The tech problems that startups will address in 2019

Each year, evolving demands for technology-based solutions and emerging worldwide trends create a set of problems that tech startups look to solve in innovative and exciting ways, making them financial successes and disruptors on a global scale.

As we dive into 2019, these are some of the tech areas that we predict tech startups will try to address this year.

Blockchain technology

Bitcoin’s blockchain network is frequently criticised for requiring hugely intensive computing power in order to run. A recent study by Elite Fixtures discovered that in South Korea, one of the world’s leading Bitcoin hubs, the cost of electricity to mine a single Bitcoin is $26,000. In addition to these costs, the cost of setting up and maintaining a blockchain network.

Moving forward, startups will need to look at how they can improve cost and time efficiency for blockchain systems. If this is achieved, cryptocurrencies have a real chance of becoming adopted as a legitimate form of tender for many more companies and customers globally, as the benefits will outweigh the costs to a much greater degree.

Internet of Things

There are currently around 14 billion devices connected to the internet, and this is due to rise in the coming years as the Internet of Things drives innovation and convenience in people’s everyday lives.

Voice-activated devices have begun to have a meaningful presence in people’s homes, but the technology can often be unreliable, inaccurate and expensive, leading to a poor user experience overall. Startups that can create connected devices that are affordable to all demographics and which boast seamless command tools will enjoy a hugely successful 2019.

Payments

Card payments have overtaken cash in 2018 for the first time, but consumers want even more when it comes to paying for their goods. While in stores, contactless cards are all well and good, but the speed and simplicity are nullified if shoppers are still made to wait in lengthy queues to pay.

Technology that allows shoppers to pay for their shopping on-the-go or automatically in stores, creating a fully interactive and swift shopping experience, will be a major trend moving forward in retail. Startups that can produce the necessary technology to create completely frictionless shopping experiences will be successful in 2019 and beyond.

Goodwille has helped some of the hottest Nordic tech startups with starting up in the UK. If you need help with launching your tech startup in the UK, get in touch with Goodwille today.

The soaring value of Bitcoin drives interest in FinTech

Bitcoin’s value soared in recent weeks to well over $2,000 per coin, making it the most valuable commodity on the planet. For those who mined or acquired Bitcoins early in the currency’s digital life, large fortunes have been made with minimal effort. While Bitcoin’s volatility might not be for all investors, for businesses, it is the technology behind these cryptocurrencies, called blockchain, that is driving much of the investment in FinTech, and making jobs in the sector highly desirable.

With interest across the financial services, accountancy, banking and other sectors, blockchain technology creates a secure ledger or records and value that can be used to transcend borders, industries and currencies. With the UK and London still at the heart of global banking, much interest is centred on FinTech and many startups are looking at ways to leverage blockchain. Use cases are being sought for particular vertical markets, or to create new solutions that could be the next PayPal, or to create whole new types of business transaction models.

Popular FinTech startups have created mortgage lending banks, a digital-only consumer bank, peer-to-peer payment platforms that do away with the charges that most banks impose, and global money services that empower world travellers with a single digital wallet, whatever country they are in. These are just some of the examples of consumer FinTech that we could all be using within the next few years, challenging our banks and bureau de change to adapt.

Those changes will also rapidly apply to business, with contracts being created and managed online through blockchain technologies. One key area of business this could affect is the 30-day waiting period for payment that many smaller businesses suffer from. Any enterprise or SMB product that makes instant payments for completion of a milestone, project or task could see many departments, like accounting and sales, rapidly have to adopt such technology. If they don’t their company could soon lose business to those willing to move with the times and adopt such products.

Whatever market you are in, keep an eye on FinTech business developments around blockchain, and ensure you are ready to move when the time comes.