The most interesting aspect of the cryptocurrency industry is the many mainstream applications the technology can be used for. Launching a cryptocurrency startup requires a product-design perspective to identify what processes in society can be optimized with blockchain. Entrepreneurs are currently rushing into this surging field with blockchain products and have triggered a flood of ICO funding. Here are some of the more innovative mainstream products entrepreneurs are developing with blockchain technology.
1. Investments
Blockchain's decentralized system allows developers to create financial tools that diversify power and eliminate overhead, making it easier to empower success in finance.
2. Payment processing
Overstock.com became one of the first major retailers to begin accepting Ethereum for payment, and has been a major positive force for the crypto industry.
3. Wealth management
Wall Street has earned a negative reputation because of the influence investment banks and hedge funds have on financial markets and how exclusive these wealth-management entities are. One way to combat this trend of economic disparity is to develop rival exchanges, banks and hedge funds utilizing blockchain technology. A number of entrepreneurs have been pushing this aspect of potential products, displaying enormous potential.
4. Security applications
After the collapse of Mt. Gox in 2014 due to a hacking incident, security concerns have overshadowed the potential of cryptocurrency. While these applications require a strong understanding of security, software and the potential weak points in crypto networks, it boils down to this: If you are able to improve the security of blockchain networks, then you are able to create massive amounts of value for consumers.
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