As a startup planning to move forward with blockchain technology is a perfect idea, still it’s going to rule the future of the online business industry and the cryptocurrency industry too.
While planning to make money in the blockchain ecosystem, you might have heard that you must be a developer or you must be familiar with coding to start a business related to blockchain technology. Let us reveal here the untold truth of blockchains and their benefits for starting a Cryptocurrency exchange.
You can earn huge revenue in blockchain even if you are a newcomer to this technology. The only thing you must be aware of is the history of blockchains and their purposes.
Let us see, how peoples make money from blockchain technology below.
How do people Make Money from Blockchain Technology?
As a startup, you can make money using blockchain technology in numerous ways. But some significant people concentrate only on some major blockchain technology which gives them massive revenue. Let us discuss them below.
1. Mining
It is one of the popular ways of making money in blockchains. Most blockchain developers mine cryptocurrency by solving complex mathematical problems. In the world of the blockchain ecosystem, there are two options for mining to get a cryptocurrency, one is using specialized hardware and the other is general-purpose computers.
You can also mine cryptocurrencies using various devices like mobile and computers. You may also use the online marketplace to buy and sell cryptocurrencies. However, you may acquire a slower OS speed in your system than usual due to intense processing demands from ASIC and GPU mining.
2. Using the Freelancing
Most freelancers are making money through the freelance websites of Ethlance, and cryptocurrency jobs.co, freelanceforcoins.com, and others. As a freelancer, you could also earn by blogging related to blockchains since more companies lack awareness about blockchain and its technology. You can earn consistent revenue by making unique content with lots of researching and analyzing skills. Many companies are ready to pay more for blockchain freelancers who are strong with the words in blockchains.
3. Cryptocurrency Investment
Normally, investors make money from blockchain technology like investing or trading bitcoins in the cryptocurrency exchange platform. Even some startups create their own coin or token to raise funds for their future blockchain projects and allow cryptocurrency investors to buy their coins in return for a share of their company’s projects. Mostly this investment of investing in the company’s projects happens in the ICO platform (Initial coin offerings).
Also Read: Trending cryptocurrency exchange business plan
An initial coin offering is the process of selling a coin or token to the public at a certain price. So the investors can make a huge revenue as the token value increases in the ICO sales. Some investors invest in the coin by analyzing the projects that hold onto those coins, by believing that the value of projects increases in the future.
4. Community Management
Communication is the key to the success of any project and building a group of loyal followers enables your blockchain business with a large customer base to market. Most blockchain startups lend help from PR agencies while some go with social media promotions. In this, you may choose any other service that you want to fall into which helps you to make money based on the monthly packages by achieving statistics like shares, likes, and leads of your projects promotions.
You must also be familiar with the technologies like Hootsuite, Twitter, Facebook, Bitcoin Talk, Reddit, discord, telegram, and Slack as a community expert because they are the media utilized to keep the community informed about the development of the project. Additionally, formal notifications and technical explanations are made via blog entries. This has detailed transaction charges.
5. Crypto Influencers
Crypto influencers make money by influencing blockchain startups (their employer’s) followers or subscribers to get into the ICO platform to buy their respective tokens. To be a part of it you must be familiar with the cryptos till up to date and to still get involved with the crypto influencers. Crypto influencers range in genres and ages like YouTubers, streamers, and social media marketers. Mostly they make money through affiliate deals, sponsorships, premium content, deal flow, validators, etc.
6. Trading Signal Platform
If you are good at trading, then this method is a good way to make money in the blockchain industry. Here you will be guiding your customers ( investors) on when to invest in cryptocurrencies without causing any risk to their investment like loss of money due to market fluctuates. To start a trading signal platform you must have a thorough understanding of cryptocurrencies and their market.
Nowadays, the use cases of blockchain technology in business have risen. In this list, let us see the two major industries that involve in the blockchain.
Use Cases of Blockchains in Business
Blockchain technology is expected to meet the demand of future businesses by allowing an authority-free platform for their users. Blockchain technology has slowly been brought into all industries to avoid the loss of records and maintain transaction independence for users. Let us see two major industries that involve blockchain technology below.
Use of Blockchain Technology in Healthcare
Nowadays, the healthcare industry is developed with many advanced technologies. With this technology, diseases that are incurable can also be cured. Slowly, blockchain technology has come into existence in the health industry. Blockchain technology can help the medical industry in many ways like supply chain transparency, smart contracts for insurance, and medical staff credential verification. Let us see the latest introduced system in the blockchains below.
Patient-centric Electronic Health Records
The Healthcare industry is struggling with the problem of maintaining medical histories. To overcome this, the blockchain system comes into play by storing medical records. Here the patient records like physician notes, a prescription, and lab results are translated into a unique hash code which has special functions with a unique set of codes. Finally, it allows the patients to view their medical records every time it is updated. Patients can also share their medical records with third parties by setting a certain time limit.
And also the medical insurer can get immediate response from the health care service immediately without any intermediary in between. Blockchain technologies also offer digital health solutions like virtual consultation services, medical data exchange, etc.
Use Case of Blockchain Technology in Real Estate
Nowadays, real estate projects come under the technology of blockchains to avoid paperwork. It can be done electronically by securing and also by saving a lot of time. Here both buyers and sellers of the property can track their transaction details.
It is challenging to raise money for new real estate developments. When cooperating with banking institutions as a single source loan provider, real estate development companies must pay interest rates as high as 29%. Additionally, because it can be challenging to manage to crowdfund, they encounter difficulties with having various loan sources. To overcome this blockchain has been introduced into the real estate system.
So, let us see the uses of blockchain technology in real estate projects in various ways.
Increased Transaction Security
In real estate, the most common problem that everyone faces is transactions, and takes a long process to finalize the deal. However, the use of blockchain technology here makes the entire process simpler, including property finding and avoiding fraud. It also allows you to trace the historic records used in the current application to check whether any information is fake.
The use of Smart Contracts
With the use of blockchain, real estate projects may now use smart contract technology to automate title checks, escrow services, and real estate transactions. This allows buyers and investors to examine historical information on the property, including information about prior owners, renters, and any physical alterations that have been made to the property.
Tokenizing Property and Real Estate
One of the key tenets of blockchain technology is the digitalization of securities, also known as tokenization. With the help of this technology, certain real-world assets and securities may be converted into tokens, which can subsequently be distributed to investors and transferred to specific counterparties.
Tokenizations offer several benefits in the real estate industry including increased liquidity, fractional ownerships, transparency, and reduced transaction costs. You can divide the property ownership into smaller, called tradeable tokens, it allows the investors to be an owner of a fraction of the property rather than having to purchase the entire property. This fractional ownership enables smaller investors to participate in the real estate market and provides greater flexibility for buyers and sellers.
Conclusion
Now you would have come to know about the way of making money using blockchains and its use cases in the business. however, as a startup planning to start a business using blockchain technology, you must be clear with your niche by analyzing its future demand. To move still further you must need an expert blockchain development company to guide you with the business of your niche.
There are various development companies in the market all over the world. You would have even visited or reached many blockchain development companies but only in some cases, you might come to notice a perfect service provider for your blockchain business like crypto exchange development. so luckily, you are at the right place at the right time!
We the coinsclone have expert blockchain developers who have developed 100+ crypto projects that are successfully live on the market. We are also specialized in analyzing the current market trends and applying strategies in developing crypto exchange platforms to reach your platform worldwide! Reach millions of clients with our white-label crypto exchange software by just approaching us!