Today, everyone is talking about blockchain, but there are a few who can really understand this technology and the potential it holds in the near future. Blockchain technology has already proved to be a game-changer in various sectors. Whether you are planning to build your own blockchain-based startup or bring Blockchain technology into your existing business ecosystem, it can do wonders only if you understand its capabilities, benefits, and uses.

Unless one gets an idea of what these “immutable, publicly distributed ledgers are and how they work,” it’s going to be difficult to explore the kind of opportunities it has in store for them and their business growth. 

WHAT IS BLOCKCHAIN?

A blockchain is essentially a shared, distributed ledger, or database that records all transactions and tracks assets related to all parties involved in a business network. A blockchain maintains a continuously growing list of ordered records, called blocks and each block can be thought of as a page of a ledger. As assets move from one place to another or as the ownership changes hands, the blocks form a chain of data. The blocks convey the accurate time and sequence of transactions. These blocks are securely linked together, therefore, no alterations between the blocks can be made, which delivers the key strength of immutability. 

The chain continues to grow as miners discover new blocks and add them to the existing blockchain. Each transaction is sent over the network via encrypted communication, while miners validate new transactions and record them on the global ledger. Miners compete to solve a difficult mathematical problem based on a cryptographic hash algorithm 

 (i.e., Proof-of-Work or Proof-of-Stake) and convert transactions into blocks. Miners earn rewards from mining in two ways, (i) new coins are created with each new block, or (ii) transaction fees from all the transactions included in the block. 

The most significant feature of keeping data on Blockchain is that no participant can change or tamper with a transaction after it’s been recorded in the shared ledger.

What do blockchain startups do?

A Blockchain Startup is a company that develops innovative products and services using blockchain technology. At present, Blockchain technology is changing the world from the healthcare industry to government agencies, and even spiking the interests of individual investors. While many blockchain startups are based in the United States and Europe today, the industry is also spreading to other corridors around the world, such as Asia and Africa. Some of the most successful enterprise blockchain startups include Ripple, Blockstream, BitFury, and Chainalysis.

WHY STARTUPS ENTERING INTO BLOCKCHAIN TECHNOLOGY?

Blockchain technology is revolutionizing – how we store and share information, conduct transactions, and build trust between players in the system. Today, all organizations run on information, the more accurate and readily available it is, the better it is for any system that is expecting transparency and growth in the way they work.  

Blockchain technology delivers immediate and transparent information, on an immutable ledger. The data stored in the blocks are safe, accurate, and secured with a single view of the truth for all the permissioned members of the network.  These factors bring in an exciting opportunity because it is fully digital, agnostic to a central authority, easily suitable, and, most importantly, immutable. The protocols and mechanisms used in blockchain improve security and reliability. These properties of blockchain technology can be used to great effect in a variety of industries, impacting the way information is used to conduct business, conduct transactions, and establish trust between actors in building systems. 

Blockchain technology is going to bring a paradigm shift in how organizations work today  as it’s a digitized, verifiable, decentralized, immutable ledger.

FUTURE OF BLOCKCHAIN

Blockchain is a game-changing technology. By 2030, businesses are projected to adopt them as the fundamental technology to run their businesses. From healthcare to energy to the education sector, almost all industries are embracing it to improve safety, and efficiency, bringing transparency and trust into their work environment.

The facts:

*According to PwC’s economists, blockchain technology has the potential to boost global gross domestic product (GDP) by US$ 1.76 trillion over the next decade.

*Fortune Business Insights™ predicts that the blockchain market will grow by $69.04 billion in 2027. That’s a great leap considering that the market size for blockchain was just $2.01 billion in 2019.

*Gartner reported that 75% of IoT technology adopters in the USA already use blockchain technology.
*Blockchain Market value was $4.9 billion in 2021 and is projected to reach $67.4 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 68.4% during the forecast period.

HOW TO START A BLOCKCHAIN BUSINESS?

If you want to expand your horizons and make a livelihood through a blockchain business or aim to develop software/applications on a blockchain framework, there are a few steps you can keep in mind:

Do your own research, educate yourself or find blockchain consultants

The blockchain technology has been here for a long while and many tech enthusiasts have made it the subject of their expertise. There are various articles, use cases, tutorials, and published papers available on the internet. However, there are Blockchain consulting firms as well, that provide you with the help and guidance that you need to start your blockchain business. 

Start with a practical and effective idea 

Identify problems and solutions that your business can solve and evaluate how your business idea can fulfill the needs of your customer. Today, popular blockchain niches include healthcare, law, government, banking and finance, media, supply chain management, etc. After analyzing and researching your industry of interest, you can start your business that has the potential to change the entire ecosystem of how that industry works. Identifying the target market and buyer personas helps in finding which industry you would want to enter.

Make a Business Plan

Once you have an idea you will start building a business plan that describes your business offerings in detail. It should consist of all the information on your industry, operations, finances, and market analysis. And it is the right time to think about the business model you want to adopt. It is a vital part of getting investors.

Understand blockchain technology and its best practices

A few parameters that you must learn about Blockchain are security, value transfers, smart contract platforms, immutability, transaction verification, and decentralization. Knowing the technicality of it allows you to stand out in the crowd and grow effectively.

Select the blockchain platform that aligns with your business idea

Open-source blockchain platforms available in the market are Hyperledger Fabric, Ethereum, Corda, etc. and they have their own unique features and functionalities. Bitcoin and Ethereum are mostly known to everyone. Recently, there has been the deployment of many interesting layer-1 solutions like Ethereum, Binance Smart Chain, Cardano, Solana, Polkadot, EOS, and some layer-2 (a blockchain that confirms transactions faster and cheaper than a layer-1 blockchain network) solutions like Polygon (Matic), Elrond, Lightning. 

As new platforms are emerging, new features and releases also make their way into the blockchain industry at a rapid pace. Ambitious businesses are eager to stay ahead of the curve given its disruptive potential.

Introduce yourself to the Investors

Choosing the right investor who understands ins and outs of the industry, product, and strategy is also a major step. You should have a proper pitch deck that boosts the growth of your establishments and gives clients a wrap-up of your business plans, products and services, offerings, and operations.

Build the Right Team

A successful blockchain startup requires a dedicated team of blockchain developers/marketing team and blockchain consultants/advisors that have the necessary skills and experience to build and launch a blockchain application and guide you along the way.

Take note of the legal matters involved

Legal challenges one should consider before entering a blockchain startup:

* Consider specific rules and regulations present in its jurisdiction of choice.

* Anti-money laundering (AML) and Know-Your-Customer (KYC) requirements and their compliance rule.

* FATF Travel rule

* Privacy laws and Regulatory Frameworks

* Intellectual property Rights

* Security law

Develop a marketing plan

Having a marketing plan can help you identify a target market and evaluate market activities. It helps to provide a marketing budget and attract new customers.

For developing a marketing plan, we need to consider the following steps:

*Analyse your market by identifying the target market, potential customers, and competitors.

*Set your goals and objectives to increase your chances of success.

*Outline marketing strategies by performing marketing campaigns, using marketing channels like Reddit, LinkedIn, Steemit, Twitter, etc.

*Keep your marketing plan up to date to evaluate marketing activities. 

Build a customer base/community

For long-term success, you need to build a customer base/community by keeping your supporters informed and engaged through effective communication.

Startup Companies in 2022

Startup Company	Category	Investors
Dimension X(DimX)	Web3	Startup Ignition Ventures
Internet Game	Web3	ParaFi Capital , Dragonfly Capital, Dephi Digital, Collab+Currency
Lasso Labs	Internet	Electric Capital, Ethereal Ventures, OpenSea, Page One Ventures
Ottr Finance	Finance	Race Capital, Circle, Slow Ventures
Web3 Builders	Web3	Road Capital, OpenSea, Global Founders Capital, Picus Capital

MOST ACTIVE INVESTORS in 2022:

Investor	Amount Invested
BlackRock	$1.17 Billion
Alphabet	$1.506 Billion
Morgan Stanley	$48 Million
Goldman Sachs	$690 Million

* Morgan Stanley is one of the top companies that have invested in blockchain firms. 

CONCLUSION:

Blockchain is not only restricted to Cryptocurrency, or Bitcoin only. Like every other technology, Blockchain technology is also evolving and improving with the days. Applications of Blockchain Technology are emerging in our real life as well creating a major impact in the global market too. From the buying and selling of cars, cash, transactions, houses, income tax, patents, banking, and various other sectors, blockchain can revolutionize their work at present. 

Peak Blockchain consultancy can offer you cost-effective, customized, and robust solutions for all your business needs. Be it a startup or you want to revolutionize your current industry with blockchain technology, we are here to help you as per your industry requirements.

Give us a call or email us to give wings to your changing industry. 

“FLY HIGH!!! Sky is not the Limit”.

And let us help you in growing your organization, Today!!!