5 Business Startup Ideas Utilizing Blockchain Technology

3 min readSep 13, 2021

Startups have found that they can utilize blockchain technology to propel their businesses forward. This can be done by advancing trading, but it’s not the only approach to take and we will look at various other ways blockchain technology can help start-ups.

Accepting Cryptocurrency for Transactions

The majority of start-ups and companies use credit and debit card models that cost them between 1–3% in fees that they have to pay to the gatekeepers of these profit crippling services.

Having your customers pay with crypto has these benefits:

Minimal fee structure
Consumer purchasers can be funded by crypto profits
More payment options for customers
Offer crypto discounts
Buying with cryptocurrencies like bitcoin or altcoins make intrinsic sense

These implementations can make an older company look more modern by accepting cryptocurrency.

Better HR practices

It’s difficult to conduct enterprise-wide hiring with the available resources, as managers have too many responsibilities and not enough free time. Data entry is automated when entered once, which removes the need for manual verification and speeds up the process by eliminating third-party providers. This would primarily involve a small-scale solution in order to return any meaningful results at all.

Create a Trading Platform

Blockchain-based trading platforms can help trade assets that are difficult or impossible to trade through a single system, which is especially handy for organizations with more diverse needs.

Using blockchain, the level of transparency makes it possible to trade certain parts of an asset and leave others alone in much the same way that’s done with derivative contracts for financial securities.

Platforms such as these can bring together individuals with different experiences, widening the scope of knowledge for one team.

Finance/payments

The fastest, safest, and most affordable way for companies to pay their employees, business partners, and suppliers are with blockchain technology. Payments can be made without the risk of manipulation or fraud across international B2B trading partnerships as well as affiliates. As a result, finance staff can benefit hugely from one transparent ledger that handles the instant settlement of dues without charge.

The most compelling reason for using blockchain in your business may be its ease of auditing. This is because distributed ledgers are immutable and cannot be tampered with, so your records will always remain clean.

Help Other Companies Implement Blockchain

One strategy for a company to become more competitive in the cryptocurrency space is to provide consultancy services to help other companies successfully implement blockchain technologies. There are many different types of coins, but businesses can decide which type of blockchain technology will make their operation most effective.

The idea behind using blockchain technology is to simplify, streamline, and reduce transaction fees. Additionally, going global instead of national opens the scope of a business sooner than expected in order to help spur growth.

Final Thoughts

Moving forward it will be in your best interest to align your startup with the right vendors that complement your projects. You can start by looking at the best blockchain development companies if outsourcing your development is the way you want to go. Or rather source in-house blockchain developers to work on these projects. Collaborating with other blockchain startups can also be a healthy endeavor that could produce fruits in the long run. Whatever you decide you should embrace the fact that emerging technology like blockchain is changing the world.