some of the top myths about the music business.

1. People in the music business will help you out of the kindness of their hearts.

Facts:

The music business is called the music business for a reason. It is a business that just so happens to sell music. Businesses are in business to make money. They are not in business to make ART, however they will sell it. You may find a handful of good Samaritans willing to help for free but generally speaking if helping does not benefit the other party, they won’t help.

“People (not counting loved ones) will help you if they think your art will make them money. They will not help you if they think your art will not make them money.” -David Naggar, Esq. from  The Music Business Explained In Plain English-

2. Since the economic decline people aren’t buying music anymore

Facts:

People are buying music, but they aren’t buying it in the same way they used to. Sales of CDs may be down but the sale of single tracks is up! If you are still an unbeliever just check iTunes sales records. Reportedly, Apple has sold 10 billion and counting!

3. Music superstars have and are making tons of money.

This is one of the biggest myths in the entertainment business. When you see a Sean Kingston or Lady Gaga on television you may think that they are living the good life, but really the amount of money he/she brings home is really dependent on the terms of their contractual obligations as well as their money management skills. Simply put, if you spend more than you make you are bound to go broke sooner or later.

Need examples:

MC Hammer

Marvin Gaye

Michael Jackson

Willie Nelson

Toni Braxton

Billy Joel

George Clinton

Isaac Hayes

Jerry Lee Lewis

Ron Isley

Need anymore? The list goes on.

The fact of the matter is that all of these artists have seen the highs and lows of the music business. Micheal Jackson, the “King of Pop”, even had his money woes. No “superstar” is exempt. Good money management skills are needed in order to maintain a “superstar” lifestyle.

4. You can become an overnight celebrity in the music business.

This is one of the most common myths about the music business. People believe that you can sign a record deal and then all of sudden you are magically on magazine covers and receiving Grammy awards. All of this talk is nonsense. At the end of the day it takes a decent amount of leg work, dedication, passion, perseverance, and strong networking relationships to achieve “success” in the music business. NO ONE HAS BECOME SUCCESSFUL OVERNIGHT however, some people have achieved their goals faster than others. Artists such as Wiz Khalifa, Kanye West, and Eminem spent years building their reputation and brands to become the people they are today. This is why working smarter and not harder is essential in the music business.

5. Talent Trumps Work Ethic

In today’s music business, talent still counts but work ethic counts for more. An extraordinarily talented person with average work ethic will generally not do as well as someone with extraordinary work ethic and average talent.

A strong work ethic, more often than not, means that you can be consistent which is of the utmost importance in the music business.

Why?

One word. Marketing. Being able to consistently deliver high quality to the consumer is paramount.  This is where work ethic trumps talent. A person that is able to consistently deliver a satisfactory product to the consumer is, in the words of Charlie Sheen, WINNING! Because of our increasingly shortened attention spans, having someone or something consistently in our faces helps in branding the product, service, or person. Ultimately, this results in people getting paid!

Hatching an idea for a business involves much more than inspiration. Your entrepreneurial idea must also include a strategy for making the idea profitable. That strategy is known as the business model. The function of a business is to provide products and/or services that help clients solve their business or consumer needs. In addition, your business must work for you and generate a reliable and, ideally, abundant revenue stream from which you derive your annual income.

Before we go any further, let’s clarify the meanings of business model and business plan. Your business plan is a document in which you describe the mission of your business: the target customer groups; the marketplace and competitive environment in which it will operate; its marketing, financial and operations plans; and the legal structure it will be given.

Your business model will detail how the venture will reach and sustain profitability. The cornerstone of a good business model is a competitive analysis, which will help you verify target markets (customer groups) and establish your competitive advantages in the presence of other enterprises that offer similar products and services.

The primary ingredient of your competitive analysis is customer knowledge, an asset that I frequently recommend aspiring entrepreneurs to cultivate. Information gathering is a vital and ongoing business function. James King, Director of the New York (state) Small Business Development Center, notes that “Customer purchasing patterns change rather rapidly and if you’re not ahead of your customers, you’re not making sales.”

Along with the selection of products and services that your venture will provide and your customer acquisition strategies, operational aspects, that is, the process by which products or services will be manufactured or acquired and made available to the marketplace, must meet the often fluid expectations of customers and for that reason, an operations component must be included in your venture’s business model.

Once you’ve developed a draft business model, you may find it instructive to ask a trusted potential customer or non-competing business owner friend to give feedback on what you’ve proposed. Discovering and closing immediately obvious gaps is something you’ll want to do before your business is up and running.

King recommends that aspiring entrepreneurs “Sit down with someone who doesn’t have a vested interest and ask that person to poke holes in your model. If they do a good job, you’re going to be better prepared for any eventuality. The more risk you can eliminate, the higher the probability that you’re going to be successful.”

One is advised to revisit the business plan and business model every couple of years, or at least when changes in your industry, local business environment, or technology have the potential to impact your sales revenue or how your do business. This practice will also give you the benefit of reviewing your projections as regards expected vs. actual target customers and allow you to refine planning for growth and expansion, as you create strategies for sustainable business success.

Thanks for reading,

Kim

#FreelanceWebDesigner #WebDeveloper #WebDesigner

Every type of business requires some sort of loan or line of credit for a wide range of reasons: start up capital, equipment, inventory, office rental, etc. Since every business and every owner is different and has unique circumstances, the easiest business loan to get for another owner might not be the easiest for you.

For start-ups or businesses that have either no credit history or a poor credit history, it will likely be difficult to obtain traditional bank loans. Also, with a low credit score, your interest rate will be high, even if you are approved for a loan.

Lenders will usually look at more than your credit history. Other factors include your time in business, industry, your personal credit score, whether you’ve had any recent bankruptcies or defaults, balance sheet, business licenses and permits, tax returns, purpose of loan, proof of collateral, and several other reasons.

If you can think that your financial situation is likely to improve, you’ll need to provide the documentation to prove it. Always have your documents and financial files ready and organized anyway, so that you’ll be able to get through the application process as smoothly as possible.

Are SBA Loans the Easiest Business Loan to Get?

Many people don’t consider SBA Loans and long-term loans to be the easiest business loan to get, as the application process is very long and complex. Only consider SBA loans and long-term traditional business loans if your credit score is high and you have all your financial statements prepared and ready to go. However, the application process still might take some time, so you’ll have to wait on approval.

If you need cash as quickly as possible, there are options such as merchant cash advances. This type of offer will help you access capital. You’ll receive a lump sum of cash, but you’ll be expected to give up a portion of future sales. You will have the responsibility for paying back the loan itself as well as fees. While there is no set fee, $15 for every $100 borrowed seems to be a pretty typical amount by many cash advance merchants.

Invoice financing and equipment financing are pretty similar with their requirements. With the former, you’ll need to show details of your unpaid invoices, as well as bank statements and other financial information. With the latter, you’ll need to explain the type of asset(s) your company needs to purchase, and provide an equipment quote, business tax returns, bank statements, etc.

There are many other options for business of all sizes thanks to the internet. Online lenders are popping up all the time, although it’s best to stick with one that has been around for at least a decade. Begin your search with US Business Funding, an accredited company with the BBB. They will help you find the easiest business loan to get for your needs.

Despite the popular conviction that blockchain technology is only designed to perform cryptocurrency transactions and earn bitcoins, blockchain continues its entry into many areas of life: social media, gaming, healthcare, real estate, and others. The technology intends to enhance work efficiency, cut costs for businesses and improve customer experience.

Blockchain can be explained as a digitalized database and it belongs to digital ledger technology (DLT), which implies no central data store or administrative functionality. Why is it an advantage for an enterprise? Decentralization along with transparency, gives every single participant an opportunity to view all recorded data, ensure its security and track important information.

Here are areas blockchain has already entered and has proven that this technology is worth relying on.

Supply chain management, for instance, is a major yet vulnerable part of the workflow of many companies. Parties participating in the process often don’t interact with each other directly and still apply paper-based methods of information collection and storage. Blockchain offers complete elimination of paperwork: documents flow becomes automated, digital certification is employed as well. More importantly, each authorized member of the supply chain can track the product from the manufacturer to the consumer and prevent counterfeit distribution.

Several American retail giants that encountered foodborne illnesses outbreaks and further food recalls, have implemented blockchain technology in their food supply chains. Before, tracking one product took around 7 days minimum, and these days a food item’s provenance can be identified for a few seconds.

Thus, blockchain solutions made the process of recall faster, more efficient, and cost-saving. Meanwhile, customers have also experienced blockchain adoption in their hypermarkets. In Walmart’s Chinese stores, for example, they can scan the QR code and get all the information about the product: from the farm location to the inspection certificates.

Healthcare is the field where blockchain-based solutions have established themselves as a highly secure and transparent way of keeping electronic health records (EHR). Both doctors and patients receive authorization to access the records and use them when necessary. In the same time, blockchain solutions are powered by smart contracts which enable EHR data privacy protection. Healthcare device data and clinical research are encrypted, insurance can be executed and stored, too. Another use case is prescription medicines and equipment supply chain control.

E-commerce increasingly requires blockchain technology. Again, supply chain is a crucial aspect here: monitoring goods and managing supplies are often challenging tasks but blockchain helps businesses manage their inventory more efficiently. Consumers who trust their money and data to e-commerce organizations are concerned about data security and transparency but this issue can be addressed with blockchain development. Even slight changes in transaction are obvious on a blockchain, and tracking who made a mistake is not a problem anymore. It is also possible to perform crypto payments.

The next area is actually related to cryptocurrency transactions. DeFi, short for decentralized finance, doesn’t only include simple assets transfer, but also refers to more complex financial use cases. The implementation of blockchain contributes to intermediary exclusion and, consequently, reduces costs. All transactions are encrypted and immutable, multi-step authentication mechanisms make the system hard to access for unauthorized members. Among recent novelties is the opportunity to turn to P2P lending services and digital banking.

Social media has potential to be affected by blockchain as well. Along with its global popularity and the ability to connect people around the world, social media is still vulnerable to account hacking, identity leakage and copyright infringement. To tackle those issues, blockchain offers author rights protection, digital identity verification and unbiased licensing.

Real estate, eGovernance, gaming industries and many others have joined the wave of blockchain adoption. Once your business chooses innovation, delegate the technology implementation to one of the enterprise blockchain companies which will develop a future-proof enterprise DLT for you. With blockchain, your business will change the rules of the game in your field.