Three ways to monetize blockchain technology
With the advent of new technologies, new opportunities for information and revenue business are always emerging. A clear example of this is the advent of the Internet and the growth of online space, which has been able to transform markets and even diminish and even destroy some other traditional businesses.
In this respect, the blockchain can be compared to the Internet, although the blockchain is still in the early stages of development and is growing more and more every day, but on the other hand, for most people, it seems vague and mysterious.
Of course, this can be auspicious because punctuation experts, curious experts and companies with good economic knowledge can analyze the needs of this emerging market and provide the right services and products to overtake potential competitors.
In this article, we look at three ways to monetize blockchain technology.
1. Investing in digital currencies
The growth of blockchain-based virtual currency ecosystems is huge, and it has created great opportunities for IT enthusiasts.
As you probably know, one of the most popular digital currencies is Bitcoin. Bitcoin was introduced in January 2009. In April 2013, the value of each bitcoin reached about $133, but this figure increased to $1,089 four years later.
The number of servicing companies and merchants that accept bitcoins is increasing, and from time to time, news is published about the entry of powerful companies into this field. Of course, Bitcoin is not the only player in this field, and in the world of cryptocurrencies, there are other names, such as Ethereum, Ripple, Monero, Litecoin, Bitcoin Cash, and so on.
This is a very good market for investment. How many people have made huge profits in this way by spending time mining digital currencies and reviewing expert analysis. Of course, this process is associated with many risks, including severe and unpredictable fluctuations in the digital money market.
However, “designing and developing blockchain technology to create digital currencies” and “helping to facilitate digital currency contracts for traders” are two areas that can bring a lot of income to those with enough experience and knowledge.
2. Build a blockchain company or application
In addition to the common tasks such as mining and trading that can be done with Bitcoin and other digital currencies, experts and academics have found other potentials for this ecosystem, such as building blockchain applications and launching blockchain service companies.
For example, the Ethereum project, which was launched in 2015 and works with Ether technology, but the main issue in this regard is smart contracts. In this type of contract, both parties can use digital codes to set up the transaction, and since it eliminates the presence and interference of third parties, it is able to transform commercial transactions.
Another case is the emergence of a special search engine called BitClave, which is decentralized and connects customers and business owners directly. BitClave is a new generation of search engine system that was born using the extraordinary opportunity of Blockchain to decentralize many markets and platforms related to this technology.
The basic idea is that users can use smart contracts to share or make their data inaccessible. If this happens on the blockchain platform, the need for intermediaries such as Google, Yahoo and Bing to monitor their users’ information will be eliminated.
Another example is the Nasdaq, the first electronic stock market in the United States to seek an electronic voting system for shareholders. Governments can implement a similar system and use it to store commercial documents of real estate, etc.
Companies that make copyrighted products, such as books, music, and movies, also have the opportunity to use the blockchain to protect their products against infringers.
If you are interested in building a technology company, know that Blockchain has opened the door to a variety of initiatives and innovations, and you may become the owner and founder of the second Twitter or Facebook in the future.
3. Providing services for blockchain
Clearly, as the use of the blockchain increases, so does the demand for those familiar with the technology. Of course, this is not just about programming, companies need people with financial, marketing and management skills.
Experts can also take a series of free and paid training courses in this field or earn money by providing liberalization services related to the blockchain.
Of course, do not forget that blockchain has a complex ecosystem and you have to spend enough time to learn and study to learn its details.