Why Should Startups Make Their Priority Task To Use Blockchain?
The newly established business usually confronts issues in managing and recording the payment process. All such concerns can now be easily resolved by using Blockchain technology as it pushes startups and SMEs in the Digi finance world that ultimately help businesses know all small to big things related to finance.
- In 2020, the worldwide Blockchain technology market size was evaluated at $3.67 billion, now anticipated to extend at a CAGR of 82.4% from 2021–2028.
- By 2024, it’s estimated that organizations will spend $20 billion per annum on Blockchain technical services.
- IBM Blockchain app developers are working on 500+ blockchain projects. The industries in which IBM is implementing Blockchain technology are banking, shipping, healthcare, and food safety.
Here, I have stated few factors that will help you know the effectiveness of using Blockchain in startups, and by doing so, you can boost your business growth.
6 Factors That Can Convince Startups To Use Blockchain
Whether it is a startup or large-scale business, security is one of the major concerns for all. With Blockchain, all the payment-related issues can be easily managed, which finally helps firms maintain a trustworthy relationship with clients. Below I have stated the few factors that will help you know the answer to the “Why Startups should make their priority task to use Blockchain” question.
Well, the implementation of Blockchain technology in software is not so simple as it seems. To ignore such issues and make the Blockchain process more manageable, you can avail of Blockchain development services from the top Blockchain development company.
1. Decentralized Services
In simple words, Blockchain is defined as a decentralized technology. Decentralized services are the backbone as it offers startups unique access to the alternatives that are currently not accessible in the market. Due to Blockchain’s high security and encrypted nature, it is employed as the foundation for the world’s most famous cryptocurrency — Bitcoin.
Another vital part of using Blockchain technology is transparency. Making use of Blockchain can help businesses know all moves related to payment. Moreover, Blockchain transparency also helps minimize the risk factor as it allows you to track all sorts of activity, which can ultimately help businesses find the culprit.
3. Digital Freedom
Well, there are several activities that are not allowed to be performed using online banking apps, and this is the main reason why most people avoid using official mobile banking apps. But integrating Blockchain technology in the custom software allows you to perform multiple tasks, and it doesn’t restrict you from doing various payment activities, which ultimately grants you digital freedom.
4. High Security
Well, there are several activities that are not allowed to be performed using online banking apps; this is the main reason why most people avoid using official mobile banking apps. But integrating Blockchain technology in the custom software allows you to perform multiple tasks, and it doesn’t restrict you from doing various payment activities, which ultimately grants you digital freedom.
5. Enhanced Efficiency
Blockchain technology offers end-to-end encryption (communications between receiver and sender) means there is no involvement of any third party in the process, which ultimately enhances the overall processes. Moreover, transactions also take a few seconds instead of a week to complete international transactions.
As compared to other technology, Blockchain is affordable, which means for startups, this technology will be best to manage payment activities. The removal of centralized authority from the process helps in improving costing.
It is estimated that by 2026 Blockchain-based projects will add around $360 billion of value to enterprises. (Gartner)
These are the major reasons why startups and SME businesses should focus on using Blockchain technology. If you have any query related to Blockchain app development, just simply consult experts working in the Blockchain software development company. This will help you clear all your doubts and get adequate solutions.
Industry Verticals Using Blockchain Technology
The popularity of Blockchain is rapidly rising around the globe; because of that, now various industrial sectors are focusing on adopting Blockchain technology. Below view, which business sectors are using Blockchain.
Supply Chain Management
Blockchain allows businesses to track transactions in real-time. Supply chain management is the sector where the exchange of goods is the crucial part, and due to this, multiple payment-related activities are performed per day. Retailers are finding Blockchain helpful as it allows them to keep a record of all transactions, minimize delays, and cut extra expenses; because of these reasons, the Supply Chain Management sector started using Blockchain technology.
Blockchain allows patients to share health data with doctors; moreover, the technology ensures to keep your data secure; this is the main reason why the healthcare sector is looking forward to adopting Blockchain technology.
Well, we all know that most of the eCommerce sites allow you to make payments using various payment gateways, but all the time, it’s not secure. So to avoid security issues, eCommerce sectors are also preferring using Blockchain as it offers high security without involving any third party between retailer and buyer.
Blockchain is widely used in the Banking sector as it allows you to record all data offering high security. Banks prefer using Blockchain as it does not require any third party to make a transaction utilizing a cryptocurrency, like Bitcoin or others.
Famous Small to Large Scale Companies Using Blockchain
Here I have mentioned the names of popular startups, SMEs, and large enterprises using Blockchain technology.
- Bank & Finance: BBVA, Barclays, HSBC, Visa
- Healthcare: Pfizer, Change Healthcare, FDA
- Supply Chain Management: Walmart, Ford, Unilever, DB
- Energy: Siemens, TenneT, CNE
- Real Estate: Westfield, JLL, Brookfield
- Government: MAS, Government of Dubai, SEOUL
- Travel: Delta, British Airways, Singapore Airways
- Trade: Bank of China, ANZ, SEB
Now you must have understood why startups should make their priority task to use Blockchain. Using this technology in your business process can help you out trace and record all payment-related activities and, moreover, help you boost productivity.
It has been seen that most of the big companies are investing in Blockchain technology as it is helping them get more advanced in the finance world. So if you want that your startup or SME business take part in the advancement race, then focus on the implementation of Blockchain. If in case you are having any sort of doubt or confronting difficulty in making use of Blockchain, then hire Blockchain developers in India working in the top-rate Blockchain software development company.