Top 11 Blockchain Startups to Watch in 2023
Blockchain technology is gaining significant traction in the new digital economy. There’s a growing demand for cryptocurrency, and there are more than 200 crypto exchanges around the world today.
New technologies centered around Web3, 5G, Internet of Things (IoT), and Industry 4.0 have also inspired many entrepreneurs to harness the power of blockchains. Investors are also joining the trend and see the potential to make gains in this space.
The blockchain industry has received a significant amount of venture capital funding in recent years. There are many ideas for blockchain-based applications, such as NFT marketplaces, VR and AR metaverses, E-healthcare companies, and Artificial Intelligence.
The Blockchain Startup Market is Growing
A survey by Garner predicts a market value of $176 Billion in 2025, a number which will explode to $3.1 trillion at the start of the next decade. With these projections, it’s no surprise that so many venture capitalists are backing blockchain startups.
According to this survey, the total number of blockchain startups increases each year, and while there were only 66 blockchain startups founded in 2012, that number skyrocketed to 777 in 2017. There were 1199 funding rounds in the first half of 2022 alone, which raised a whopping $30.3 billion. That’s more than the VC funding raised in 2021.
In this article, we’ll list down some blockchain-based startups worth watching out for in 2023. We’ve gone through a list of many up-and-coming companies, but there are a few startups we think you should look out for. Before we get to that part, let’s look at some interesting ideas for blockchain technology beyond money transfer.
Blockchain Ideas for Success
Since the Bitcoin network started in 2009, the blockchain has changed significantly from a Proof-of-Work token like Bitcoin that was primarily used for money transfers. Today, many blockchains exist with an improved framework that enables utility-based applications that work in many situations. Here are a few ideas that tech-savvy entrepreneurs have come up with for using blockchains.
Smart Contracts are automated contracts that are made between two parties based on fixed parameters. The contracts are automatically executed when specific conditions are met. Any corresponding assets are transferred to either party at this point.
Decentralized finance applications allow users to lend or borrow assets without the need for a bank. Users can stake their cryptocurrency through a DeFI application and earn interest by trading a mix of financial assets, smart contracts, and cryptocurrencies.
Blockchain data encryption protocols can be combined with IoT devices to transfer password and authentication details to remote devices, making the network virtually unhackable.
Personal electronic medical records (EMRs) can be connected to healthcare providers on a blockchain. This allows healthcare providers to provide recommendations for medical interventions, medications, and appointments, while also keeping patient data safe and secure.
Blockchain networks can provide complete visibility of inventory on a network, making it very easy to track shipping movement. This makes tracking easier and has the potential to save billions in operational costs.
Blockchains have been used to create secure electronic voting systems, allowing participants to vote anonymously through any device. Electronic voting systems save costs on physical balloting systems by minimizing the use of paper and the need for voters to travel.
NFTs are non-fungible tokens that can be used as digital collectibles. NFTs serve as a way for artists to reach out to the online community on their own terms. For NFT collectors, they are a gateway to an exclusive member’s club in both the digital and physical space.
Top 11 Blockchain Startups for 2023
Founded in: 2016
What does it do? Fluree is a blockchain-based semantic graph database that allows developers to make graphs and concept maps with fast search speeds. The company guarantees full data traceability and has its own semantic standards that set it apart from the competition. With their flagship product, users will be able to visualize their data in unique ways while also keeping it secure.
Founded in: 2018
What does it do? This Los Angeles startup aims to create a map of the entire world into a virtual-reality app. MeetKai is already recording many real-world locations and bringing them into its application. The goal of the company is to give metaverse users a glimpse into real locations. To help its mission, MeetKai uses AI models to recognize locations and speech patterns to create an engaging VR experience.
Founded in: 2017
What does it do? Constellation Network is an interoperable blockchain for entrepreneurs who want to quickly build a new blockchain application. It has a highly decentralized DAG architecture with a level-zero data transmission layer that gives it a high transaction speed (8-.000 TPS in 7 seconds using only six nodes). The network also features a feeless method for completing transactions, making it an attractive option for scaling up blockchain applications. Constellation network’s features will allow developers to build applications that seamlessly connect with other blockchains while building their ecosystems.
Founded in: 2017
What does it do? MetaKing Studios is a AAA games studio that is currently developing Blocklords, a Medieval fantasy grand strategy MMO game in which players can own digital assets. The team plans to implement DeFI capabilities into the game that will give it an in-game economy that does not currently exist in the blockchain gaming space. The team has multiple partners from around the globe and aims to create rich and immersive blockchain gaming experiences.
Founded in: 2018
What does it do? CertiK is a blockchain startup focused on cybersecurity. The company is founded by professors from Columbia University and Yale, who are using evidence-based research to improve the security of blockchains. That’s something blockchain enterprises can use. CertiK has implemented Formal Verification and AI systems to tackle cybersecurity threats. It also conducts security audits of other projects and has a cybersecurity leaderboard on its website.
Founded in: 2022
What does it do? Poko is a radical idea for setting up DAOs with a legal wrapper. The founders call it ‘Slack’ for DAOs. It simplifies the complex legal and technical process for anyone who wants to join an existing DAO or set up one of their own. Additionally, the legal setup fee will be reduced to a low fee like $50, meaning that DAOs will be accessible to many more online users.
Founded in: 2020
What does it do? Unlike many cryptocurrency investment apps that demand users to be active investors, Soon takes a different approach. With Soon, anyone can invest using their debit or savings account without worrying about micromanaging their money. The catch is that the app has a relatively high transaction fee of just over 3%. But that’s a small price for anyone who wants a hassle-free investing experience straight from their bank account – and that, too, on crypto. The application will first launch in the USA before moving to other countries.
Founded in: 2019
What does it do? Of the many startups based in Africa, Payourse seems to have the most robust concept: building tools to set up crypto exchanges. They have founded a crypto exchange website called Coinprodile, that allows anyone to send crypto to African recipients.
But Simpa is the product that is catching attention. Simpa is a no-code application that allows tech entrepreneurs to set up crypto exchanges in a short time. This is what the African crypto market needs so that digital currencies can expand their reach in the continent.
Founded in: 2022
What does it do? Finnt aims to create an app that makes saving money and sending remittances back home easy. It will use a decentralized network to allow users to create savings accounts that yield a high rate of return. These accounts will be backed by stablecoins that will protect account holders against inflation. With cross-border savings accounts and payment facilities, Finnt has the potential to become the money transfer app of choice in many countries.
Founded in: 2020
What does it do? Argo stands for ‘Artists Going places.’ Argo offers an outlet for short film creators and artists to share their work in a space with NFT functionality. ARGO features curated lists for genre-based and niche-based content and helps creators make some buzz for their films while also being able to monetize their work through NFTs.
Founded in: 2021
What does it do? JustCarbon is a marketplace for Carbon removal projects to make the carbon market transparent. Buyers can purchase JCR tokens on the JustCarbon blockchain to support environment-friendly projects. 1 JCR is equal to the removal of 1tonne of carbon from Earth’s atmosphere. While the company admits that carbon emissions are unavoidable in many circumstances, they provide a way for companies to help lower their carbon footprint.
There are many more blockchain-based startups that aim to use Web3 technology to provide solutions to a range of issues. While we have only covered a tiny fraction of these startups, we hope we have given you a glimpse of what the future holds for the blockchain tech industry.
Interested in learning more about the transformative power of blockchain? Contact OriginStamp today for a free consultation.
The editorial content of OriginStamp AG does not constitute a recommendation for investment or purchase advice. In principle, an investment can also lead to a total loss. Therefore, please seek advice before making an investment decision.