[BLOG] Corporations and SMEs
Tags: Blog, Innovation, Startup, Company, Blockchain

As the interest in blockchain technology by the corporations and SMEs increases, there are large corporations such as SK-telecom, Samsung Electronics, and Kakao-Talk looking to make partnerships with blockchain-based startup companies, to actively support commercialization of the blockchain space.

Recently, there had been many companies jumping into the blockchain space, regardless of their size. In some cases, large corporations themselves work on developing their own blockchain, however, there are more companies looking forward to work with companies that already have the exceptional technical skills of the blockchain technology. In a sense, corporations and small and mid-sized enterprises (SMEs) around the world are focused on technical aspects of the blockchain based startups to develop innovative solutions for their needs.

As mentioned, not only the SMEs are looking to partner with blockchain startups, but globally renowned corporations are working with blockchain startup accelerators to discover blockchain-based startups. Recently, a government-backed blockchain accelerator in Singapore, known as Tribe Accelerator brought together globally renowned companies like BMW Group Asia, Intel, Nielsen, and more to meet with exceptional startups in diverse areas.

Further note, leading the startup companies in the diverse sectors are interested in blockchain technology as well. Mightjaxx for example, is a leading startup that focuses on art collectibles that were recognized by Forbes for its influential uniqueness, is interested in the utilization of the blockchain technology. Just as Mightjaxx, SMEs, and corporations are looking forward to expanding their horizon into the blockchain space by working with blockchain startups.

So, the reason why companies are increasingly interested in blockchain technology is that these startups already possess competitive technical skills. Also, according to a comment by the industry professional, to make a mark as a leading identity in the blockchain space, the companies need to work with exceptional startups to work on open innovation.

Accordingly, at Beyond Blocks in Bangkok last year, blockchain professionals have mentioned that corporations have a conservative mindset rather than being open to innovations. Also, the corporations should be able to support and adapt technologies of the startups, moving onto the future. If the corporations partner up with uprising startups and share exceptional technical skills and innovations, there could be a situation where both the startups and corporations can grow at the same time.

Following such hype and the focus on blockchain space, there are many startups who are developing their own blockchain and services (dApps), as TEMCO is working on developing flexible and a solid solution that corporations and companies can use. The functions of TEMCO’s solution provides flexibility in such a way that the companies can utilize the solution based on their needs.

For example, companies who need blockchain based payment system can use the part of TEMCO’s API solution that is specifically designed for the payment system, and for companies that need insurance portion of the technology can do the same, using the developed insurance system from TEMCO’s API solution. The fact that TEMCO is working on developing a flexible solution for both corporations and SMEs can adapt, it differentiates itself from others who are working on developing blockchain based solutions.

Just as mentioned, TEMCO’s solution is flexible so that SMEs and Corporations can adopt to their needs. Through this, corporations and SMEs have high expectations for TEMCO and looking forward to making partnerships.