When technology moves on, businesses also have to move with the growth to accommodate new customer demands and needs. This is certainly the case with blockchain and its relationship to the idea of a national crypto coin and its inclusion with connected devices such as TVs, washing machines and other household appliances. Confused? Read on to understand where the blockchain will go next and why startups must prepare for these changes to not get left behind.
The Emergence of National Cryptocurrencies
The pending regulations of crypto may have already seen die-hard crypto fans wince at the thought of the elite and central systems making their mark on what was supposed to be a detached movement. Well, they may wince some more at the thought of national cryptocurrencies. Venezuela has already made their own called Petro and Russia are rumoured to be toying with the idea. Soon we may have cryptocurrencies that are not as borderless as their predecessors but localised within national borders.
The good news is if this was to become the norm, it is unlikely that crypto wallets would also become localised. You would still be able to choose from a wide range of exceptional crypto wallets, including the Luno Bitcoin Wallet, which any newcomer to crypto should consider.
Blockchain and The Internet of Things (IoT)
Connectivity is a word that has always been on the tips of tongues within tech circles. The Internet of Things is no different and has the ultimate aim of connecting devices around the home. From cars connected to garage doors and TVs connected to kettles, the possibilities really are endless for reshaping the way we live and move around the home.
With all this connectivity comes great benefits, but it also causes a potential problem, bugs and reduced security. Who thought that a hacker of the future may access your personal data by gaining access through your pet’s electronic toy? Well, that could become a reality but the blockchain is there to stop these sorts of security lapses from materialising – due to its secure and decentralised nature.
What Does This Mean for Startups?
For startups of today, the developments of blockchain and its related crypto can have major effects on plans and operations. The emergence of national cryptocurrencies and blockchain’s likelihood of powering IoT devices is two of them. Here’s why.
1. Responding to National Cryptos
With the blockchain being used as a more centralised (yet constantly decentralised) platform for national cryptocurrencies, the acceptance and use of these cryptos could surge within their respective nations. Any startup operating in a jurisdiction with a national crypto coin will then have to start offering payments with such coins to accommodate their market and avoid neglecting users.
2. Selling Products and Services
Any startup selling products that fit within the model of IoT will need to prepare that these products may well move over to the blockchain. Startups may want to integrate such potential into their creations now, or at least allow their products to move over and be suitable for the blockchain in the future.
These are just two blockchain developments and responses needed from startups – but the conversation, just like blockchain applications, keeps on growing.