Are you looking to start a crypto & blockchain business in 2024? Here are some great crypto business ideas to start for huge growth this year and beyond.
For over a decade now, blockchain technology has been a lucrative industry for entrepreneurs and startups around the world. As a futuristic internet technology that promises decentralized transactions without intermediaries, blockchain has applications in practically every industry.
But, not all blockchain ideas are worth implementing. Many business ideas will fail because they’re just not realistic enough. In this article, we explore some of the best, realistic crypto & blockchain business ideas.
Why blockchain?
If you’re wondering which industry would be the best for starting a business right now, blockchain is definitely a great option because of its high potential and utility across multiple industries.
Blockchain technology has been around for only a few years now, and it is already being implemented in every space, from finance and banking to security, storage, e-voting, real estate tokenization, healthcare, travel, and more.
Cryptocurrencies are digital currencies that are powered by blockchain technology. They can be used to send money to anyone, anywhere in the world over the blockchain network, which is a publicly shared and distributed network of thousands of nodes that verify and connect transactions.
Other than peer-to-peer payments & money transfers, cryptocurrencies and blockchain technology have many potential applications in many sectors.
Many big companies, including the likes of Microsoft, Google, and IBM are already making use of blockchain technology in one way or another.
Many countries are planning to create and some have already launched their own digital currencies inspired by blockchain to ensure seamless cross-border transactions between economies.
Blockchain is a nearly impenetrable, immutable peer-to-peer, globally accessible, public, distributed decentralized ledger (network) technology that works through a consensus mechanism such as PoW (proof of work) or PoS (proof of stake) to ensure high security & faster settlements.
Blockchain technology & cryptocurrencies have immense potential in every space where secure trading of data and/or digital assets is a concern.
Here are some of the best blockchain & crypto business ideas to work on this year.
Crypto investing is complex, especially for newbies. And many governments have started levying taxes on crypto transactions, so crypto traders all over the world are looking for help with their crypto tax management, i.e. may need expert help to calculate tax on their crypto transactions, save as much tax as possible and pay the same.
If you are a financial expert already providing tax filing services to regular investors and taxpayers, this can be a lucrative business opportunity for you to expand your business to increase crypto tax services.
BearTax is an example of an online platform that allows crypto traders to calculate taxes on their investments.
2. Exchange Loyalty Rewards
Loyalty reward programs are already very popular among financial and various other businesses that use these campaigns to attract new customers or maintain the loyalty of their existing customers by offering them rewards in the form of exclusive deals, offers, and cashback.
However, there is still a big gap between companies and potential customers of reward programs.
Blockchain technology can be used to efficiently target customers for reward programs as well as offer the facility to exchange loyalty rewards across brands.
Rewards can be verified through the blockchain to ensure zero fraud. As customers get to use their rewards across multiple brands, they will be more than willing to join these campaigns.
3. Crypto Hardware Business
Crypto hardware refers to physical products that help with cryptocurrency transactions, storage, and security.
These may include physical wallets, security keys, USB drives, and other storage devices that can be used to safely store digital currency & assets.
Cryptocurrencies are virtual assets with no physical existence. However, these digital assets are prone to hacking and theft.
There has been news of crypto exchanges being hacked and cryptocurrency worth millions of dollars stolen from user accounts.
This is why many crypto investors are now using hardware wallets to store their crypto tokens and data. Starting a business making & selling crypto hardware can be a good idea right now.
4. Buy, Sell & Trade Online Advertising Space
Finding the right crypto advertising services at the right time is crucial for the success of a blockchain business, however, it’s not as easy as it might sound.
The perfect advertising space for you would be one that is extremely accessible to your target customers and gives your content/campaign the exposure it needs.
Blockchain along with AI can help advertisers find the perfect space for their ad in real-time and purchase the same instantly through a deal on the blockchain.
This will not just save time in finding & purchasing advertising space but also ensure that everyone gets the best advertising space at the best time possible.
In addition, the platform can also allow advertisers to trade advertising spaces with each other to make profits.
5. Play to Earn Games
In earlier days, video games were used to reward users with tokens or other forms of digital entities that could be used within a particular game.
Nowadays, you can play video games and earn cryptocurrencies as a reward. These are called Play to Earn (P2E) games, where you get to earn money for playing or winning a game.
Most of these games are in the blockchain space, where players are awarded cryptocurrencies or other digital assets.
Because blockchain is an immutable ledger of transactions, it can be used to store as well as verify the records of unique luxury items such as art, digital rights, etc.
A person looking to store or verify on the blockchain must tokenize their physical goods in order to store their digital records on the blockchain.
Once processed and stored on the blockchain, these records become immutable and can be easily verified anytime, anywhere across the world.
Buyers when purchasing precious art can use this service to verify the authenticity of an item.
7. Crypto Marketing Consulting Business
A crypto marketing consulting business offers professional advice or support to individuals or organizations in a particular industry.
For example, if you are a marketing expert in the crypto industry, you can start offering advice to project owners in this space or provide help with things like starting with crypto projects, choosing the right strategies, and making the most out of their crypto activities.
The consulting industry is a booming business and a great idea for someone looking to start a business in the crypto space.
But, make sure that you are an expert or have good experience in the blockchain industry before you can provide crypto marketing consulting services to others.
8. Real-time Tracking of Shipments
Shipment tracking services have always been in great demand. However, most of these services only provide near-accurate data and cannot give the real-time location of a shipment due to the lack of an efficient tracking system.
Blockchain technology can be used not only to maintain the records of shipments but also to enable real-time tracking. Using its thousands of distributed nodes around the globe, blockchain can instantly ping a shipment to know its real-time location and status and allow customers to track their shipments more efficiently than ever.
In order to start an on-demand shipment tracking business, you’ll need to use blockchain-based shipment tracking software.
9. Crypto NFT Business
The NFT market is booming, as everyone wants to get a part of the high-potential NFT space.
An NFT or non-fungible token is a type of blockchain token that is used to represent unique, non-fungible digital assets. Any unique physical item like art or music can be tokenized to create an NFT for it, which can be easily traded and verified on the blockchain.
NFTs have huge demand these days and are being liked and used in many industries, including gaming, apps & more.
Many people are creating and/or trading NFTs for huge profits. You can create your own NFT or start an NFT trading business or NFT marketplace to get a piece of the pie.
10. Decentralized Cloud Storage
One of the best applications of blockchain technology is for the secure storing of digital data and information.
Unlike traditional cloud storage where the information is kept on a centralized server, blockchain keeps its data distributed across thousands of nodes located all over the world, thus developing a perfect decentralized finance (defi) network that is not controlled by any one person. This reduces the chances of hack or theft or loss due to human errors to nearly zero.
Decentralized cloud storage built on blockchain technology can streamline verification and secure storing of information and makes it accessible all over the world.
You can sell as well as rent decentralized storage to companies/individuals looking to reduce strain on their in-house servers.
11. Online Blockchain Courses
Another way to monetize your knowledge in the blockchain and crypto industry is to create and sell online courses.
Online courses are in very high demand these days, as more and more people are using them as a time-saving way to learn new skills or gain knowledge of a new field.
You can teach online if you have time or simply create a detailed blockchain course and sell it through your own website or on Amazon.
There are many dedicated platforms where you create and/or sell your online courses. It is as easy as anything. Moreover, you won’t need any resources or a lot of money to start this business. You can even consider taking physical classes on blockchain training.
12. Blockchain-based IT Outsourcing
IT outsourcing has a massive market. Every business seems to be outsourcing IT services. Enterprises and big companies are outsourcing to small companies, who are outsourcing to freelancers.
A blockchain-based IT outsourcing firm will use blockchain technology to maintain efficient collaboration between different parties over a verified and secure blockchain network.
Blockchain will ensure full transparency in workers’ performance and work records and also ensure that they are paid fairly for their time.
In addition, it will allow companies to properly verify before outsourcing to a new agency or freelancer and also check that their expectations are met.
13. Start a Crypto Accounting Business
Like any other industry, even the blockchain space cannot operate properly without the help of accounting. Accounting refers to the practice of managing the financial accounts of a company or person.
As the popularity of cryptocurrencies and blockchain technology is rising, so is the need for qualified crypto accountants, who can help businesses and individual crypto investors with their transaction records, accounting, and taxation-related matters.
To start a crypto accounting business, you must have an in-depth knowledge of how cryptocurrencies work and should preferably have a degree in accounting. Then, you can use the two to help your customers navigate the accounting and tax compliance needs of crypto.
14. Blockchain Development Company
An ICO development company offers blockchain development services to other companies, individuals, and startups looking to adopt this next-gen technology.
Building apps for a new technology like blockchain can be difficult or complex even for seasoned developers. So, if you have good experience developing blockchain applications, you can consider starting your own business in this space.
Even if you do not have any development experience yourself, you can always hire blockchain developers to provide blockchain services to those who need them.
SAG IPL stands out as a premier company offering exceptional ICO development services and has been a trusted provider of cutting-edge blockchain and crypto development solutions to clients worldwide for several years.
15. Start a Crypto Mining Business
Crypto Mining is one of the best ways to earn cryptocurrency at the very core of this digital asset. You earn by creating new cryptocurrencies. Bitcoin continues to remain the top-paying cryptocurrency to miners.
However, due to the increasing demand and competition in the Bitcoin mining space, the mining rewards have fallen exponentially over the last few years.
But, you can still earn a significant income if you already have nice enough mining hardware that you can use to mine a considerable amount of high-paying cryptocurrencies. If you can invest more, you can even consider making a full-time business out of it.
16. Become a Crypto Investment Broker
An investment broker or agent is a person who either recommends investment options to its clients or invests in the best investment venues on their behalf.
Because the crypto market is still in the developing stage and not many investors are familiar with it, you can help them get to the top of the game by using your own crypto investing knowledge & experience. In return, you get paid a nice commission for every successful trade.
It is, of course, important that you have some crypto trading experience of your own and can recommend the best investment options based on the return expectations and risk profiles of different clients.
17. Start Lending Crypto
There are platforms that provide crypto lending services to those who are looking to lend crypto for their financial needs or to make profits from it. You can join any of these platforms to start lending crypto and earn interest on it. Additionally, if you’re interested in spreading the word about these platforms and attracting potential lenders, you might consider utilizing crypto marketing services.
However, it’s important to acknowledge that all forms of lending services carry certain risks. There’s always the possibility that the money loaned may never be repaid.
This is why it is crucial to do your due diligence and verify the borrower’s credentials properly before lending crypto to anyone.
You can also consider starting your own crypto lending services, where you allow people to lend and borrow cryptocurrencies directly with each other (P2P lending).
18. Start a Cryptocurrency Exchange
A real, high-potential crypto business idea would be to start your own cryptocurrency exchange and trading platform, where investors come and trade top digital currencies.
If you are considering this business idea, make sure to keep a focus on ease of use, security, and low fees to stand out from the competition.
Based on your location, you can also consider allowing crypto trading using local currencies and digital wallets to gain more popularity in less time.
There are companies that can help you with crypto exchange development, i.e. build the perfect cryptocurrency exchange platform for your business. Call SAG IPL to know more!
19. Build a dApp
A dApp or decentralized application is a type of computer application that runs on a decentralized distributed ledger system like blockchain and uses smart contracts to enable peer-to-peer transactions, including agreements between parties, with complete autonomy.
You can build a dApp for any purpose, where you want to establish a P2P connection between two parties without intermediaries.
For example, a blockchain-based streaming app where content creators create content exclusively for their viewers, who pay directly to creators. A decentralized exchange is another example of a dApp.
20. Crypto Payment Services
As cryptocurrencies become more popular and mainstream, many businesses are starting to accept them as payment for their services, both online and offline.
However, small businesses or startups looking to integrate cryptocurrency payments into their systems have limited options for the same.
You can start a crypto payment business, where you provide both the infrastructure and initial knowledge required to start accepting cryptocurrency payments, especially for local stores and vendors.
For example, you can sell crypto payment machines, QR scanners, and mobile payment services along with a dedicated app to manage crypto payments, balance, etc., and in-app currency conversion options.
Conclusion
With so many awesome crypto business ideas shared above, I hope you find the perfect idea to start your business. Do share your crypto & blockchain business ideas and experience in the comment section.
SAG IPL is a full-service blockchain development & marketing company that helps businesses and entrepreneurs start their crypto journey with high-quality blockchain software, crypto websites, apps, exchange development, crypto development, and marketing services at competitive prices. Contact us to build the perfect blockchain platform for you.
Mohsin Qureshi is a seasoned digital marketer with over 12 years of experience, including 7 years working as a Team Leader in SAG IPL. His expertise lies in SEO, SMO, PPC, influencer marketing, and strategy building with a focus on driving impactful results and growth for businesses. With a keen eye for innovation and a commitment to excellence, Mohsin has been delivering tailored digital marketing strategies and solutions to help businesses excel online.
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