With a select few braving out to stand on the other side of the spectrum of the digital revolution. That is, being the part and forerunner service providers of all things online to the new age population of commoners who do everything online. Startup culture has taken the world by storm in the last decade or so. With innovative ideas and enthralling new ways of executing age-old tasks and more. Blockchain Startups and new tech brands are on the rise.
Blockchain- The new way of storage
With the shift in preferences, usage and perspectives have come the change in storing, collecting, and sharing data as well. What started off as mammoth drives with a capacity of a few megabytes storage carried on trucks to the assembly line to the evolution and advancements in the field leading to devices like those of flash drives compact enough to carry in shirt pockets with a storage capacity of ten folds to that of the original drives.
Data storage devices and methods have come a long way. This nonetheless was not the end in the line of advancements as newer ways kept developing such as those of cloud storage which took the portability and minimalism of storage devices even further. So, from truckloads to pocket fulls we went to abstract and cloud. Cloud storage came as a giant breakthrough in the world of IT and specifically data storage. Then on, revolutionizing the methods even further. Cloud computing took over the storage preferences of brands and consumers in no time. Thus, with the discovery came moderations and newer features, and services aligned along and based upon the new storage medium.
One such major feature was that of blockchain development technology. With major established brands and newer ones all along shifting and opting for Blockchain-based services for their digital transactions, storage records, and more. Owing to the transparency and security it provides in comparison to conventional ways of the same.
What is Blockchain technology?
To explain Blockchain technology, let’s assume you buy a commodity from a certain wholesaler, and both the parties involved record and maintain a book of transactions as means of storage, recollection, and transparency in business. The method is a mutually agreeable and convenient one and may seem alright. It is open to other parties and mutually to either involved parties for alteration, changes, and infiltration of data which is a highly risky agreement to abide by. Although this is what, we have been following for a long time on the digital platform through one on one website interactions and interface. Blockchain development has revolutionized and changed the aforementioned conventional way of data storage and recollection through the means of DLT (Distributed ledger technology) where data is recorded in a method that provides no scope for changes or alteration by duplicating and distributing copies of the ledger of all transactions amongst all participants involved in the network ensuring transparency and trust.
Benefits Blockchain development has over conventional systems:
1. Greater security: as aforementioned, Blockchain development provides the most secure form of transactions. Through its encryption method of tagging succeeding and preceding records. Whatever is stored on a Blockchain is immutable and unalterable.
2. Faster processing: Blockchain improves efficiency and accelerates performance alongside eliminating human errors. Digitalized ledger and its encrypted distribution ensure a trustworthy, fast and efficient process.
3. Data traceability: Blockchain development facilities an improved tracing method and recollection of data if and when needed. For instances of loss, theft, etc an encrypted network ensures a traceable supply chain to ensure and approve proper transactions.
4. Cost-efficient: Most companies and individuals invest a great deal of money on a regular basis to maintain and manage a set of records through various methods like those hiring third parties and more. Through Blockchain development all of it could be taken care of through an initial setup cost and no further costs whatsoever since there is no requirement of validation of records in this form of technology.
Blockchain development and the technology owing to its edge over conventional technology in multiple avenues has taken over major companies and clients with some of the best use cases as listed below:
Top 10 Blockchain Technology Startups Ideas to Look Out for in 2022
1. Smart contracts:
Smart contracts on the blockchain are pre-resolute conditions, an agreement between two or more parties to make a transaction visible and unchangeable. Because the contract is distributed and decentralized, neither of the parties can make any modifications to it at any time. Only when the contract’s criteria are met does the contract’s execution take place. All processes encrypted in these Blockchains start functioning and being executed as soon as both parties mutually agree upon the contract, making the process efficient and quick. This has proven to be a highly cost-effective and advantageous method in the fields of healthcare, government agencies, real estate, and more.
With billions of devices connected internationally, the Internet of Things (IoT) has taken the world by storm. As the number of connected devices grows, so do the risks of being hacked. Connecting IoT devices to Blockchain can assist to eliminate such vulnerabilities, reducing the risk of data leaks.
3. Personal Authorized security:
An identity management system that requires the user’s consent and identity verification before allowing any transaction. Identity theft is reduced, if not eliminated, via blockchain, and imposters are prevented from accessing the system. Personal information is stored on a blockchain on an immutable block (ledger) that cannot be changed in any way.
4. Money transfers:
While money transactions internationally can be a hectic task with foreign exchange regulations and extra costs. Through Blockchain technology the intermediary costs are evaded and eliminated with money being transferred immediately. Even banks across the world have been adapting to Blockchain development to transfer money overseas through cryptocurrencies to make transactions efficient, transparent and cost-effective.
Digital assets that represent real world commodities like those of music, videos, arts, games and more. Meant to be sold, bought and traded online through digital currencies like crypto, ethereum and others and are encoded with the same software as them. If the owner sells the digital asset on the blockchain network, the ownership can only be changed by generating another valid and confirmed transaction. NFTs marketplaces are thought to be excellent money-making assets that may be purchased, sold, or traded to raise the value of your investment. This has been in the hype lately and is believed to substitute the conventional ways of selling and buying commodities to ensure a safer, more secure and stricter ownership.
With multiple use cases and clear advantages over other methods of storage and recollection. Blockchain development has and is still on the rise. With companies opting for blockchain technology. Newer blockchain startups have emerged to provide Blockchain development services. Someone of them, are as follows:
- Clinico: A community of patient-based trial data-sharing
- Medicalchain: stores and records patient health records through Blockchain.
- Safewire: provides transaction security to real estate deals to protect from frauds.
- Synapse: startup aimed at improving and automating the global loan syndicate market through smart contracts as explained above.
- Mediachain: uses Blockchain technology to connect users to music creators and everything involved as background information from producers, lyricists and more.
- ODEM: connects professors, teachers, and students among other individuals involved in the education sector to resources and products through Blockchain.
15 Blockchain Business Ideas to Capitalize on in 2021
- Blockchain As A Services
- Run NFT Marketplace
- Sell Decentralized Cloud Storage
- Crypto Exchange
- Rent Cloud Storage Peer-to-Peer
- Multi Currency Crypto Wallets
- Outsource IT Work
- Host Decentralized Websites
The use cases of Blockchain development are immense and it’s advantages are noticeable to say the least. From finance, tech, education and media to healthcare and more the implementations of Blockchain technologies are taking over for the good and would in all likelihood surpass the older technologies very soon. Quick, efficient, secure and affordable. Blockchain development is the future of data storage and recollection.
Three easy steps to launch a blockchain business.
1. Select the right blockchain technology startup ideas.
2. Find the right development partner.
3. Hire a better marketing company to promote your business.
A success blockchain technology startup business plan needs these 5 practices.
1. Better Business description
2. Omnichannel Marketing Plan
3. Competitive advantage Management team
4. User adoption
5. Funding and financial projections