There are 150 million startup companies in the world and as an investor, it can be increasingly confusing to select the right one for investing.
However, it doesn’t have to be complicated, as blockchain startups are becoming more and more important. Need proof? Let the statistics speak for themselves.
Surveys reveal that over 90% of US and European Banks began exploring blockchain’s potential as early as 2018, with 75% of tech-savvy executive teams recognizing its substantial business prospects. Furthermore, 25% of companies are planning to invest between $5 million and $10 million in blockchain solutions by 2021. The rapid expansion of blockchain technology has disrupted numerous traditional business practices, presenting a prime opportunity for entrepreneurs.
Let’s delve right in and understand how investing in blockchain startups is beneficial.
What Is A Blockchain Startup?
A blockchain startup is a company that uses blockchain technology to create new solutions, including decentralized applications, smart contracts, and secure data management systems. These startups typically emphasize harnessing blockchain’s distinct features, such as decentralization, transparency, and immutability, to address industry challenges and unlock fresh opportunities.
What Does A Blockchain Startup Do?
A blockchain startup typically focuses on leveraging blockchain technology to develop innovative solutions or services. These startups may work on various aspects of blockchain, such as developing decentralized applications (dApps), creating blockchain-based platforms for specific industries, offering blockchain consulting services, building blockchain infrastructure or protocols, providing blockchain-based financial services like cryptocurrency exchanges or wallets, or exploring novel use cases for blockchain technology across different sectors such as supply chain management, healthcare, finance, and more. Essentially, the goal of a blockchain startup is to harness the potential of blockchain technology to address real-world problems, improve efficiency, enhance security, and drive innovation in various domains.
How To Start A Blockchain Startup?
Starting a blockchain startup involves several key steps:
- Install and Set Up: Employ tools such as Eris to implement blockchain and smart contract concepts effectively for your project.
- Access Management: Generate keys to authorize specific users’ access to the service and application.
- Blockchain Development: Build and refine the blockchain, while concurrently emphasizing marketing, networking, and enhancing customer service offerings.
Additionally, it’s crucial to thoroughly assess whether a blockchain solution aligns with your startup’s objectives. Seeking expert advice and validating the compatibility of a blockchain solution with your business goals is essential before embarking on this venture.
The Blockchain Startup Ideas Transforming 2024
This post will outline a few blockchain startup ideas that turned into companies to keep an eye on in 2024. We’ve reviewed a long range of promising blockchain startup ideas, but there are a few we believe you should keep an eye on.
Fluree
CEO Brian Platz and Executive Chairman Flip Filipowski co-founded Fluree PBC in 2016, and the company has its headquarters in Winston-Salem, North Carolina. With its data management platform, Fluree is a technology leader in the “data-first” movement. It ensures data integrity, makes it easier to share data securely, and fuels data-driven insights.The Fluree platform organizes blockchain-secured data in a scalable semantic graph database — establishing a foundational layer of trusted data for connected and secure data ecosystems. The company’s foundation is a set of W3C semantic web standards that facilitate trusted data interoperability.
Constellation Network
Constellation Network is a distinctive Web3 framework that enables anyone to create and run a blockchain-based business. The platform includes a strong ecosystem of tools, products, and initiatives as well as a free, open-source infrastructure that is all geared to support people and enterprises in succeeding in the developing stakeholder economy. It is the only blockchain technology in the world created specifically for Big Data, offering the foundation for a free, decentralized market for data as well as a business-grade software solution for data quality and provenance. It is scalable, affordable, secure, and simple to integrate.
CertiK
As a leader in blockchain security, CertiK uses top-tier AI technology to safeguard and keep an eye on smart contracts and blockchain protocols. The goal of CertiK, which was founded in 2018 by professors from Yale and Columbia universities, is to protect the web3 world. CertiK brings cutting-edge academic ideas to the business world, enabling mission-critical applications to scale safely and accurately.
CertiK is a true market leader in blockchain security and one of the fastest-growing and most reputable companies in the industry. Nearly 4,000 Enterprise clients have used CertiK services, over $360 billion worth of digital assets have been safeguarded, and nearly 70,000 blockchain code flaws have been found.
PhunCoin
The Phunware and IBM network is called PhunCoin. It claims to be the first blockchain app idea that offers the solutions, goods, information, and services required to draw in, control, and pay for the user base of mobile applications. Phunware became the first firm in history to be listed on the NASDAQ and raised $100 million in venture capital while simultaneously conducting a Security Tokens Offer (STO).
Focusing on Fortune 1000 retail and hospitality brands is PhunCoin Blockchain. One needs to install the Phunware Loyalty SDK to start using it. Following that, businesses can introduce their loyalty programs and award clients with the Phun cryptocurrency, which can be acquired and exchanged for goods, special offers, bonuses, and participation in promotions.
IPwe
The first Global Patent Register (GPR) will enable market players to come together, engage, and communicate with one another without the need for middlemen or outside regulation. At IPwe, you can quickly and easily analyze patent portfolios, sell and buy patents, pay the necessary fees, and enlist the help of outside companies for services like insurance, financing, and patent valuation.
IPwe started functioning properly in December 2018. The system receives more than 5,000 transferred patents. More than 100 patents worth $3 million were sold in the platform’s first exchange between users. Transaction times have been cut in half. The price has also significantly gone down.
Business Opportunities with Web3
Like any new technology, Web3 offers a wide range of lucrative commercial prospects especially, blockchain startup ideas. Web3, which is widely regarded as the next iteration of the internet, has rewritten historical norms about user experience, asset ownership, and data control for online services. By placing a strong emphasis on giving users improved data protection, privacy, and scalability, Web3 reimagines the idea of the Internet.
Recently, many people and organizations have become interested in Web3 advancements. Web 3.0 offers significant chances to change how people view technology, particularly the Internet. The Web3 revolution, which also includes numerous other technological and philosophical breakthroughs, is highlighted significantly by innovations like cryptocurrency, crypto project ideas, blockchain, NFTs, and DeFi.
Most importantly, Web3 company ideas for 2023 include cutting-edge developments with blockchain ideas, decentralization, and token-based economics. With the promise of direct asset ownership without the use of middlemen, cryptocurrencies, and NFTs are also a component of the web3 revolution.
Final Takeaway
Investing in blockchain startups presents a promising opportunity for growth and innovation. With the increasing importance and adoption of blockchain technology across various industries, these startups are poised to disrupt traditional business models and create new avenues for success. By carefully evaluating the potential of different blockchain startups and staying informed about market trends, investors can position themselves to capitalize on the transformative power of blockchain technology and secure profitable returns in the long term.
