How Startups Can Use Blockchain Technology in Novel Ways?

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Yes! It is true that security is a major concern for every small business in order to maintain a trustworthy relationship with their customers.

So, what should be done to make your business super-secure and to maintain a good relationship with your customers?

Among various technologies, it could be said that the security issue can be handled with the one and only “Blockchain Technology”. Various blockchain development companies are working day-in-day-out because of the increase in demand.

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What actually Blockchain is?

blockchain development company

Image source: blockgeeks.com

Blockchain is an amazing technology that introduces itself in terms of security and helps to manage data records. Blockchain is so much safe and secure that no data can be changed or edited until it reaches the right hand. As this technology is made with amazing security features, various organizations have started adopting it in order to maintain financial data.

According to the data from the Silicon Republic, Blockchain startups raised $1.8 billion in 2016 and $2 million in 2019.

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Let us have a look at the Benefits of Blockchain Technology for Startups or SME’s

Data Integrity

Data integrity is one of the major concerns of any start-up or business in order to ensure that their data cannot be corrupted or harmed by any other entity with a vested interest.

But with the help of Blockchain, the precise solution has been found out, as with the help of this technology it is not possible to tamper the data blocks that were once added to the chain. With the help of this technical restriction, you can save your business from monitoring the digital arena for such activities tends to be tedious, vague and less efficient.

Blend of transparency and security

Transparency while considering security is another major concern for startups. But with the help of sophisticated technology, security, as well as the transparency of the data, could be managed at the same time.

With the help of blockchain technology, two major concerns could be solved with the start-ups that cannot be afforded by a sophisticated IT security ecosystem. By implementing this, you can enjoy accessing the data without being worried about security.

An innovative business model

Blockchain technology also helps start-ups in an innovative and less explored business model. The feature of Decentralization or data guaranteed by Blockchain technology can help the start-ups in exploring a number of business ideas in order to solve the most crucial issues of the present time.

So, it could be said that Blockchain is revolutionizing a lot of sectors that can be benefitted from Blockchain technology and by strategically using the technology the start-ups can find a less-explored avenue of business that significantly reduces the competition.

Leveraging the efficiency of business functions

To utilize an effective methodology is one of the major concerns for the start-ups in order to manage the business operations. There are various activities involved once the business is started, such as taking care of accounting, CRM, communication, etc. And it is very difficult for startups to manage these things easily, as usual, they lack in manpower or infrastructure to ensure the maximum accuracy on such critical fronts.

But, with the help of Blockchain technology, this issue has been resolved as the start-ups can now enjoy the more accurate and competent performance on such crucial aspects without having to invest significant resources in infrastructure, additional manpower or hiring expert services.

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Now look at the ways in which startups are making use of Blockchain technology

Retail Industry

In the present age, the online market for retail goods revolves around the virtual marketplaces. Blockchain technology is not needed for websites such as eBay or Amazon as they convey a sense of security.

But still, it is being done by startups in the retail industry to shift the balance towards the actual sellers and the middleman platforms.

For that, you can take an example of OpenBazaar, a program that with the help of an internal network, helps you to connect with other users. It also enables free trades of goods in the original form.

There are no fees or commissions involved as the trade is direct C2C. The trade is being handled centrally so it could be said that no one is controlling it, so there can be no censorship as with other shopping platforms.

Blockchain technology in healthcare


Image Source: healthunchained.org

Health is something that should be properly managed and cannot be taken for granted. And in hospitals, it is usually seen that the medical documents of the patients or other medical records are not properly managed and placed. So due to this, important patient data and information could not be found on proper time and place when it is needed.

So, this improper handling of medical data needs to be changed in order to enhance the care of the patient. The adoption of Blockchain has already begun in the medical sector. But still, there are certain improvements left in the medical industry which should be taken into consideration.

Organize Patient Records
Data Visibility
Supply chain management
Replacing traditional models of healthcare
Making the Healthcare Industry be aware of security issues
Traceability of drugs
Single patient identification
The integrity of medical records

Blockchain in IoT industry


Image Source: openledger.info

Now, IoT is another sector where blockchain technology is playing its role. Various IT players are trying to find out the solution that could compete with the Internet of Things.

There is a need for a bulk of some central hub to communicate between IoT members. This issue could be resolved in the future with the help of Blockchain technology as this technology offers to supplant this centralized communication method by introducing peer-to-peer transfer of data.

Furthermore, it will help the devices to communicate directly to each other autonomously, sharing program updates or fixing bugs.

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Final words

In a nutshell, it could be said that Blockchain technology is playing a crucial role in almost all sectors as security is a major concern for all the startups. And only with the help of Blockchain technology, the security issue for all the sectors could be managed.

You being, a startup, are also suggested to hire a blockchain developer in order to secure and boost your business.

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