Learn how to create your blockchain startup

The use of blockchain technology is on the rise. 

Grand View Research said the blockchain market was at $5.92 billion in 2021 and can grow at a CAGR of 85.9% from 2022 to 2030.

Top blockchain startups and multinational companies like Walmart, IBM, Oracle, and others have started using blockchain technology. 

Also, many entrepreneurs and investors are interested in creating their top blockchain startups. 

If you also wish to have your blockchain startup, these are the exact steps you need to get started.

The market size of the blockchain market 

Let’s check the market stats of blockchain technology:

  • According to the Garner report, the blockchain market is expected to reach $176 billion by 2025. 
  • The global spending on blockchain-related products was around $6.6 billion by 2024, expected to reach 19 billion dollars by 2024.
  • As per analytical team reports, the blockchain was valued at $4.9 billion in 2021 and is expected to reach $67.4 billion by 2026 with a CAGR growth of 68.4%

Now let’s check the top blockchain startups you can check for taking ideas and inspiration for your business.

Top Blockchain Startups

Here are some best blockchain startups performing well in their relevant industries:

1. Sorare

List of top blockchain startups

The platform provides blockchain-powered soccer games. Users can play fantasy soccer by utilizing the platform’s gaming arena. Also, users can use their marketplace to buy and sell limited edition digital cards. Sorare has officially issued cards for 280 soccer clubs.

5-year search growth7200%
Search growth statusRegular
Year founded2018
LocationParis, France
Funding$739.2M (Series B)

2. Fireblocks

List of top blockchain startups

Fire blocks offer blockchain-based security solutions to worldwide institutions. They help clients to manage their treasury operations, decentralized finance, and digital assets. Also, more than $2T in crypto assets have been secured by Fire Blocks for their 1000+ clients. 

5-year search growth5400%
Search growth statusExploding
Year founded2018
LocationNew York, NY
Funding$1B (Series E)

3. Moonpay

List of top blockchain startups

The platform allows its customers to buy and sell cryptocurrencies with each other just like other crypto exchange platforms (e.g., Binance and OKEX). According to 2021, Moonpay has acquired more than 7M customers.

5-year search growth5600%
Search growth statusRegular
Year founded2018
LocationMiami, FL
Funding$642M (Series A)

4. Ape Board

List of top blockchain startups

The platform manages its users’ DeFi portfolios and showcases them over a single portfolio dashboard. Ape Board is capable of tracking 472 Defi portfolios over 42 different blockchains. 

The platform offers protocols of top-rated blockchains such as Ethereum, BSC, Terra Classic, Polygon, Avalanche, and much more.

5-year search growth480%
Search growth statusPeaked
Year founded2021
LocationSingapore
Funding$1.2M (Seed)

5. Pastel Network

List of top blockchain startups

Pastel Network allows users to register, trade, and collect digital assets. The platform is a decentralized peer-to-peer platform with an estimated yearly revenue of $1.3M

5-year search growth100%
Search growth statusPeaked
Year founded2018
LocationNew York
Funding$5M (Pre-Seed)

6. Poko

List of top blockchain startups

The platform helps businesses to set up DAO in a legal way. Poko simplifies the complex legal and technical process for individuals who want to join the existing DAO or create their own DAO platform. 

The platform charges minimal fees of around $50, giving economical options to access a wide variety of DAO-related services. 

5-year search growth52%
Search growth statusRegular
Year founded2021
LocationSingapore
FundingUndisclosed

7. Soon

List of top blockchain startups

The platform allows users to invest in cryptocurrencies without worrying about micro-managing their money. Soon helps users to invest in cryptocurrencies passively without needing to be active on particular crypto investment platforms.

Soon charges around 3% of the users’ portfolio as transaction fees. Users can directly invest from their bank accounts in cryptocurrencies with this platform.

5-year search growth200%
Search growth statusPeaked
Year founded2017
LocationSalt Lake City, Utah
Funding$1.5M (Pre-Seed)

8. Finnt

List of top blockchain startups

The platform helps its customers to save money by allowing them to create savings accounts that give a high rate of returns. All their users’ saving accounts are backed by stablecoins that help protect users’ bank balances against inflation.

By overcoming all the boundary limitations, Finnt has great potential to transfer money worldwide. 

5-year search growth300%
Search growth statusPeaked
Year founded2021
LocationMiami, FL
Funding$3.5M (Pre-Seed)

9. Fumbi

List of top blockchain startups

The platform replaces traditional investment schemes, allowing users to trade directly into cryptocurrencies. Fumbi is a cryptocurrency trading platform with over 115,000 users, and 34 cryptocurrencies are available to trade. 

5-year search growth150%
Search growth statusPeaked
Year founded2018
LocationBratislava, Slovakia
Funding$1.5M

10. Zerion

List of top blockchain startups

The platform is a digital marketplace that allows users to invest in multiple Defi projects. Zerion offers multiple Defi projects to their users and allows them to track and trade their portfolio all in one place. The platform supports over 60 Defi projects and has over 220,000 monthly active users. 

5-year search growth357%
Search growth statusPeaked
Year founded2016
LocationSan Francisco, California
Funding$20.7M (Series Unknown)

If you wonder how blockchain startups make money. Let’s check some different ways that make money for blockchain startups.

How do blockchain startups make money?

Here are some different ways many blockchain startups make money:

1. Selling cryptocurrencies

Many blockchain platforms sell their exclusive cryptocurrencies to their platform users to make big profits. However, many users are looking to buy cryptocurrencies as an investment opportunity to take out big profits in the future, as Bitcoin users have done in recent years.

2. Crypto transactional fees

Users can use a particular blockchain platform to make payments through cryptocurrencies. On each crypto transaction, the platform can charge fees as a commission by taking a fractional part from each crypto transaction.

3. Crypto investment

Many blockchain startups offer their crypto investment platform for users to let them invest in a wide range of cryptocurrencies. There are many crypto exchange platforms where users can invest in cryptocurrencies and hold them in the long run.  

4. Crypto holding

Instead of selling their cryptocurrencies, many blockchain startups aim to hold them, in the long run, to make huge profits by attracting many investors to their platform and increasing its valuation. 

These blockchain startups promote their projects among different targeted platforms through marketing practices such as airdrops and others to attract investors and grow their crypto value.

5. Decentralized application development

Other than offering platform-exclusive cryptocurrencies, many blockchain startups use well-established blockchain platforms such as Ethereum, Solana, and others to build and sell blockchain applications to monetize their business.

6. Blockchain-based consultation

Due to insufficient experience in the blockchain domain, many businesses need consultation for different purposes such as blockchain implementation, use case, legality, blockchain app development, and other purposes relevant to blockchain technology.

7. Smart contract creation platform 

Blockchain-based smart contracts are rising due to their safe and immutable nature compared to traditional contracts. Most blockchain-based startups have hired blockchain developers to create smart contracts for their clients. 

Also, many blockchain businesses offer smart contracts-related services to other companies, such as smart contracts auditing.

8. Crypto speculation

Since the growth trend of crypto investments, many users are looking for an all-rounder platform to track crypto prices for better investment decisions.

There are a lot of platforms available where users can speculate on particular cryptocurrencies by looking at their historical data through trading and price charts. These platforms follow different monetization options to make money, such as paid subscriptions, advertisements, etc.

Knowing different top-performing industries in the blockchain market can help you select the best one for your business. Now, let’s understand the top industries suitable for your blockchain startup.

Top industries to invest in for blockchain technology. 

Here is the list of industries where the use of blockchain technology is on a larger scale, and you can choose the same to start your business:

1. Smart Contracts

These are automated contracts that are made between two parties related to specific purposes such as business, legalities, and so on. These contracts get executed after meeting the exact conditions. 

Ethereum is the most suitable blockchain platform for writing smart contracts. You can provide smart contract services to other businesses to help them benefit from blockchain technology.

2. DeFi

DeFi stands for decentralized finance, allowing users to lend or borrow assets without a banking system. Users can access many banking-related facilities through DeFi platforms. 

Moreover, these Defi platforms allow users to earn interest on their crypto holdings through the staking process. You can create your blockchain-based Defi platform to allow your users to access various banking services.

3. Cybersecurity

Blockchain technology is widely used regarding cybersecurity since the data stored in the blockchain network are immutable and unhackable. 

Businesses are shifting their infrastructure toward a decentralized system with the help of blockchain technology due to its high level of security. 

4. Healthcare

Many healthcare businesses use blockchain technology to protect their patients’ data and research papers from hackers. Healthcare providers can use blockchain technology for different purposes, such as medical interventions, medications, and appointments. You can provide multiple services to healthcare businesses from your blockchain platform.

5. Supply chain

Blockchain helps businesses ease their operation regarding supply chain management, such as inventory tracking, sales, operation planning, etc. 

Offering your blockchain-based services to other businesses regarding the supply chain is another best idea for your blockchain startup.

6. Government

Blockchain helps the government secure its voting process by allowing users to participate and vote anonymously through any device. 

The blockchain electronic voting system saves voting costs and the environment by minimizing paper use and avoiding the need for voters to reach a particular place to submit their votes.  

7. NFTs

NFTs are non-fungible tokens used on many blockchain platforms as digital assets. NFT helps artists to verify and protect their ownership. Also, many users purchase NFTs as an investment source to make extreme profits. 

NFTs are stored on blockchain platforms, making them resistant to hacking and stealing from hackers. Creating your NFT marketplace is the best way to earn money from the blockchain domain.

If you wish to have your blockchain startup. Follow the given steps as discussed in the next section.

Steps to create a blockchain startup

You can follow the given steps to start your blockchain startup:

1. Research and understand blockchain market trends

It would be best to research the blockchain market relevant to your business. Identifying market trends will help you know how to use blockchain technology for your startup. Also, understand the required use case of blockchain technology for your business, such as crypto transactions, decentralized applications, NFTs, etc.

You can create well-defined documentation listing all the business requirements for your blockchain startup, such as

  • List of required blockchain features
  • Your blockchain development budget
  • Targeted platform for launching your blockchain startup

2. Create a prototype for your blockchain product

Instead of directly jumping into blockchain development, validating your blockchain startup idea is essential, which can be quickly done by creating a prototype of your blockchain product. 

The prototype will include the blueprint of your blockchain’s platform UI, which is best suited to decide whether you should proceed with the user interface of your blockchain platform.

3. Decide what blockchain features you want 

Blockchain offers multiple features to businesses, such as smart contracts, payment transactions, immutability, etc. However, to cut your budget for your blockchain startup, it would be best to become selective with the important blockchain features for your startup. 

4. Select the best blockchain platform for your business

Multiple options are available to select the right one for your startup. Each blockchain platform has its pros and cons. However, you can do detailed research on each blockchain platform to get the most suitable platform for your blockchain startup. 

The most used blockchain platform for application development is as follows:

Blockchain networkDescription 
Ethereum Ethereum is best for developing smart contracts with Solidity programming languages. 
HyperledgerYou can create decentralized apps with familiar programming languages such as GO, Java, and JavaScript.
R3 CordaYou can use R3 Corda to start your blockchain startup in common industries such as commerce, healthcare, trade finance, and supply chain. The best thing about this platform is you can easily integrate with legacy systems.
RippleRipple lets you send money globally and connect with different banks and payment providers.

You can best contact the best blockchain app development companies that can help you select the best blockchain platform based on your startup requirements.

5. Find the right blockchain development team

Partnering with the best blockchain development companies can help you simplify building your blockchain startup by offering you multiple services such as backend development, UX/UI designing, marketing, etc. 

You can select the best blockchain development companies by looking at their past portfolio of developed blockchain projects. 

6. Start blockchain development

After discussing your project requirements with blockchain developers, they will start work on your blockchain projects, such as deciding on blockchain features, APIs, servers, and other backend and front-end relevant processes to make your blockchain product fully functional.

7. Create MVP for your blockchain product

MVP is a minimum viable product containing only the required features of your blockchain product. Creating MVP will help you test your actual blockchain product in the market. So you can make a change based on your customer feedback and reviews for your blockchain startup.

8. Test your blockchain product 

Before launching your blockchain startup, make sure your product is lag free and doesn’t have any drawbacks in your product. You can perform testing multiple times and make the required changes to your blockchain product.

9. Launch your blockchain product 

After testing your blockchain product multiple times, you can launch them in the market. Also, you can perform other practices after launching your blockchain startup, such as marketing, airdrop, and others, to attract your potential customers to your blockchain startup.

Multiple reasons exist for businesses and startups to adopt blockchain technology you can check in the next section.

Why should startups use blockchain technology?

These are the following benefits startups can benefit by implementing blockchain technology in their business:

1. Payment and money transfer

Payment transfers with cryptocurrencies are the most common use cases in businesses benefiting from blockchain technology. Crypto transactions help companies avoid paying heavy transaction fees, currency exchange rates, etc. 

2. Smart contracts

With smart contracts, businesses can easily create contracts with their business partners that get executed after meeting specific requirements and conditions. Smart contracts are safer and more accessible than traditional contracts.  

3. Distributed cloud storage

Blockchain-based cloud storage is peer-to-peer decentralized cloud storage. Instead of using centralized cloud storage, businesses can use decentralized cloud storage, which is more economical and secure. 

Moreover, businesses can get greater freedom and transparency over their cloud infrastructure using blockchain-based decentralized cloud storage.

4. Digital identity protection 

With blockchain-based NFTs, anyone can secure the ownership of their assets by submitting their records on a particular blockchain network. 

Also, blockchain provides excellent security to their users’ identity by protecting it from being leaked on the internet. Due to the immutable nature of blockchain technology, no one can change blockchain records to reveal users’ identities on the internet.

5. Supply chain management

Blockchain simplifies supply chain management which helps businesses make their infrastructure more transparent, secure, and efficient. Here’s how blockchain can improve supply chain management in business:

I. Provenance tracking

Businesses can easily track their infrastructure through provenance tracking with the help of RFID tags and embedded sensors. Also, provenance tracking can be used for fraud detection in the supply chain.

II. Cost reduction

Blockchain helps businesses reduce costs by eliminating intermediaries in the supply chain and preventing fraud. Also, using cryptocurrencies over traditional payment helps companies minimize transaction costs in their infrastructure.

III. Great trustability 

Blockchain helps businesses bring trust among their customers as it protects their data by preventing their network from being manipulated by hackers due to its immutable nature. 

There are some challenges you may face while starting your blockchain business which is better for you to understand in advance.

Common challenges that blockchain startups can face

Here are some challenges you may face while developing your blockchain startup:

1. Complexity in regulation

The exact government guidelines for blockchain technology still need to be implemented. Not having proper government regulation regarding blockchain technology brings doubt about how the government will treat blockchain technology in the future.

2. Hacking incidence 

Many cases happen regarding fraud on different blockchain platforms. These frauds can cause millions of dollars of loss once they get trapped in the strategies of crypto hackers and scammers. 

3.  Lack of blockchain developers

Many businesses need blockchain developers to help them create their startups. However, due to having limited blockchain developers, businesses need help finding and hiring blockchain developers for their projects. 

If you need to hire the right blockchain developers for your startup, outsource your blockchain project to an experienced blockchain development company instead of hiring in-house blockchain app developers and freelancers. 

So, how to create your blockchain startup? Let’s check.

How can blockchain boost your startup?

Blockchain offers multiple benefits to your business, be it crypto payments, security, immutability, etc. Many companies are reloving on blockchain technology by creating their blockchain-based products. 

There is massive scope for blockchain technology in the future. Many companies use blockchain technology to benefit their business, such as securing their infrastructure with blockchain servers, asset tokenization, smart contracts, etc.

You can check how brands show interest in blockchain technology:

Adidas crypto tweet

Like Adidas, many other companies such as Puma, Nike, Samsung, and others have parented with blockchain-based startups to benefit from blockchain technology.

Extensive market research in the blockchain domain is the best way to get a highly profitable idea for your blockchain business. 

However, no matter how good your business idea is for your blockchain startup, you will need skilled blockchain developers to bring your blockchain business idea into reality. 

There are multiple ways to hire blockchain developers, such as hiring in-house developers, freelancers, or outsourcing your project.

The best option you can take is to outsource your blockchain project to an experienced blockchain development company. 

The outsourcing companies include all the required professionals, such as blockchain developers, app developers, project managers, and UX/UI designers, to offer full support for your blockchain startup.

Contact Idea Usher for your blockchain startup

Outsourcing your blockchain project to an experienced blockchain is one of the best options you have for your blockchain startup.

You can contact Idea Usher, a blockchain development company that can help you build and launch your blockchain startup starting from scratch. 

Idea Usher is a team of blockchain developers, app developers, project managers, UX/UI designers, and other required professionals that can help you build your blockchain startup by analyzing your business requirements.

Contact Idea Usher to discuss your blockchain startup over a free consultation call:

Email:

[email protected]

Phone:

(+1)732 962 4560

(+91)859 140 7140

FAQ

1. What do blockchain startups do?

Blockchain startups are a list of companies that offer blockchain-related services such as NFT marketplace, crypto wallets, writing smart contracts, etc.

2. What are the top 5 blockchain platforms?

These are the top 5 blockchain platforms:

  • Avalanche 
  • Cardano 
  • Ethereum
  • Hyperledger Fabric
  • Polkadot

3. What are the 4 types of Blockchains?

These are the 4 types of blockchains:

  • Public blockchain
  • Private blockchain
  • Consortium blockchain
  • Hybrid blockchain

4. How do I create a blockchain startup?

You can create your blockchain startup by following these steps:

  • Do blockchain market research
  • Create a blockchain prototype for your business
  • Decide on blockchain features you want 
  • Select the right blockchain platform 
  • Outsource your blockchain project to the best blockchain development company 
  • Create MVP of your blockchain product
  • Test your blockchain product 
  • Launch your blockchain product
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