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.
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.
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.