Bitcoin has steadily grown to become more than just a store of value and mode of payment. Thanks to its underlying blockchain technology, Bitcoin could be the future public ledger. It is a new currency that uses cryptography and other conventional, less restrictive virtual currencies, offering a new infrastructure for conducting financial transactions.
Bitcoin and blockchain technology will undoubtedly transform the way businesses operate worldwide, allowing entrepreneurs to pursue new and unique business ideas like never before. Nevertheless, the following are some of the main types of businesses you can start with Bitcoin and its underlying technology.
Bitcoin’s digital shared ledger facilitates trusted online record-keeping while also promoting overall transparency. Many companies have not created a public information database with greater clarity and security like Bitcoin’s ledger.
Some projects have already come up, seeking to integrate blockchain technologies to record public data. An excellent example of such a project is Monograph, developed by a New York University professor to register the ownership of digital art on the name-coin blockchain.
Internet-based public record-keeping businesses are also on the rise. For instance, CrowdCurity is a start-up that uses blockchain to detect vulnerabilities on websites. Besides, developers can also use Hello! Block to access Bitcoin’s ledger via HTTP.
Blockchain technology would enable future businesses to automate record-keeping and improve overall business transactions, including those not conducted in Bitcoin.
Bitcoin’s current market capitalization is more than $5 billion and, it is still in the early adoption phase. Its network boasts a strong value proposition that credibility Bitcoin as a new and profitable asset class. People are increasingly viewing cryptocurrencies as an asset, with the potential to back almost any product or service value.
Overstock is currently developing a new kind of stock exchange platform that uses cryptography, known as Medici. The retail brand has contracted the developers of a Bitcoin-based crypto 2.0 protocol, Counterparty, to achieve that goal.
Another retailer, Hyperledger, uses consensus algorithms to back assets. That allows them to quickly secure assets without relying on Bitcoin’s network, taking many years to accumulate its phenomenal computational power.
Those projects could soon be subject to regulatory issues due to the recent rumors that people could view such assets as securities. However, there are plenty of ideas that would make the cryptographic asset management business viable.
Diversifying investment portfolios to include Bitcoin and other cryptocurrencies would enable businesses to raise money effectively and securely without using the traditional banking institutions that usually impose huge fees on investors.
Digital wallets are the best storage platform for Bitcoin and other cryptocurrencies. While they have been around for some time, industry specialists are currently developing more advanced wallet technologies. BitGo is an excellent example of digital wallet developers presently working on advanced multi-signature technology for large organizations. That would come in handy for leading crypto exchange platforms such as Yuan Pay Group App that operate the wallets of many customers worldwide.
Multi-signature is perhaps, the most important emerging technology for digital wallets. It is a new private-key security feature that uses several keys to unlock funds, protecting wallet balances. The future wallet technologies will contribute to increased flexibility in handling money, offering new automated financial tools and escrow products.
The main idea behind smart contracts is implementing programmable agreements with automated functions, edging out third parties from transactions. The world has not yet realized the full potential of smart contracts but, Bitcoin is driving the momentum for that development. Smart contracts would replace conventional paper agreements, ensuring dynamic technology-based arrangements.
Other Bitcoin-based businesses that you may also consider are Bitcoin Mining and Support services. We expect many more business ideas in the future as Bitcoin and blockchain technology’s adoption becomes mainstream.