How Startups can benefit from Blockchain Technology?

How Startups can benefit from Blockchain Technology?

Blockchain Technology Enticing Facts-

·         According to Statista, worldwide spending on Blockchain technology is USD 4.1 billion.

·         The banking sector has the highest distribution of the Blockchain market value.

·         Blockchain has more than USD 41.9 million worth in the food and agricultural market.

·         It is estimated that 55% of the healthcare apps will adopt Blockchain technology by 2025.

·         Approximately 33% of the global organizations from fourteen major countries said that they are already using Blockchain technology.

One thing that is clear from these statistics is that Blockchain is now a thriving industry that is growing at an unprecedented rate. Not just the banking or finance, organizations from retail, eCommerce, online advertising, real estate, supply chain, information technology, and other business verticals are adopting the technology to improve security and advance their business operations.

Apart from helping the well-established organizations, Blockchain is also making startups to enter the market with a bang. Wondering how? Read this article further to know how startups can make the most of Blockchain technology:

To enhance the security of the data

Be it eCommerce, healthcare, retail, or any other industry, each of them has to deal with an enormous amount of customer data. This data needs to be secured to avoid data breaches and other similar issues. Blockchain systems come up with incredible security proof, which can make startups to collect and organize data securely.

The data collected by the systems, powered with Blockchain, gets automatically encrypted with the top-notch cryptographic methods. These data centers or warehouses can be accessed via a key-value mechanism that further verifies the identity of the person seeking access.

Besides this, the decentralized mechanism of technology helps in minimizing or even eliminating security risks. Since the distributed system can’t be controlled by one entity, it is not easy for the cybercrooks to modify the data without letting the others in the network know about it.

To modernize the traditional processes

No matter how much the startups are trying to adopt the latest technology, there are still many of them that are using antiquated processes. With the help of Blockchain, such startups can upgrade their processes, software, or obsolete infrastructure. Doing the same can help startups to bring efficiency and consistency in their work operations.

Moreover, Blockchain technology can also bring precision to their work. Startups can relieve themselves from relying on manual labor for collecting, organizing, and processing data.

To be at the forefront in the race

Blockchain development adoption facts show that businesses across the world are eager to adopt this technology for their benefit. However, the ones who are already relying on it are a few as of now. By adopting Blockchain in your startup, you can be at the front of the race.

Investing time and resources to create a new Blockchain-based business model for your startup or integrate the technology into your business processes, you can get a competitive edge over others.

Apart from these three, here are the other purposes for which startups can use Blockchain technology:

·         Secure payment transfers

·         Supply chain management

·         Offering quality customer support

·         To create and abide by contracts

·         For distributed cloud storage

·         For advertising and promotion

·         To protect digital identity

·         For generating funds

Popular Startups that are using Blockchain technology

·         Arcade City (Ride-sharing)

·         Gem (Healthcare)

·         OpenBazaar (Retail)

·         Brave Software (Online advertising)

·         Protocol Labs (Cloud storage)

·         Golem (Cloud computing)

·         Filament (Industrial IoT)

·         LO3 Energy (Energy management)

·         Ubitquity (Real estate)

Blockchain system platforms for Startups

·         VechainThor

·         Hyperledger Fabric

·         HederaHashgraph

·         Quorum

·         R3 Corda

So, if you already have a startup mobile app idea and want to turn it to reality by leveraging the most advanced technology, Blockchain, then reach out to a Blockchain development company. Since there are many mobile app development companies that offer Blockchain development services, it is advised to make your choice wisely.

Go through the company’s portfolio and check what type of Blockchain app development projects they have worked on. Also, check the feedback and reviews submitted by their clients. Develop a Blockchain app today!

The Bottom Line

With a plethora of benefits Blockchain technology offers, it has become a household name among startups from IT, Healthcare, Real Estate, Finance, Banking, and other industries. Companies, mainly the startups, are taking advantage of this technology to enhance security, improve their processes, and for various other purposes.

To know about the other ways Blockchain is assisting Startups to stand out, give this article a read. On the other hand, if you are looking out for the Blockchain app development services, then reach out to an experienced Blockchain development company.

Cristina Macias
Cristina Macias is a 25-year-old writer who enjoys reading, writing, Rubix cube, and listening to the radio. She is inspiring and smart, but can also be a bit lazy.