Blockchain is popping up everywhere now. What was created to underpin Bitcoin, is now a solution in its own right. Cynics are converted and blockchain business has expanded globally.
By 2023, the global spending on blockchain will reach $15.9 billion, increasing some $14.9 billion from 2018. This kind of growth is impressive and is driven by businesses and entrepreneurs realizing that it offers serious benefits. More than half of businesses say they plan to implement blockchain soon, with a further 33% saying they expect it to completely replace their current processes. Could you and your startup or SME be one of these businesses? Let’s find out more!
Blockchain Business vs Traditional Business
The difference between a blockchain business and a ‘traditional’ business depends on how the technology is implemented. It also depends on what sector you are working in. For example, if you are running an online blockchain casino, there will be differences from a regular online casino. The payment processor you use will differ, as will legislation and compliance mattress you need to attend to.
A blockchain business has embraced a promising new technology and is using it to enhance internal and external operations. A traditional business has not and therefore cannot offer the same standards.
Which Markets are Blockchain Businesses Disrupting Most?
The reach of blockchain is substantial. What started as a technology underpinning bitcoin, has found a home in some of the most unlikely industries. For example, blockchain is being used in education to store records of qualifications and exam results, and it’s also being used to track the journey of a single grape from a vine in South Africa to a wine glass on a table in Boston. There aren’t many industries that blockchain cannot be used in, but it has made the most waves in the financial industry.
In 2020, 60% of the market value of blockchain was tied up in financial services.
Banks, payment apps, payment processors, exchanges, trading, and back-end operations in financial institutions all found use in the blockchain.
Even big names that were previously cynical about its use, have welcomed it once they saw the potential it wielded.
Shipping and logistics are other key sectors for blockchain business. Blockchain has been adopted by many shipping and logistics companies who are using it to better track and monitor the movement of goods throughout the world.
It reduces human error, increases accountability and transparency, and is expected to save millions each year.
Another important sector for blockchain business is healthcare. Storing patient’s records on a secure blockchain means that they’re instantly retrieved when needed.
Updates are distributed across every single node of the system, meaning there will never be issues of missing treatment information.
These are just a few examples. Blockchain is used successfully in online gambling, trading, real estate, legal, and publishing.
Can Blockchain be Used in Small Businesses?
Absolutely! Blockchain business is not just for big internationals. We are at a stage where small businesses can access already created blockchains and out-of-the-box solutions for their business needs. There are a growing number of existing blockchain platforms across multiple market segments that can be easily integrated into a business’s operations. Similarly, by engaging a blockchain payment provider, there is very little additional legwork involved.
Blockchain can save businesses large amounts of time, money, and manpower through the automation of processes, and the streamlining of certain kinds of transactions. This is a huge benefit for small businesses and startups. Furthermore, blockchain integration is used as a selling point to reassure customers of immutability and security. It’s also a good way to show you are on the ball, ahead of the curve, and are keen to use technology to offer them a better experience.
Contact Fast Offshore
Fast Offshore doesn’t design or implement blockchain technology. However, what we do, is helping businesses like yours integrate blockchain profitably and legally. We can assist with everything from incorporation and opening bank accounts to applying for applicable licenses and ensuring compliance.
We have more than 23 years of experience in supporting businesses and we have worked with blockchain companies in gambling, trading, eCommerce, payments, and more. Let us help you take the first steps on your blockchain journey and get in touch with us today!
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