For many people, blockchain technology is the greatest innovation of the 21st Century. Of course, there are some strong contenders for this crown. Still, the changes we could see in society thanks to blockchain technology could be immeasurable.
Over the last five years, one issue that has cropped up is the number of startups moving into this space. Analysts predict that by the end of 2030, the cryptocurrency and blockchain industry could be a multi-trillion-dollar asset class.
A blockchain startup is a company that uses the distributed ledger technology of blockchain to generate a new business idea. Forward-thinking innovators who identify the huge promises of blockchain technology have begun to move their business models into this space.
With this sort of wealth comes people looking to cash in, so many startups have moved into this space. Some with better business plans than others. Frankly, some are just chasing the money and don’t have any plans to be in the space in the long term.
However, the five startups we will discuss today have plans to be in the space for the foreseeable future. The casino industry has recently begun to move into the area due to a number of benefits they receive from cryptocurrency gambling.
The benefits in security and reliability have been evident, as more and more casinos are moving into the space. Companies like Bovada Casino have successfully integrated cryptocurrency payments to maximize security. Yet, gambling companies are the tip of the iceberg regarding innovations in the industry.
The number of companies now implementing technology ranges from social media tips to freelancers looking to be paid in crypto assets.
Avalanche is a blockchain startup that has been around for a while, in crypto at least. It was initially launched in March 2020 and used to secure the network it operates on via transaction fees being processed and as an initial unit among the blockchains within the network.
AVAX has shown itself to have serious potential already. In the bull run of 2021, AVAX made its way into the top ten cryptocurrencies by market cap. Despite retracting since so has every other cryptocurrency.
However, AVAX has shown itself to hold weight in the space, and we expect it to soar again within the next couple of years. Today it is $18 but could easily surpass $100 again in the next few years.
Despite launching in 2014, Chainanalysis are making waves in the blockchain space. Seven years may sound like a long time in this industry. But when you’re meticulous and thorough and have a suitable business plan, success very rarely comes overnight.
Chainanalysis offer blockchain services to companies that operate in over 60 countries worldwide. Their goal is security, which is one of the main talking points of this particular industry.
Suppose a company can move into this space and prove to institutional investors that cryptocurrency is a secure asset. In that case, it could see trillions of dollars of investment flow into the space. Chainanalysis could be spearheading this movement in years to come.
As the world moves into a society that will have an integral focus on carbon emissions. Any blockchain company that implements new and exciting technology whilst solving a potential extinction-level crisis is combining two things that will shape our future.
One token entails extracting a ton of carbon from the air. The ultimate goal of Just Carbon is to become a market leader in a low-carbon economy and to push forward the idea of blockchain technology to supplement the movement.
Anchorage Digital are the penultimate blockchain startup we will explore today. They are in the unique position of combining two opposites. Banking and crypto. The whole point of cryptocurrency is that it is decentralized and has no bank overseeing the transaction.
However, this has acted as a double-edged sword and has gotten in the way of some key issues. Corporations and large investors are put off by the idea that they cannot deal with a bank in the middle of the transaction. Anchorage Digital are in the process of bridging this gap.
They allow crypto users to purchase crypto ETFs and you can also use your cryptocurrency as a security for dollar loans. They also provide third-party governance and ensure your digital assets are stored securely.
Finnt uses a decentralized network to give their customer a platform to create a savings account with attractive levels of return. The next stage is that the savings are backed by stablecoins, which are used as an inflation hedge.
Finnt can operate across borders and as a payment method. Although this space is saturated at the minute, whichever company takes a leading role in cross-border digital asset payments will stand to make billions in profit.
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