How Startups Are Using Blockchain Technology 2.0 in Novel Ways

Blockchain is a boon for startups and SME’s today. Due to smart contracts, direct interaction has become much easier without the interference of a third-party.

Debitum Network, Dar Blockchain, Nano Vision, Dock, Electrify Network, and ODEM, etc. are some of the top innovative startups that have made their presence renown.

Security has always been a major implication for businesses – whether it’s a startup or a large organization. But today, with blockchain, it can be easily said that the issue can be easily handled to maintain a trustworthy relationship with customers.

How Startups Are Using Blockchain Technology in new ways

Significance of blockchain in startups and SMEs

• Innovative business model

Blockchain technology helps startups in coming up with less explored business models. Decentralization, a feature that guarantees this technology to be of great use to startups in exploring multiple business ideas and come up with solutions for today’s most critical problems.

Simply said, the new age technology is being revolutionized in wide sectors by using business strategic models to reduce the competition.

• Data integrity

Be it for a large business domain or a startup, data integrity is one major concern for business leaders or entrepreneurs.

Through blockchain technology, it can now be said that the data cannot be altered or tampered with once it is added in the blocks. Making use of this technical restriction, you can now easily save your business for being monitored for such activities that are tedious and less efficient.

• Leverages the efficiency of business functions

Most startups usually fail their business operations due to the implementation of improper methodologies. Once the business starts, there are certain areas that require proper management – CRM, communication, accounting.

It gets challenging for a startup to manage all these critical areas due to the shortage of manpower or infrastructure.

However, today, with the help of blockchain, this problem can be easily resolved as startups are now given the opportunity to enjoy an accurate and competent performance in these areas without the needing to invest in resources and neither hiring of additional manpower.

• Mixture of transparency and security

Transparency and security are two major concerns for startups. But with the help of blockchain, both security, as well as transparency can now be easily managed. Doing so allows you to access data without fearing about security.

Let us have a look at the industries in which startups are making use of this technology.

• Healthcare

Most people often neglect health; however, this is one sector where things should be managed properly and not take for granted. For instance, at a hospital, it is seen that the medical records of patients and other documents are not managed properly. Due to this, patients’ data and information at times gets misplaced andnot found when needed.

• Retail industry

Currently, the present market revolves around virtual marketplaces. Though blockchain is not required on sites such as Amazon or eBay since they have a sense of security, it will still be needed by startups in the retail industry as they make their shift toward the actual seller.

• In the IoT industry

IoT is an emerging industry where blockchain is now playing a major role. There are several IT professionals who’ve been trying to find solutions that can encounter the capabilities of IoT. Thus, there is a dire need for a community where the members will be able to easily communicate with one another.

This problem can now be easily resolved through blockchain as this technology now offers a centralized communication method through the introduction of a peer-to-peer network.

Blockchain being a technology that has advanced, a logical step for professionals looking to enhance career can now opt for blockchain certification.

As certifications have an instant impact on the candidate’s portfolio, employers are now keen on hiring blockchain skilled professionals for their product development.

By Jitender Sharma

Writer on YourStory, HackerNoon, DZone, Self Growth, TheNextHint etc.