In our daily life, we pass by multiple businesses that look plain and simple from the outside — but are high in demand and profitable. Vending machines, car washes, and bookkeeping are just some of the services that are dull yet lucrative businesses in our society. Without these boring businesses, life would definitely be harder to navigate through.
Another feature of why boring businesses are popular investments is due to their passive income nature. A 35-year-old investor, Codie Sanchez, left her Wall Street job and decided to invest in boring businesses to reach financial independence. She now has a portfolio of 25 businesses and generates eight figures in passive revenue. More than 800K people follow her investing journey on the social media platform TikTok where she shares tips and advice on how others can do it too.
Boring businesses are in no doubt profitable, but what about the ones in the blockchain industry?
Boring Businesses in the Blockchain Industry
Some notable boring businesses within the Blockchain space are domain registrars, security, and auditing services. Utilizing blockchain technology could transform boring businesses to the next level. For example, blockchains are resistant to any sort of altercations of any stored data — resulting in being a reliable source of verification.
Auditors can simply verify transactions on publicly available blockchain ledgers instead of asking clients to submit bank statements. This not only is faster and more efficient for both owners and customers but also cost-effective in the audit due to the automation process.
Domain registrars are exemplary of what boring businesses can achieve within the blockchain industry. These domain registry sites are revolutionizing how we register, manage, and resolve domain names on the blockchain. The blockchain DNS is not only decentralized but also operates on a peer-to-peer system without relying on a middleman or a central governing body.
Companies who purchase a domain from the blockchain DNS are guaranteed cybersecurity since domains can’t be censored or altered with the owner’s permission. Also, a handful of registry sites allow users to utilize crypto payments online and received private keys to their wallet in parallel with their domain.
Although domain registrars are relatively new, potential investors can still foresee the lucrative success this boring business can bring to the blockchain industry.
How Boring Businesses Help the Economy Virtually
Tapping into blockchain technology when upgrading boring businesses can help the economy through its scalability and sustainability features. The founder of the World Bank Blockchain Working Group, Dr. Rosanna Chan, mentioned how the blockchain has immense potential to influence a large number of sectors — especially companies with the lowest usage of digital technology.
“Blockchain impacts the most boring parts of operations. However, given these boring parts create the majority of inefficiencies in all sectors, it would make sense that perhaps the most inefficient sectors — even those that have barely gone digital — will stand to gain the most,” Chan said.
To summarize, boring businesses in the blockchain could provide the following benefits:
Efficiency: Completed direct between relevant parties
Auditability: Provides a clear audit trail for assets between parties
Traceability: Easily track goods in supply chain
Transparency: Build better trust through clear transaction transparency
Security: Verified transactions through complex cryptography
All types of businesses slowly integrating blockchain technology into their daily operations. It’s only a matter of time till blockchain technology will be the norm to the rest of our digital and modern world.
References
Buchko, S. (2022, July 18). Celsius Network CEO Alex Mashinsky Is Moving from VoIP to MoIP. CoinCentral. https://coincentral.com/best-blockchain-domain-registries/
C. (2022, May 27). 130+ Boring Businesses I Love to Invest In. Contrarian Thinking. https://contrarianthinking.co/130-boring-businesses-i-love-to-inve st-in/
Donkin, C. (n.d.). Blockchain tipped to transform boring business operations. Mobile Insights. https://mobileinsights.mobileworldlive.com/mwca18-dailies/block chain-tipped-to-transform-boring-business-operations/
French, J. (2022, April 7). Codie Sanchez Generates 8 Figures in Passive Revenue from “Boring Businesses.” Grit Daily News. https://gritdaily.com/codie-sanchez-generates-8-figures-in-passive -revenue-from-boring-businesses/#:%7E:text=Specifically%2C%20 she%20decided%20to%20focus,but%20they%20are%20reliably%2 0profitable
Psaila, S. (2018, June 28). Blockchain: A game changer for audit processes. Deloitte Malta. https://www2.deloitte.com/mt/en/pages/audit/articles/mt-blockchai n-a-game-changer-for-audit.html
Treagust, S. (2017, June 7). 6 BUSINESS BENEFITS OF BLOCKCHAIN. IFS. https://blog.ifs.com/2017/06/6-business-benefits-of-blockchain/