The crypto market is soon becoming crowded with new businesses that are centered on it. The technology or the blockchain for the cryptocurrency industry is of paramount importance. Even before talking about the value propositions of cryptocurrencies, it is the role of the blockchain that has to be understood first.
It is because of the volatile nature of the cryptocurrencies that most of the new ventures in the crypto market are mainly dealing with blockchain. Cryptocurrencies are merely the application of this fast-growing technology. The turnovers seen in this market are equally commendable. With such advantages in one’s consideration, it is only legit to have competitions rising in this sect.
Now, the competition in this fairly new sect is also rising. The need to cut an edge is also elevating. Some of the ways that can be adapted to stay relevant and kicking in the market are as follows-
- Be the innovator
For a new market and a business in one such requires new innovation. A fresh flux of ideas is what is going to keep the business relevant. Considering the classic example of BitGo and the early days of Bitcoin, it used 2-3 multisig wallet technology and emerged as a pioneer. Not only did it store cryptocurrencies but it also helped in exchange for other enterprises.
- Regulation and compliance
Regulatory compliance is one of the big advantages for existing businesses that see new entrants every day. They are completely compliant. National regulators demand more and more from financial institutions and start-ups are interested in investing in cryptocurrency. This means that they need to put in more to be fully in the circle of all regulations.
- Refine processes
This means handling all processes in a new and improved way. The processes should be both internal which can involve any operations within the company and external which deals with the customers. The processes can only leverage up to provide more and more benefits. Perhaps adding on the provision of adding other cryptocurrency exchanges apart from its routine service can be an excellent method through which customers would keep in the usage of the company’s services.
- Patent breakthrough and unique technologies
One of the biggest accounting and consultation giants Accenture subscribes to this method. They have a version of the blockchain which they solely claim to be theirs and no one else can sabotage that. The technology of the editable blockchain for example. It sounds like almost being untrue but it speaks of the stored data that is enabled with the provision of being able to be amended.
Competition is inevitable, but it is up to the companies to spot the void.