As ICOs continue to increase in number and funds raised on an exponential scale, it’s interesting to step back and look at the ICOs from a business perspective. While the technology is fast coming up the curve improving on scalability (still a long ways to go), it’s the business models that appear to be trailing behind.
There are many business model and use cases that need to be invented. Here is a list in no particular order:
The Rarepepe and Cryptokitties show a new business model in which all assets can be digitized then traded, sold, or bought. This could be applied to physical assets in addition to digital ones as I believe one day everything physical will have a digital representation for legal, financial, and other management.
There’s a need for a “google” of the blockchain in which anything can be searched or queried on a blockchain.
Most government functions (DMV, tax collections, utility services etc) could be done better and more cheaply with the blockchain. In fact, I predict that most government functions will end up on the blockchain sooner rather than later as a cost reduction move.
A peer to peer network platform that can make blockchains with smart contracts seamless and easy to use.
We need mechanisms to enforce what the smart contracts instruct.
Instead of installing the blockchain and building a company around it, how about an existing company adopting blockchain as an enabling technology to increase security, improve functionality, or provide audit trails for search and transparency?
Since there are so many business model and use cases that need to be invented, let’s not create yet another wallet, exchange, or trading platform.
Hall T. Martin is the founder of TEN Capital and a builder of entrepreneur ecosystems by startup funding through angel networks, funding portals, syndicates, and more. Connect with him about fundraising, business growth, and emerging technologies.
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