As has been discussed on this site in the past, the stakes are high for those looking to build startup sectors that can become pillars of the future. “Startup culture” as they sometimes call it has remained incredibly busy, and it’s harder and harder for a budding business or sector to sustain success – even if it has the potential to make a major, lasting impact on the world.
This may be particularly true with regard to blockchain businesses. Originally known as the bizarre-but-promising technology that provided a foundation for bitcoin’s existence, the blockchain is now recognized as a development with far-reaching implications. If we’re going to be honest though, there are still plenty of people who struggle to understand the core basics of blockchain tech. And even those who do don’t necessarily have an easy time picking and choosing which applications might be most successful or why.
That is to say that there’s still a fair amount of unpredictability and uncertainty where blockchain startups are concerned. However, having acknowledged this, we’ve pinpointed a few areas to keep an eye on for successful and potentially game-changing startups.
Property Rental – Property rental has already been described as an industry primed for blockchain disruption, and it’s actually a very good example of a space in which the tech could be widely applied. Basically, this industry as things stand now is fraught with complications and little aggravations, from behind-the-scenes negotiations to homeowners or renters failing to live up to agreements. Blockchain can do away with these concerns via smart contracts, e-signatures, and basic transparency that would make the rental process visible and consistent, and hold all parties accountable at all times. It may be that existing rental companies simply start to adopt certain blockchain practices – but there’s room for a startup to pioneer the idea and wind up dominating this space.
Food Supply Chains – Food supply chains might not get too many people excited, because they’re essentially invisible elements of the food services industry as far as most of us are concerned. Of course they’re enormously important though, and unfortunately, they’re still rampant with inefficiencies and waste. In some cases the Internet of Things has done a nice job of bringing food supply chains into the 21st century, helping to track products, monitor shipping, and expiration dates, etc. But blockchain technology can add greater levels of security and transparency, on top of IoT benefits, and truly turn modern food supply chains into quick, reliable, and trustworthy systems.
Online Gaming – Online gaming – by which we specifically mean gaming in the casino space – has demonstrated a clear capacity to embrace new technologies, specifically when it comes to handling financial transactions. Once, most of the websites in this category solely accepted deposits directly from bank cards and accounts. Now, they embrace all sorts of options meant to make gamers feel more secure. Most of the UK sites that set the pace in this industry accept PayPal and Skrill. Many have also embraced the Paysafe Card pokies sites in New Zealand. And some smaller gaming sites are even introducing cryptocurrencies to their gamers. The space is ready and waiting for large-scale blockchain integration to manage and record deposits and payouts in a secure manner, and if a startup can provide this service across multiple gaming sites, it will be in business.
Freelance Gig Economy – The freelance “gig” economy is essentially an umbrella term for modern networks that allow people to earn money through independent jobs for separate clients. Sites like Upwork and Fiverr, and even Craigslist for that matter, help make this “economy” possible by connecting freelancers and clients. But as you might imagine there can be a lot of uncertainty and frustration between these entities. There are few systems in place to guarantee efficient work or timely payment; some sites take hefty fees that make the work less worth freelancers’ time. Should a startup figure out a way to offer similar networking and contract opportunities with an entirely bitcoin-based system of job agreements and payouts, it could quickly be in a position to unseat the companies listed above.