Cryptocurrency is predicted to have a bright future even though it is volatile now, and many assumptions linger. As we know, there is a lot of buzz around cryptocurrency and the blockchain technology that powers it. This is now adopted as the technology behind the tokens, and blockchain technology has many other applications, too, then cryptocurrencies. Apart from the established firms and high-end enterprises, even small businesses to startups and individual consultants can all leverage the benefits of blockchain technology.
Even though cryptocurrency is in its initial stages now, you can find various applications of blockchain technology in accounting, banking, finance, healthcare, manufacturing, education, logistics, retail, supply chain, and many more other mega industries. The key to the success of the blockchain approach is its possibility of decentralization and more security in transactions.
Above all these, blockchain is a unique technology that comes with a high cost. However, blockchain is scalable, and you need to pay for only what you take from it. Cost is, however, a major challenge for startups. In this article, we will try to discuss a few common concerns of startup organizations pursuing blockchain technology like:
- How will blockchain fit into the startup realm?
- What can startups do to leverage blockchain successfully in their operations?
- Are there any specific use case examples of the usage of blockchain in startups?
Let us explore.
Startups and blockchain
Business is the most important part of any economy, and the global business environment is changing very fast. No country is an exemption now. From startups to bigger corporate giants, all are a part of this revolution. Most modern-day organizations ranging from big enterprises to startups and small to medium-size businesses, all want to enjoy the benefits and advantages of blockchain technology. It is undeniable that everyone wants to adopt blockchain to enjoy its advantages without burning a hole in their pocket. However, on the other hand, it should also be noted that blockchain is still in its infancy stages. Many startups experiment with this technology now to see how it will change how the world works.
You may think about the opportunities and possibilities of blockchain available in startup businesses and the possibility of growth in terms of blockchain consulting. With enterprise solutions in blockchain technology, even the newbies in technology startups can leverage blockchain to achieve the mission and vision without any hassles.
Adopting blockchain for startups
As we have mentioned in the introduction, there are many ways with which blockchain can benefit a small to medium business or startup. It may be primarily based on the operations they undertake or the opportunities they create. There are many such startup opportunities where the investors to are willing to invest, which can also be catered with blockchain technologies.
The business market for various industries now keeps on changing, and we cannot predict how it will be another five years’ time. So, businesses need to keep on upgrading and take all necessary precautions to run themselves successfully. It is possible to ensure this with the help of blockchain technologies. Let’s explore some real-time use cases for how the projects and investors explore ways to utilize blockchain for startup business success. Based on your requirement, database needs for blockchain can be met by reliable providers like RemoteDBA.com.
Blockchain projects in startups
All startups need to have a USP to ensure that they have something to survive in the highly competitive business market. As a decentralized platform, Blockchain will allow the users to sell their products and services to a maximum reach in terms of meeting the basic requirements and based on the users’ location. Let’s explore some real-time success stories of blockchain in a startup business.
NEO digital currency platform
Close to the concept of Ethereum, but unlike its operational model, NEO digital currency offers complete support and solid backup from the China government to make it more reliable. NEO runs on blockchain technology and also brings in a lot of innovative concepts in digital currency operations. NEO is now well known for the value it offers. It works on a mechanism known as Byzantium Fault-Tolerant that makes the crypto operations much quicker and allows each transaction to be much faster than Ethereum.
QTUM is a cryptocurrency based on blockchain technology. It has taken the idea of Ethereum like projects but has a better operational model than Ethereum in terms of having a more solid environment and future offerings. It is a more decentralized open-source framework to build smart contracts, which has a significant value. It has a decentralized governance protocol (DGP) that controls and maintains blockchain and allows users to participate and vote for a change in various parameters controlling the crypto network.
Augur is a prediction-based project, which has many significant utilities in businesses. Think of a time machine that can predict future events for you to be prepared. Prediction or forecasting is significant in a business to make decisions accordingly to achieve their goals. Now, you have to think of the positive impact it will create from the business point of view. For the startups, it can be business come true. Even though a long-term goal, this is one thing Augur wants to achieve ultimately. Augur runs on a blockchain platform which is considered to have a big impact on the startup business environment in the future.
So, there is a big race happening in the field of blockchain, and to join this bandwagon, you also need to start thinking of your blockchain adoption. Hire a blockchain developer or associate with a blockchain consulting firm to explore your business’s opportunities in the same. By adopting the next-generation technologies, the startups can achieve the potential of what it is meant for. Technologies like blockchain are meant to make everyone’s life easier and better. By leveraging it the right way, your business can also be a part of this revolution and bring in more institutional investors for your startup business ideas.