The Everything Guide to Investing in Cryptocurrency by Ryan Derousseau

Author:Ryan Derousseau
Language: eng
Format: epub, azw3
Publisher: Adams Media

Business Interest Blossoms

Unlike most other crypto names on the market, companies have moved quickly in developing their understanding and building potential use cases for Ethereum’s technology. The Enterprise Ethereum Alliance launched in 2017 so companies could come together to discuss the possibilities of the technology and develop best practices for conducting business on the platform. It’s filled with heavy-hitters, including representatives on the board from Microsoft, Accenture, Intel, and J.P. Morgan.

Ethereum’s appeal stretches to the largest corporate entities because this blockchain contract could have immense impact on compliance efforts. Imagine if a company could simply place within the blockchain all the rules and checkpoints a transaction must go through, from a compliance standpoint, trusting the technology to handle the checking and confirmation. It has the potential to reduce the complexity of the compliance needs, from manpower to the paper required to assuage government and accounting oversight.

FACT

If Ethereum’s technology can help with compliance issues, how much potential does this area of business have? In the first year, startup costs for small businesses related to compliance average a total of $83,000, according to a survey by the National Small Business Association.

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