How Blockchain is Paving The Way For Future Start-ups?

Key takeaways

The global blockchain market is expected to surge to USD 163.83 billion by 2029 from USD 7.18 billion in 2022, at a stimulating CAGR of 56.3%.
For instance, ATLANT developed a platform that uses blockchain to facilitate the transactions of real estate and rental property.
- **Circle -**It is a fintech start-up that allows users to invest in different cryptocurrencies, like Bitcoin, Stellar, Ethereum, EOS, and Montero.

The global blockchain market is expected to surge to USD 163.83 billion by 2029 from USD 7.18 billion in 2022, at a stimulating CAGR of 56.3%. The numbers are supposed to rise as more industries are expected to adopt blockchain technology in the near future. For instance, IBM recently invested USD 200 million in blockchain technology due to the security and transparency blockchain offers.

Blockchain is a decentralized and distributed digital ledger which keeps a permanent record of transactions. Read this article to learn why global giants such as IBM and Facebook are investing in blockchain and how can it pave the way for future start-ups?

Some of the potential markets for blockchain technology

Healthcare #

The covid-19 pandemic has encouraged the government of many countries to increase their budget allocation in the healthcare sector. According to the National Health Expenditures (NHE) report of 2020, prepared by the Office of the Actuary at the Centers for CMS, the total national healthcare spending has grown at a 9.7% rate and reached USD 4.1 trillion.

Blockchain technology in the health sector improves the security of healthcare records and makes it easier to share them. Not only organizations/doctors but patients also would be able to access records from any device at any time.

Confidentiality - Blockchain is very secure; thus, patients’ data can be recorded and accessed at any time and place without any fear of data loss or theft.
**Clinical trials -**The electronic health records are easily manageable and can be shared confidently for improved clinical trials and inference.
Traceability - The drug traceability will also improve with the help of blockchain technology.

Some of the examples of blockchain start-ups in the healthcare sector: #

Clinic – Creates trial data-sharing communities based on patients.
Medicalchain – It uses blockchain to compile patient health records.
Coral – Coral, uses blockchain to automate administrative processes and accelerate healthcare delivery.

Gaming Industry #

The global gaming market is expected to exhibit a CAGR of 13.20 % between 2021 and 2028 and reach USD 545.98 billion by 2028. Approximately 2.2 billion people across the world are gaming. If they are not playing, they are watching; that is approximately 215 million.

Blockchain technology in the gaming industry has a wider scope as:

Assets sharing: Blockchain allows gamers to socially exchange the assets by leasing, selling, or gifting them online to other players.
**Innovation:**The sharing of assets will attract more players and will encourage the start-ups to invest in innovations and R&D.

Energy Management #

More than 180 players across the world, mainly start-ups, are working to develop use cases for blockchain applications, with Peer-to-peer energy trading being upfront. For instance, in September 2020, OP Properties and Power Ledger announced a sustainable project for a 39-apartment complex in Fremantle, Australia. This complex is fitted with solar rooftop PVs and local battery storage. Thus, apartment owners can sell excess solar electricity generated back to the grid using the platform.

Some of the advantages of blockchain in the energy sector are:

Monopoly in the power industry can be sorted with the help of blockchain technology.
Decentralization, trustless network, and transparency have made it possible for energy management or trading to be done at a localized level.
It will lead to positive competition among the traders and create scope for small vendors as well.

Real Estate #

Blockchain has introduced new ways to trade real estate and has facilitated trading platforms and e-marketplaces to support the transactions of real estate more comprehensively. For instance, ATLANT developed a platform that uses blockchain to facilitate the transactions of real estate and rental property.

Some of the other advantages of blockchain in real estate are as follows:

Tokenization allows people to rent out real assets using codes for a particular period of time.
The identity of both tenant and investor is digitally created and verified easily.
Automated sale of properties can be made with the use of blockchain in real estate.

Some of the examples of blockchain start-ups in real estate #

Republic – It helps investors to build new projects along with investing in crypt options and much more
Safewire – It avoids the fraud challenges in the sector in focus by blockchain network to provide security of transactions
RealIT – You can buy tokenized properties with Ethereum through Real Tokens.

FinTech #

Blockchain can reduce the risk of fraud in financial transactions, granting a higher sense of security to individuals. According to Accenture, the role of blockchain in clearing and settlement sectors of banking can save the biggest investment bank close to USD 10 billion

Blockchain allows the creation of digital identities for fintech start-ups.
Bitcoin can be transferred easily.

Examples of blockchain start-ups in the fintech industry: #

Bitpay – Bitpay is an American payment service that helps users to accept bitcoin and make transactions and investments with Bitcoin cash.
Snaps – This allows users to improve and automate the global loan syndicate market using smart contracts.

Logistics #

The global logistics market is projected to surge to USD 12,975.64 billion by 2027, at a CAGR of 6.5% b027. Vendors all around the world are looking for technological innovation (e.g. blockchain) to gain a competitive edge in the market.

Some of the advantages of blockchain in logistics are as follows:

The freight tracking can be improved
The data can be secured via vehicle-to-vehicle communication
Enhanced security of IoT devices

Examples of Blockchain Start-ups in the Logistics Industry: #

Open port - Open Port connects carriers and shippers directly to reduce cost, optimizes the supply chain, and improves performance by implementing blockchain technology.
Blockverify – It verifies products, transactions and merchandise using blockchain and focuses on improving anti-counterfeit measures.

Education #

According to a recent study by the University of Cincinnati, improvements in technology are extremely beneficial in the classroom, as 92% of teachers say that technology has a major impact on students’ learning and their interaction with others.

Some of the advantages of Blockchain technology in the education sector are as follows:

Blockchain will help in proper monitoring and facilitation of educational institution accreditation.
It will allow the protection of intellectual property rights.
Students’ data can be securely tracked and stored.
Diploma and transcript forgery can be prevented.
Student loan payments can be easily managed.
Students and teachers may enter into an e-agreement that specifies an assignment’s parameters, assigned date and grading deadline.

Examples of blockchain start-ups in the education industry: #

APPII – APPII blockchain to verify the academic credentials of new students and staff members.
ODEM- ODEM connects students, professors, and educators to multiple resources, ed products and services.

Banking Sector #

Banks are looking for ways to avail the benefits of digital currencies in financial services, such as lower transaction costs, faster and safer transactions, etc. The benefits associated with e-currencies are encouraging financial bodies worldwide to explore the possibility of making the shift to digital currency.

For instance, in 2016, the United States Federal Reserve bank was working with IBM to implement a blockchain technology-based payment system to enhance security and efficiency.

The start-ups in the banking industry can use blockchain to improve the security of transactions.
Blockchain allows banks to store private keys using digital signatures. These
It will help to enable safe and secure transactions as passwords are harder to hack than other types of passwords.
Blockchain in the banking industrywill reduce the transaction cost for international money transfers and allow for rapid remittances.

Examples #

**We.trade -**The platform was developed by IBM with 12 major European banks such as Nordea, CaixaBank, and HSBC. It uses blockchain as a single database, which enables all the counterparties to access the same information about trade transactions and adds a tint of security to the system.
**Circle -**It is a fintech start-up that allows users to invest in different cryptocurrencies, like Bitcoin, Stellar, Ethereum, EOS, and Montero.

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