The advantages of running a business onchain far surpass traditional offchain models. Here’s why transitioning to onchain operations can revolutionize things:

Be Your Own Bank / Programmable Revenues

Onchain businesses allow owners to act as their own banks. By leveraging blockchain technology, companies can automate and program revenue streams using smart contracts. This reduces reliance on traditional banking systems, cutting out intermediaries and associated fees. Programmable revenues ensure seamless and instant transactions, enhancing cash flow management and financial agility.

Incorporate on the Internet with Smart Contracts

Incorporating a business onchain is a streamlined process. Through the deployment of smart contracts, businesses can establish their legal and operational frameworks directly on the blockchain. This eliminates the need for extensive paperwork and bureaucratic red tape, significantly reducing the time and cost associated with traditional incorporation processes.

Tokens Represent Direct Ownership

Tokens can be designed to represent direct ownership of a business. When constructed properly, these tokens offer a transparent and secure method for distributing ownership stakes. This not only democratizes access to investment opportunities but also facilitates easy transfer and management of ownership without the need for traditional stock certificates or equity paperwork.

Transparent and Easy-to-Audit Financials

One of the standout benefits of running a business onchain is the transparency of financial records. Blockchain technology ensures that all transactions are publicly recorded and immutable, making financial auditing straightforward and efficient. Stakeholders can easily verify financial data, enhancing trust and accountability.

Automated Tax Payments with Split Contracts

Onchain businesses can further streamline their operations by automating tax payments. Using split contracts, companies can set up mechanisms to automatically allocate and pay taxes as revenue comes in. This reduces administrative burdens, ensures compliance with tax regulations, and minimizes the risk of errors in tax calculations.

Embracing Inevitability

The transition to onchain business operations may take a decade or more, but resisting this technical innovation is akin to fighting gravity—it’s bound to happen. As blockchain technology continues to mature, the efficiencies and advantages it offers will become increasingly apparent. Embracing onchain operations now positions businesses at the forefront of this inevitable shift, ready to leverage the full potential of blockchain innovation.

Running a business onchain presents numerous efficiency gains over traditional offchain methods. From financial transparency and automation to streamlined incorporation and ownership management, the benefits are clear. As the technological landscape continues to evolve, businesses that adopt onchain models will be better equipped to thrive in the future.