Blockchain-based networks have immense business potential. It is an emerging technology with multiple use cases. While cryptocurrencies are the buzzword among entrepreneurs, much more can be done using this technology.
I would recommend that you undertake the following research and analysis before firming up your mind on starting this business.
Undertake a detailed industry analysis. All major Central Banks are exploring ways and means to leverage blockchain-based networks that are much more cybersecure than traditional networks. The US Federal Reserve is looking at a Central Bank Currency. An Ilinois-based organization is experimenting with smart contract technology and deploying it in the public sector.
Once you have understood the scope and trends of the technology, look at the major competitors. Ask yourself the following question – What are these competitors doing, and how are they going about doing it? For instance, look at the Coinbase prospectus filed with regulators. You will learn a lot from this documentation.
These exercises will give you a lot of clarity and help generate many ideas. They will help decide on the scope of the venture.
Business modeling is the next step. It is best at this stage to get in touch with a business modeling expert who can assist you in identifying the right business model for your enterprise.
Have a vision for your venture, decide on the near and long-term objectives, prepare a work plan, and you will be ready to launch.
I wish you all the best and Happy Holidays.
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