The blockchain industry is currently thriving, providing numerous opportunities for success for everyone involved.Taking the world by storm, the blockchain market value is expected to reach $67.4 billion by 2026.
If you don't know already, the term"blockchain" refers to a digital ledger of transactions that is duplicated and distributed across the entire network of participating computers(nodes). What makes it unique is that it ensures transparency and adds fidelity to confidential data transactions, which is crucial in the modern era.
Blockchain technology significantly improves efficiency, accuracy, and, most importantly, trust without the involvement of a third party.
Companies like IBM, Coinbase, and Binance have opened doors to unlimited earning possibilities in the blockchain industries. You can open horizons for yourself as well by launching your very own blockchain startup. Here are a few blockchain startup ideas that will help set the course.
10 Blockchain Based Startup Ideas
Blockchain technology has advanced to the point where it can be used to solve business problems in industries other than the financial sector and cryptocurrencies. If you are willing to dive into this world, here is our list of the top blockchain startup ideas to help you select the most suitable one for you:
The NFT market is the most rapidly expanding sector of block chain. It is anticipated to grow at a 35% annual rate from 2021 to 2026 and reach $147 billion.
People actively invest in digital assets because they value decentralization and the absence of uniform regulation. As a result of the increased liquidity, many users are switching to the NFT sector.The NFT marketplace can generate multiple revenues from different source funnels in addition to earning you money.
Blockchain-based cryptocurrency exchanges are currently one of the most popular blockchain business ideas. These exchanges allow users to trade cryptocurrencies like Bitcoin, Ether, and Litecoin for fiat currency or other cryptocurrencies.
The foundation of these apps is blockchain, which uses a distributed ledger and effective security measures to guarantee that the platform is entirely secure and encrypted for everyone.Entrepreneurs can develop apps and web platforms to benefit from this currently trending business.
Supply Chain Network
Since blockchain can greatly improve supply chains by enabling faster and more cost-effective product delivery,boosting product traceability, as well as coordination between partners, and facilitating access to financing, many businesses are looking for apps that will relieve the burden of supply chain monitoring.
The supply chain cycle involves many stakeholders, so it is necessary to have apps that record and track each stage.The demand for advanced logistics apps has been on the rise as businesses are expanding.
Blockchain App Developer or D-apps
There is a massive demand for high-quality decentralized apps or D-apps. D-apps are highly resilient,transparent, and scalable because they are built on smart contract platforms like Tezos or Ether. Additionally, they provide users with incentives and are making a huge impact on the app market. By participating in the development of D-apps, your company can gain numerous benefits.
Wallet Apps for Digital Assets
Another excellent idea for a block chain business is cryptocurrency wallet applications. Many people seek a single platform for managing their digital assets. Making wallet apps is the best solution to meet their needs.
Investors can rely on these wallets to manage their cryptocurrency earnings as they offer secure coin storage and serve as a safe haven for all coins' cryptography. Consider MetaMask as an example.It is an excellent crypto wallet for newer investors interested in exploring this world, and it is compatible with nearly all major decentralized exchanges as well as a growing number of decentralized apps or dApps.
Another great blockchain startup idea is crypto eCommerce. The users can both accept cryptocurrency as payment for goods and streamline the entire buying process. Making cryptocurrency trading apps will allow users to conduct transactions without the involvement of intermediaries, which will attract more users.
Additionally, the use of smart contracts can guarantee accuracy and a hassle-free user experience for customers. Alternatively, you can also consider incorporating cryptocurrency payments into your existing online store.
The gaming industry is mainly backed byblockchain technology nowadays. From ownership to royalties, from finding rare items to acquiring trinkets, the world's 3 billion gamers will benefit more from this technology capable of addressing numerous pain points.
Blockchain gaming uses block chain technology to ensure that everyone - not just one entity owns a copy of what they are playing. It enables players to personalize their gaming items, develop their characters, and make them one-of-a-kind. They can also trade and transfer them to other users on the platform. This is why blockchain technology in gaming is exploding, and anyone can now create an exciting and thrilling game while securing a significant market share.
Financial Management Apps
Blockchain technology is well-known for its transparency and decentralization, which is most needed in the financial sector. There is a high demand for it because many companies are considering developing modern finance applications on blockchain platforms. You can also collaborate with a financial institution to create authenticated digital assets while adhering to global anti-fraud standards such as money laundering.
Ripple is a perfect example of this. In 2012, it launched its own platform to connect digital asset exchanges, banks, and payment providers to create a blockchain network for businesses.
Media Apps Blockchain
The number of blockchain-based social media startups is growing, as is their user base. Block chain is currently being used to distribute royalty payments for music, movies, and streaming services,as well as to prevent the spread of "fake news" on social media by identifying a single source of truth.
This is exemplified by Sapien (sapien. network),a highly customizable, democratized social news platform built on the Ethereum blockchain, which describes itself as a competitor to Facebook and Google. This industry is still in its beginning phases, but Blockchain's thriving technology is competent to shake things up.
Healthcare Institutes Support Apps
Blockchain in healthcare is used for everything from patient data security to pharmaceutical supply chain management, and it is becoming increasingly popular due to its ability to deflate the current spending bubble, protect patient data, and improve the overall experience. The technology is already being used to do everything from securely encrypting patient data to managing disease outbreaks. This is a good business idea for startups who want to assist those companies in achieving their goals.
How To Start A Blockchain Startup?
Block chain is causing ripples in every industry, and one can adhere to the current demands of the users to succeed. However, before you take the plunge, you must be familiar with the complexities of the blockchain. If you are determined to launch your blockchain-based startup, here are a few steps you should take:
- Look for problems that can be solved with blockchain technology and ensure enough people are interested in your solution. Rather than a lofty goal, concentrate on a more micro-issue - start with the validation of your business idea.
- To move your vision forward, pitch your business idea to investors in search of seed capital to fund your new venture. Initial coin offerings (ICOs) utilizing blockchain technology may be helpful. The initial coin offering (ICO)allows aspiring entrepreneurs to decentralize startup funding - for that you should hire professional pitch deck consultants who can increase your funding chances.
- Start generating revenue in the alpha stage. Charge platform users a small fee first. Once revenue begins to flow, it will keep your project moving forward at a steady pace. Blockchain based startup ideas are more likely to gather profit. However, their success depends on the number of users using their platform.
- Promote your business through various channels. Start by marketing on majorly used platforms such as social media or others. Using cryptocurrency to run ads allows you to target key customers with messages that are relevant to them. With its high tracking and transparency, blockchain can help you collect more accurate user data.
- From time to time, improvise your products to adapt to the current trends. To improve your product, ask for input ideas and suggestions from your current users. Their feedback will be essential in creating a more user-friendly app.
- Work with the Lean Startup Model to quickly implement feedback and improve.
Blockchain technology is rapidly evolving. In this article, we have selected a few of the best blockchain startup ideas from various industries. You can use this technology to start your startup, select the most promising one, and put them into action.