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Blockchain comes through a long way since great personalities like Stuat Haber and W Scott Stornetta back during 1991. Technology turns to become one of the biggest innovations of the century and gives rise to multiple new possibilities within different sectors and industries. The different industries may be fintech, retail, healthcare, enterprises, real estate, or supply chain. And then, get a slice of the market that is anticipated to get valued.
There occurs clear evidence of this all today that, almost every entrepreneur, digital marketer, and even the blockchain development firm represents an interest to learn the basics of Blockchain Technology and looks forward to entering the space. They began to look into the latest blockchain trends and the best business models top players wish to work with. However, several of them miss one main point. With the growing popularity of the technology, multiple different ways occur to embrace it for business transformation come into the limelight and so the kinds of blockchain projects make everyone indulge to know regarding which of these types gets destined so as to aid them in leading the digital environments during 2020.
Something that you would come across knowing up to a time you reach by the end of this Blog.
Here are 5 categories of Blockchain Projects
“Fear of Missing Out” Blockchain Solutions
FOMO (Fear of Missing Out) has developed the first type of Blockchain Solutions. You may easily depict this through the name, this type of projects are brought into life simply to ensure that organizations do not remain behind within the competitive market. People do not wish to discuss these facts within meetings and their role within their traditional business model and the possible outcomes that they derive through it in a particular time span. Or while looked into whether investing in blockchain app development turns to be beneficial for them. Even if they take up this step just to represent that they turn to be innovative and work with the latest technology trends that impact the business world.
These types of projects, since you might have guessed so far, do not create more of the value for the business and remain a marketing act for the organization. It increases the chance of expanding your target audience while giving a second look at your business products/services or competitors’ fear to miss out and take the same step. What’s more, there occurs a poorly planned blockchain project that may overburden the existing business ecosystem and demand additional costs. This ultimately makes leaders conclude that they “tried and failed” blockchain or doubt upon its future. And even the only problem is that they keep on focusing and making the investment upon the wrong use of the technology.
Best Opportunistic Solutions
The second category wherein blockchain projects fall is Opportunistic solutions. These types of blockchain solutions get devised to solve any known problem, specifically related to record-keeping. They add value to the business, even when they get operational for a longer duration of time. The only difficulty held with this project type is that one may lose control over data and contracts later. While looking into the real-life examples of Opportunistic blockchain projects, the blockchain solution gets created through the Depository Trust and Clearing Corporation (DTCC) so as to regulate records through the credit-default swaps is one of the right manners to consider.
Trojan House Projects
Trojan Horse Projects get landed into the list of types of Blockchain business ideas that gain momentum this year. These projects simply like the Trojan horses, turn to be attractive, backed through the respected brands, and address the usual and wide-reaching problem within a particular industry. However, they demand through the users to share their sensitive information along with the transfer of some control within a way that results in market consolidation for the prime blockchain owner. Henceforth, it is required to invite different groups of people/ecosystems to participate in its processing.
A potential example of a Trojan horse blockchain project turns to be a food-tracking blockchain system. Blockchain runs this system, unlike the traditional centralized ones wish to take comparatively less time and effort so as to determine the point at which the food items got adulterated/replaced wherein people responsible for the same, and prevent dozens of people through falling sick or suffer in various ways. However, only when the participants turn to be ready to share their personal information over the network.
These types of projects are surely effective; however, there occurs a risk included while considering these projects. They become reliant over the owner’s technology and get locked within the contract terms. However, with the passage of time, they gain more control over the market just because of having heaps of user data in totality. Along with this, the business currencies that are involved in the ecosystem where the Trojan Horse blockchain projects exist have traded at a much higher risk level for the participating users.
Evolutionary Blockchain Projects
Another type of business leaders that you require to focus upon is the evolutionary blockchain project. Since this name itself suggests, these projects evolve with time. They get designed to improve over time so as to employ time. They are ultimately designed to improve over time so as to employ tokens with decentralized governance. One example of such type of blockchain software/applications occurs through UEFA that is the central committee for European football. UEFA works into two of the Swiss Technology organizations, aim to create an evolutionary blockchain platform that drives a more equitable and safer market for the sales of the football tickets.
The blockchain-powered platforms encourage ticket buyers to download different types of applications. Here, the tickets turn to be tokenized so as to keep a real-time record of the ticket purchase and then connect it to the ownership details. If someone wishes to provide their ticket to a friend or colleague, they may do it through the application that then stores the record of the transfer within the blockchain ecosystem. And then if they wish to send it to anyone within the open market, the platform may help them while defining that markup resellers get empowered to charge. This in totality ensures that no unreasonable pricing turns to be asked or illegal brokers come within the play.
Since besides the secondary market for the tokenized tickets may mature into a decentralized sales network along with time, such that it brings all the second ticket sellers at the same place. While comparing it to the Trojan Horse Blockchain projects, the business currencies within this type may trade at a comparatively low-risk level for the participants.
Blockchain- Native Solutions
Last but not the least, Blockchain native solutions turn to be among the type of projects business leaders that are considered within 2020. Designed through the startups or extended teams of existing organizations, these projects are meant to bring forth a new market that consists of multiple opportunities or disrupt an existing ecosystem. They may begin with different perspectives and the facilities, however, are supposed to move within the direction of tokenization or decentralized governance with time.
While talking regarding the blockchain-native project types, the two industries that occur within the limelight are Education and sports. Within the Education sector, these projects emerge like a non-profit digital education society wherein the students and teachers through different parts of the world may come together and then relish the perks of higher education without worrying about the learning exchanges or the payments. Likewise, within the gaming industry, these projects enable the users to create their own tokens for supporting their favorite games and players.
Just because of this, they prefer only while those who desire to manage their own data and experiment with the concept of decentralization independently. Now while the definition and approaches of the different types of blockchain projects might have helped you while understanding that one is the right pick for your business, you may reach our blockchain consultants to get the detailed information furthermore. InstaaCoders Technologies aims to provide you with quality blockchain project services on time. We hold an experienced team of professionals who help startups as well as establish brands through industries to determine the right manner of integrating blockchain into their traditional system and reap higher benefits amazingly well. Also, you need not worry about anything related to the hidden business and tech-based challenges.
So, what are you waiting for? Come, shake hands with us to get the most amazing Blockchain services. Now can be the right time to connect for acquiring the unique services that help to turn your business scalability towards the final destination of profitability and success.