Reasons to start a blockchain business in 2022

By the end of 2021, businesses worldwide had spent more than $6.6 billion on blockchain technology solutions, with banking leading the way by far. The main usage for blockchain, asides from underpinning cryptocurrency, was cross-border payments and settlements, offering maximum transparency for users. Furthermore, over the last year, more than $2.3 billion in venture capital was pumped into the sector, with the US accounting for most of the activity. These are all great indicators that it is the right time to start a business in blockchain, but if you need some more convincing, here are other reasons.

People want to use blockchain

Members of the public want to use blockchain. It is new, exciting, low-risk, and dynamic, meaning more and more people are becoming curious about how it works. There are already over 80 million blockchain wallets in use, with more being opened daily. People have trust in blockchain technology, and as it heads towards mainstream adoption, they trust it even more. It is no longer purely linked to bitcoin in the public’s minds. This means that even those who are sceptical of cryptocurrencies understand that it has other uses that are risk-free. With blockchain’s presence in multiple industries, including health, education, entertainment, finance, and even legal matters, the public will get even more onboard.

Everyone is investing in it

Analysts predict that by the end of 2024, businesses will be spending $20 billion a year on blockchain services. Furthermore, some 90% of EU and US banks are already exploring ways to use blockchain if they are not using it already. Around a quarter of the world’s companies expect to invest up to $10 million in blockchain during the following year, and just financial institutions have spent some $552 million in the last years. In addition to this, two-thirds of those involved in tech-related decisions in their business say they see much potential for its rollout. This, combined with the uptake of technologies like central bank currencies, means there will be greater scope for investment over the coming years. In short, regular people are invested in using blockchain technology, and investors and entrepreneurs are investing in blockchain solutions for multiple sectors.

It can help you save money

Blockchain technology is an excellent way for businesses to save money. While it has a cost when it comes to deployment, in the medium and long term, it can help reduce costs. This is because smart contracts can automate various processes, lessening the administrative burden and increasing accuracy. In addition, it can facilitate quicker and more transparent transactions, saving everyone involved time and money. The accessibility and flexibility of blockchain technology have the potential to revolutionise the way businesses completely and companies work and the service that is delivered to clients. Happy clients mean they are more likely to spend money and return to purchase other services and products. An investment in blockchain technology is an investment in a business's smooth and successful running.

You get a competitive edge

Using blockchain technology within your business, or starting a blockchain company, gives you a competitive edge. Many companies are still yet to take it up, meaning those with a distinct advantage over others. But the gap is closing. Over the next few years, blockchain will become a mainstream part of the business world, therefore, those that use it will become the norm. This means the time is now to integrate it into your offerings or start your own blockchain company. This could be a crypto exchange, a blockchain and crypto gambling site, a blockchain fintech solution, or something else entirely.

To start your blockchain business, you need to partner with an experienced corporate professional. Fast Offshore has been working in the crypto and blockchain sector since the beginning and is perfectly placed to help. Our team can help with company incorporation, licensing, structuring, payments, compliance, and all ongoing corporate maintenance. Contact us today to find out more or get the ball rolling.