Blockchain Businesses - Brain Storm
While trying to wrap my head around the building out the fabric of SteemIt's block chain as a place to grow one's online business. I keep asking myself "What is the value" of building a business on the blockchain. If the community is going to be responsible for our marketing efforts, I guess we should start to discuss and understand them.
In order to help myself and others get a vision of this, I wanted to hear a bit of brainstorming..
- What businesses are currently thriving on a Blockchain?
- What types of businesses will benefit from a blackchain?
- What exactly are the advantages a business person/or team would glean from building on the blockchain?
- What makes our blockchain different from other blockchains? (Why SteemIt?)
This is an exercise in Brain Storming. There are no wrong answers. Let's talk about it. We can all learn from the discussion.
If we can somehow dedicate small portions of our steem into some app / smart contract like the video below, that'll be awesome.
What businesses are currently thriving on a Blockchain?
Don't know about thriving, but openbazaar, and predictit.com come to mind.
Also, megaupload 2.0 is on the horizon. (steem, itself, has peerhub, steemvoter, steemsports, busy.org, esteem, and others).
What types of businesses will benefit from a blockchain?
Any business can benefit from the financial transaction aspect of the blockchain. Steem has added features for social-media types of businesses.
What exactly are the advantages a business person/or team would glean from building on the blockchain?
A main benefit of the blockchain is that it removes the need for a trusted 3rd party to validate financial transactions, so it reduces the cost of doing business. Also, blockchain immutability creates a "single version of the truth," so it facilitates easy and accurate record-keeping.
What makes our blockchain different from other blockchains? (Why SteemIt?)
Free transactions, faster settlement times, and massive scalability are probably the key points. @furion wrote Steem as a Digital Currency on this topic.
Update: I should have noted, too, that I've also been thinking about how charities can benefit from the blockchain. On that topic, I wrote Organizational Fund Raising Using Internet Smart Money yesterday.
Again, I will be collecting the ideas presented here and hoping we can flush them out further.
Beyond the financial industry I think blockchain can be trustful to guarantee and validate authorship, so it fits in music, fine arts, patents, academic papers, fashion, etc.
The other field is about descentralized platforms, good to health records, tracking goods, etc.
I don't understand blockchain very much technically yet but I've been thinking if a proof of location concept could happen and became a opportunity for new apps and business.
Good ideas, I am going to summarize them. Thank you for putting your brain power in.
Thanks! I've been collecting some articles and news links about blockchain adoption beyond the financial industry, if you need it for any specific business area just ask so I can share here. Thanks and good luck again!
I'd say the biggest reason to develope businesses and trading in a cryptocurrency system is that there is people who gets some money in a currency and needs to be able to use it without exchange. It's an opportunity for sellers.
For the crypto-system, of course, circulating its currency make it stronger and stronger.
Brainstorming, there are also great ideas, thank you. I will add these to the summary.
Good question, and not easy to answer.
I guess my first stop is "what does a blockchain have to offer?" A lot of blockchainiacs speak of blockchains in reverent tones like they are a thing with a life of their own... but what are they really GOOD for, aside from creating/transacting alt. currencies? Can they fly a plane, can they dig a hole, can they build a house? Maybe that sounds a bit flip, but before answering the other questions... where's the value?
I have some ideas, but I need to think it over a bit more. One answer might be businesses that could use some transparency in their activities-- charities/fund raisers, crowd funding... and maybe businesses that "transact" but could benefit from lower fees. But that's sort of nebulous.
As for Steem/Steemit... what makes us unique is that I can send/receive something to/from @whatsup rather than X65sT5Wqq992lK6yY42Hgh6LL... which makes a LOT more sense to the broader potential market.
Excellent point. One Use I have been thinking about is creating an education and communication center for Crypto.
I do not understand about steemit development, just hope for the best
Blockchain has value whenever there is a trusted middleman siphoning off excess profit. For example anything to do with e-commerce or the sharing economy can be adapted to work with steem.
Great questions @whatsup . I'll put my thinking cap on and post again here in a few.
What does the blockchain do well? I like the idea of NameCoin, but its administration caused it to flop.