Blockchain technology made a massive revolution in the financial sector. After the evolution of blockchain technology, Fin-Techs has become the colossal talk of the town. Blockchain’s influence not only in the financial sectors. Because of transparency, it is also with supply chain management and health care domains. Starting an effective blockchain business needs a complete understanding of its principle and functions. By understanding it, you might get a clear idea and knowledge of blockchain’s efficiency.
Blockchain is becoming a great hype in the tech sector. As of now, a vast number of businesses are started based on blockchain development services. Though blockchain has created a huge buzz in the industry. It has also proved its efficiency through digital currency. After the arrival of Bitcoin, blockchain technology got introduced to everyone across the world. The massive benefits of blockchain technology made startups to approach many blockchain development services.
Currently, there are plenty of blockchain ideas and business opportunities are there to kickstart. In this article, we will cover the top 10 potential blockchain business ideas and opportunities bolstering the business growth in 2021.
List of Best 10 Blockchain Business Ideas and Opportunities
1. Build Decentralized Apps
A decentralized application is a digital program that runs on a powerful blockchain or P2P network of computers instead of a single computer. This application stores the data in a decentralized database and computer resources to work. Also, it is one of the trendy blockchain business ideas that one can kickstart. Based on the blockchain network, Decentralized applications are widely adopted by small and large businesses to track the goods or products as they move across the globe. Also, it enables cross-border financial transactions without involving any intermediate. There are some popular Dapps in the blockchain marketplace. Such as chainlink, poker link, Lbank, and crypto kitties.
According to the report in 2018, there are more than 2300 active dapps and 42k active Dapp users across the globe. The blockchain-based decentralized applications have some beneficial factors. Such as open-source code, no intervention, usage of internal currency, and decentralized consensus mechanism. But dapps are quite difficult to build. Thus, you need to choose the right blockchain development company to build a reliable decentralized app.
2. Start a Cryptocurrency ATM
If you have potential funds, then starting a crypto-based ATM is a more scalable task for you. It will be one of the profitable ways to set up a blockchain business. It involves digital currencies by operating an Automated Teller Machine (ATM). Thus, the fee charged by ATMs will be around 5-10% per transaction. But in some cases, the transaction charges might be higher. The owner or the operators who manage crypto ATMs in the best locations have more possibility of getting a return on investment for their initial capital within a few months.
However, it doesn’t take much space, and the cost of renting will also be less. But the cost of the machine and loading the digital currencies in the machine might cost a bit higher. According to recent surveys, there are more than 5000 Crypto-based ATMs that are active across the globe. So this will be a good crypto business idea based on blockchain technology.
3. Start a Cryptocurrency Exchange
As we can see the upsurge usage of digital currencies in recent years. The increased usage made a vast demand for crypto exchange platforms. It is one of the successful and profitable blockchain business opportunities for startups and entrepreneurs. The cryptocurrency exchange allows the user to trade, buy, and sell their digital currencies without any hassle. Mostly popular crypto exchange supports a wide range of cryptocurrencies for trading. Such as bitcoin, litecoin, ripple, ethereum, and much more.
When users trade on the exchange platforms, the owner of the exchange can charge some amount as trading fees. Apart from this, you can also charge deposit fees, withdrawal fees, and listing fees. The main advantage is, there is no risk for starting an exchange. But you need to buy premium bitcoin exchange software from the reputed cryptocurrency exchange development company. There are many crypto exchange development companies that help you to start a crypto exchange based on your customized requirements.
Once you build a unique crypto exchange with high-end security features, it helps you to grab more users for your exchange. There are three main types of crypto exchanges in the marketplace. Such as centralized, decentralized, and hybrid exchange. Thus, choose the type of exchange before building your exchange. If you don’t know how to start a Crypto exchange Business. Then get help from the professional crypto exchange development company. Because they will assist you with how to start a crypto exchange without any hassle.
4. Sell goods for Cryptocurrencies
If you already have your own business, then this idea might be much helpful. You may do any type of business. Such as selling Cars, Bikes, electronic Gadgets, foods, or anything. But by adding cryptocurrencies as one of the payment methods, you can take your business to the next phase. So you need to change your mode of payment with popular cryptocurrencies. Presently, most of the websites offer platforms for people to buy and sell products using cryptos. So selling your products or goods with cryptos instead of fiat currencies will be one of the excellent blockchain business ideas.
5. Start a Crypto crowdfunding website
For quick fundraising, a crowdfunding strategy is a good way. Similar to traditional currencies, cryptocurrencies also helps budding startups and entrepreneurs to raise funds efficiently. The main problem faced by startups is, they frequently face rejection when their ideas aren’t valued. Thus, crypto crowdfunding will be the finest choice for raising their funds.
Crowdfunding platforms help many audiences to view startups ideas. If investors are interested, they will contribute certain funds for the project. So startups can get started with a business that is designed to help people. In general, there are three different types of crowdfunding platforms. Such as ICO, STO, and IEO crowdfunding modules. These three have only a few minor changes. But all are completely based on crypto crowdfunding strategy. I.e. all are token sales platforms but have different functionalities. If you build a crypto crowdfunding platform. Then it will act as a bridge between startups and investors. Also, that helps to raise the funds quickly.
6. Become a Blockchain crypto wallet service provider
It is one of the great blockchain business opportunities that you can kickstart. Blockchain crypto wallet helps the users to store, receive, and transfer multiple cryptocurrencies. Also, it is wholly based on the blockchain network. It has three types of storage. Such as a hot wallet, cold wallet, and warm wallet. Each storage type has its own functionalities. You can integrate your blockchain crypto wallet in any reputed crypto exchange. Thus, it helps to upsurge the user engagement of your wallet. There are five various types of blockchain-based crypto wallets. They are
- Mobile wallet
- Desktop wallet
- Web wallet
- Hardware wallet
- Paper wallet
By developing your own crypto wallet, you can earn a profitable income in many ways. Like, if you are a wallet owner, you can charge fees for every successful trading that happens through your wallet. Also, you can collect different charges for different cryptocurrencies. Thus, choose the right crypto wallet development company for developing your own blockchain crypto wallet.
7. Become a blockchain business consultant
If you have an interest in blockchain technology and its latest trends. Then you have some in-depth knowledge about them. if you have confidence, that you can assist someone and share your blockchain thoughts effectively. Then becoming a blockchain consultant will be a great choice. Being a blockchain business consultant, you will have the following roles.
- Financial statement analysis related to blockchain and cryptocurrency
- Providing investment advice and planning
- Financial planning and advice
- Assisting clients by arranging a live session
Thus, you can provide similar services like this to your clients. Your strong knowledge and skills about blockchain will lead to success and help to generate income.
8. Cybersecurity for Crypto Transaction
The blockchain industry completely relies on the internet, so the internet plays a vital role in the blockchain space. In this digital world, the invention of blockchain technology is taking various dimensions. Every new invention has both pros and cons. Thus the invention of new technologies leads to the insecurity of money transactions. The insecurities might have happened by any anonymous hackers. They will constantly look for loopholes that will make us a target to them. To avoid such insecurities, one should build strong security systems for a crypto-based platform. So by offering cyber-security tools for secure crypto transactions, you can earn some profits.
9. Blockchain Industry Tracker
Being a blockchain industry tracker is also one of the good business ideas. You can collect the latest news and updates in the blockchain industry. With this updated information, you can post those on your social media or website. So that you will have a good user engagement in your social media and website. If you have in-depth knowledge of the blockchain. Then you will be paid a good amount for your knowledge based on the hours. When your social page or website has a lot of engagement. Then many blockchain development companies will reach you for ads. So you can earn income through that. Many token and crypto coin issuers will sponsor you for free coins for branding.
10. Write and sell blockchain books
If you are a blockchain enthusiast, then you can write a book on the cryptocurrencies and blockchain industry. Thus, it will be one of the easier ways to earn lucrative money. You will be treated as an SME. you can earn money in many possible ways. Like, the publisher will give a big amount for your blockchain book sale. Also, they will give some amount of reprinting your books to avoid copyright issues for the publishers.
Blockchain technology is evolving dramatically and experts believe that it will become more popular in upcoming years. I have shown you the best 10 blockchain business ideas and opportunities in the real-world. Apart from these business ideas, there are also other potential blockchain business opportunities out there. Thus, analyze and do market research before starting your blockchain business journey.
Hey, this is Gracelyn Wills, Crypto Writer at Zab Technologies Blockchain development company. Inspired by Cryptocurrency and Blockchain, I bring my ideas to light through my formidable content. And, Guess what, Writing makes me lively!