The worldwide market for Blockchain Technology is estimated to reach $5.85 Billion USD by 2022. It is projected to reach 1,235.71 billion dollars by 2030, representing an 82.8 percent annual compound growth rate. Last year, 20 percent of the Internet of Things technologies offered services powered by the Blockchain. There are more than 70 million registered blockchain wallets today.
The global blockchain market is growing quickly and is expected to keep growing over the next few years, with an expanding amount of innovations, and the awareness among consumers about the benefits of adopting blockchain technology should push the industry ahead in the near future. The main aspects driving the growth of the global blockchain market include the adoption of blockchain technology in BFSI, healthcare, media & entertainment, among others. In this article, we are going to discuss a few of the blockchain startups to watch in 2023 due to their uniqueness and the potential of changing the landscape.
|2. Solrise Finance
|5. TransitNet LLC
|6. Constellation Network
Mintable leverages Ethereums blockchain technology to allow anyone to create, manage, and sell NFTs, as well as digital files, with all of the benefits of proven ownership, immutability, and tracking. The start-up has attracted interest from billionaire entrepreneurs like Mark Cuban. Launched in 2018, the platform has minted over 700,000 items in the last year, which has allowed for a growing catalog of one-of-a-kind items, such as digital artwork, music, collectibles, and gaming items. Mintable has sold and auctioned works from a variety of Grammy-winning artists as well as notable artists, celebrities, and sports professionals, and has implemented a unique, gas-free minting function allowing users to mint their own NFTs without being shackled with higher network fees.
Solrise Finance offers a platform for fund managers to launch new DeFi funds. It also provides investors with a platform to invest in DeFi hedge funds.
The startup network is built on top of Solana Blockchain. Solrise is the completely decentralized, no-custodial protocol for investing funds in Solana. What that means in practical terms is that anyone can start a fund, and anyone can invest in a fund.
Because DAOs are meant to fulfill blockchains ultimate vision of Member-Controlled, or Decentralized Autonomous Communities, each participant faces common challenges. Most technology tools are not quite up to scratch to develop DAOs.
So, MIT-Guwahati alumni Vikram Aditya and Apoorv Nandan launched DaoLen as the SaaS equivalent of Web3, which is both less complex and easier to work with. DAOLens is building three core products for the ecosystem: A discovery portal for DAOs and collaborators to link, an onboarding solution for collaborators for scaling the infrastructure, and an array of community management tools to manage workplaces.
The Bengaluru-based start-up is working with over 70 DAOs and their contributors. It offers its SaaS offering with a little manual intervention while integration, since all DAOs are different in terms of their size and operations. It is now building an automated DAO tool as well as a helper service to design bespoke products for startups.
Decentralized Finance (DeFi) is typically too heavily reliant on guarantees, which is great for the lenders who are protected, but limits the borrower’s ability to get better at financing, says Hashtack founder Vinay Kumar. The startup, founded in 2021, is creating ripples through its efforts at under-collateralized lending since it is tapping the DeFi credit space and is issuing loans at three times what borrowers are collateralizing.
Hashstack claims to be transacting US$ into a cryptocurrency compound for paperless loans through its no-custodial money market protocol called Open. These loans help boost individual finances while meeting borrowers’ trading capital needs. Here’s how that is going to work out.
Say, the borrower provides a collateral value of Rs100 for a loan worth Rs300. Following cryptocurrency exchanges’ over-collateralization norms, a start-up provides 70% of the collateral value (INR 70) into the borrower’s wallet. However, a person may choose to utilize a 23% loan balance (INR 233) as intra-protocol trading capital for trades on the Hashtacks cryptocurrency networks, which include Starknet, Polygon, and BNBChain. The DeFi startup earns revenues via DApp fees, interest fees, and profit-sharing on the liquidation of borrowers’ assets.
Although still in testnet, Hashtack says that it has executed transactions worth $183 million. It is targeting Q3 fiscal year 23 for mainnet launch, integration of over 50 dApps from Starknet and Polygon in the fourth quarter, and targets $700K+ revenue in the current fiscal year.
TransitNet LLC is building the world’s first cryptocurrency ledger. Its groundbreaking platform provides the necessary security infrastructure for the cryptocurrency industry, protecting trillions of dollars in cryptocurrency owned by over 300 million investors globally. By creating a secure, private, and shared ownership record, it allows parties to confirm wallet information securely before moving cryptocurrency, create private transaction histories documenting parties involved, and have a way to prove asset ownership for financial and compliance needs. This new piece of infrastructure will make cryptocurrency safer, more compliant, and more useful to millions of individuals and businesses.
TransitNets tools are used for validating correct ownership of a cryptocurrency. With third-party ledgers, individual owners are able to more safely secure the contents of their cryptocurrency wallets, as their assets are recorded on the ledger. With the ownership title to crypto assets, investors also have proof of collateral or reserves when engaging in transactions or using other services.
Constellation is the only blockchain technology developed in the world specifically for big data, providing the infrastructure for a decentralized, open marketplace of data as well as a business-grade software solution to ensure data provenance and integrity. It is secure, cheap, scalable, and easy to integrate.
BTSE is the leading digital asset exchange, which empowers users with an easy, safe, way to transact. Its growing financial services portfolio is designed to bridge traditional finance to digital asset solutions. BTSEs innovative technologies deliver a range of digital finance solutions, including multi-currency spot and derivatives trading, as well as white-label NFT and exchange, OTC trading, wealth management, and payment gateways. In addition, BTSE provides a comprehensive order book, tight security protocols, insurance funds, cold storage of more than 99 percent of assets, and unlimited withdrawal limits on over 12 fiat currencies and 100 cryptocurrencies.