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How to Make Your Business a Blockchain Startup

Blockchain is one of the most popular buzzwords in business right now, but unless you have a good understanding of “immutable, publicly distributed ledgers,” it can be difficult to understand what it could do for you.

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    Business Industries Ideally Suited to Blockchain Applications

    If you’re in one of the following sectors, there’s a good chance you’ll get value out of a blockchain application. Here are some ideas of how blockchain can be used in these industries:


    Healthcare startup businesses

    Recording medical and patient details in the blockchain, including medical records, diagnostics and other information


    Real estate startup businesses

    Capturing and sharing details of property listings, transactions, contracts, funding and similar details


    Supply chain startup businesses

    Gathering information on raw materials, parts and products; capturing handoff of goods through the supply chain; providing details of contracts, documentation, shipping and payment processing to suppliers and third parties


    Insurance startup businesses

    Capturing policy details, managing claims or making payments

    How to Move Your Business to the Blockchain

    If you do decide to become a blockchain startup and develop software and applications on a blockchain framework, there are a few steps you’ll need to follow.

    Decide on Exactly What Parts of Your Business, Information, and Technology You Want to Use the Blockchain For

    If you do decide a blockchain solution would work best, it’s important to understand the scope of the solution. Carefully establish exactly what functionality you want to get from the blockchain and create scoping and project documents

    Build Your Blockchain Solution Into Your Business Plan, Costs, Revenues and Profit Estimates

    The choice to move to a blockchain application may affect your costs, revenue and profit margins. Ensure you understand the costs associated with developing a blockchain application and build them into your business model and forecasts.

    Decide on the Best Framework for Your Blockchain Application

    There are several ways to go about building a blockchain application. You may be able to adapt an existing application and use it for your needs. Alternatively, you can use an established blockchain “protocol” like Ethereum and build an application on top of it. Finally, you could develop your own blockchain protocol and application from scratch. Note that each of these will have significant differences in terms of cost, technical expertise, capabilities and customization options.

    Develop the Blockchain Application in Partnership With All Stakeholders

    As you start building a blockchain application and business, ensure you have regular feedback on requirements from all parties that will be using the application. Take their feedback into account when developing the software, so you can create a finished product that’s completely fit for purpose.

    As you develop your blockchain business, you can refine your business plan and application so it perfectly meets everyone’s needs. That will help your business become a success by making use of this exciting new technology.

    Confirm That a Blockchain Application Is the Best Solution for Your Business Needs

    It’s worth spending some time exploring and confirming that a blockchain solution really is the best choice for your startup. Speak to your chief technology officer, consultants, development partners and others to independently verify if a blockchain solution is the right choice, or if something else could work better.

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