Blockchain Technology Innovations Created by Blockchain Startups
Blockchain technology innovations have seen multiple upgrades in the last few years apart from their adaption for cryptocurrencies.
Blockchain has been trending for the last few years among startups and large businesses, and surely, it is going to get more popularity in upcoming years as well. For better speed, security, and logging system, startups using blockchain technology are in love with it.
A Statista report on the global spending by companies using blockchain technology says, by 2024, the threshold might cross $19 billion. And, another Statista report says, the Banking sector had the majority of contribution in the blockchain revenue in 2020 with 30 percent of the share.
Moving forward, in this blog, we are throwing some light on some new ways that top blockchain startups are exploring to pair up with blockchain technology. These blockchain applications by startups will help us in identifying if future trends of blockchain technology are going to have something more innovative that can benefit future entrepreneurs and large businesses.
So, if you own a tech-based startup, offer blockchain development services, or just like to stay updated with new technological developments, stay with us until the end of this blog.
Without further ado, let’s dive into the list of new blockchain technology innovations!
1. Smart contracts
Among all blockchain startup ideas, smart contracts have been playing a crucial role already. The innovation helps in automating processes such as payment approvals or settlements. Smart contracts are surely going to influence the future of blockchain technology due to the fact that they remove the requirement of third-party. On top of that, eliminating the third party also reduces the probability of cyberattacks. Startups in the list of companies using blockchain technology use the server to upload and define terms and conditions. With the help of smart contracts, terms and conditions can be defined to process approvals automatically. It reduces the time in settlements effectively.
For startups, cybersecurity has come out as one of the most common blockchain technology uses due to the advantage that this technology offers. With blockchain, it has become easier to deploy technologies such as artificial intelligence and machine learning to use them against cyberattacks. AI is capable of real-time scans to identify any kind of attempts to enter into the server by unauthorized users. However, blockchain helps them in processing faster. On top of that, once an entry is made on blockchain applications, it can not be modified or deleted. To fix errors or to make modifications in the data stored, new entries are required. Each entry in the blockchain ledger includes information such as employees of the blockchain development company who made changes, IP address, time, and source device.
For the healthcare industry, blockchain technology is working as a distributed ledger network that can offer secure storage space to patients and medical experts. In shorts, the future of blockchain technology might make it easy for patients to share medical documents with health experts by providing storage space for a secured medical record transfer.
4. Non-fungible Tokens
NFTs have become the hot topic of 2021, so it is important that you know about them too. NFTs refer to digital assets such as audio files, music videos, pictures, or anything that can be sold as a digital asset. With blockchain technology, these NFTs are stored in a secured environment from where they can not be copied or duplicated. The owner has the right to sell them or distribute them on royalties. Now, NFTs are not limited to verifying the ownership of a digital asset, but even assets such as lands or houses can be dependent on the NFT culture to support their sale and transfer virtually.
5. Better distribution of AI
AI and ML have become technologies that can boost organizations to their optimum efficiency. And, with public blockchain servers, distributing AI and making it more accessible for startups can be really fruitful. For instance, one AI network stored on the blockchain server can serve multiple organizations. Take the food industry for instance. An AI can keep a track of leftovers at restaurants, which can be used by NGOs to help the needy. AI can create customized alerts depending on the amount of food and requirements of NGOs. Now, blockchain is capable of handling such a huge flow of information without compromising performance and speed.
Blockchain solutions are still not at their full potential. Even though blockchain does not have any failure points that can be used to make the server vulnerable, the technology is still quite tough for new and non-technical entrepreneurs to understand. Though, to create a better blockchain network across multiple regions, more businesses will have to adapt the technology.