20% of businesses fail in the first year and 70% of businesses fail after 10 years.; Reference 

So what we learned from this analysis?

It doesn't matter how old your business is or how experienced you are. There will be some problems that will come in your business and if you will ignore them, then you will be out of this game and in business the problem will come when you don't have loyal customers, community, fund, etc.

Sustaining a business needs to save money and time so it can maximize profits. So today in this article we will discuss Algorand which not only helps your business to decentralize but also helps to solve the various problems in business or startups so you will save both your time and money.

Raise fund through crowdfunding using Algorand platform:

Yes, my friend, you heard right, when you ‌pitch your idea in front of an investor then maybe your idea gets rejected but there are many people in the world and they may like your idea. 

So if you have a good idea but can't able to raise funds to start your business or can't move forward your business because of fund problem then you can create your own token on the first layer of the Algorand blockchain then market your idea with Algorand community or in other social media so can your idea will reach to the various corner of the world and if people will like your idea then they will invest in your company by purchasing your token or pay directly with Algorand coin.

Grow your community loyalty with Algorand:

There are two special features of Algorand 2.0 i.e. 1. Staking rewards, 2. ASA(Algorand Standard Assets).

1. Using staking rewards features you can earn 5.41% ROI (Return of our investment) that reward can share with your customers as a loyalty reward and your seed investment or Algorand coins remain reserved in your wallet.
2. With ASA(Algorand Standard Assets) feature you can create your own currency or token of your own brand on the layer 1 of the Algorand blockchain and that currency or token can use as loyalty rewards for your loyal customers don't worry these currencies or token can stored using Algorand wallet as these created on the layer 1 and when your loyal customers reach a certain level by collecting these currencies or token, you can give them a special discount or treatment in the exchange of your currency or token.

So now your customer will visit your shop or website regularly and they will tell about your business to their friends and family and this way your business will start create a community and this community will buy products again and again from your shop or website. 

Algorand for artists:

If you are an artist who creates decent paintings or sculptures but some people are duplicating your work and selling it in the market which is causing a tremendous loss for your business, then don't worry Algorand 2.0 is here to help you.

Using Algorand 2.0's Algorand standard asset (ASA) option you can create restricted non-fungible assets and under which you can give certifications to all your arts so can your customers will get the original work and quality assurance from you and this certification will cost you cheap than other options which is tampered-proof.

When you give certification to your art, then it becomes easy to resell that art and as all certification records get stored in the Algorand blockchain so the certification can't be stolen or erased even after hundreds of years.

Supply chain payment using Algorand:

You can save millions of money which are wasting every year as transaction fees for business because of the supply chain payment using the traditional methods of payment and some payment method takes time up to 7days to reach your partners but still, you use that traditional method because you don't have other options or you don't aware of Algorand here you can pay your partner through the smart contract which is nothing but the digital contract that execute automatically when the certain condition will fulfill like your partner get payment when the product reach at your warehouse all will be automatic and then that payment will receive at your partner side within a fraction of a second with negligible transaction fees.

There is another feature in the Algorand 2.0 called atomic transfers using which you can make circular trades and this feature can use when you have multiple partners and all dependent on each other in the supply chain for example: if you have three partners i.e. partner A, partner B, partner C and in supply chain partner A pays to partner B if partner B pays to partner C if partner C pays to partner A.

Using atomic transfers you can program this kind of transaction so if one cheat then all the transactions get stopped automatically and no need to worry about cheating or corruption.

When you use Algorand for your payment of supply chain, then it not only reduces your expenditure but also saves huge time and manpower that can use for other productive things for your business.

Protect your company IPR data using Algorand:

As a businessman, ‌ understand the importance of your Intellectual property like a trademark, copyright, business plan, trade secret, recipe secret, etc. So you can't protect all these data online or offline because anyone can hack them and spread them so you can use Algorand 2.0.

You can use the feature  Algorand Smart Contracts on Layer 1 (ASC1) of Algorand 2.0 you can safely share your intellectual property(IP) to your team member or partner you can program your smart contract so your team member or partner can only access your data after fulfillment of a certain term and condition so it will stop illegal use and reuse of your intellectual property(IP). 

Accept payment using Algorand:

You can use the Algorand coins to accept payment in your business because Algorand has created a suitable wallet for making and accepting payments in a shop or shopping mall. Accepting payment is free and making payment using Algorand wallet is super fast with a tiny transaction fee. The best thing because of which I suggest you accept payment through the Algorand wallet because you can earn rewards according to your holding every 20 minutes.

For instance, you are running a coffee shop and you are accepting payment with fiat and the amount you received in fiat remains constant it will not multiply itself. But your friend has a coffee shop too, but he accepts payment in Algorand coin and holding his coins in the Algorand wallet because of this he is receiving holding rewards after every 20 minutes so his money is growing and ‌he may become more profitable than you.

Conclusion: 

There are some problems like IPR protection and supply chain payment that Algorand solve, which are crucial for your business. If you will not protect your IPR, then other people can copy your business or can demolish it even if you are a well-established company.

We can use the money you saved from your supply chain payment for other works like to pay for employees, bills, and other expenditures.

 By using smart contract and atomic transfers feature of Algorand you will save huge time, money,  physical presence, lawyer's fees, and also get free from escrow service so you will save some extra money and that extra money you save can used to reward your loyal customers who connected to you through Algorand blockchain.

About the author:

Name- Jitendra Naik 

Email- [email protected]