Complete Guide to Naming Your Blockchain Business
Our blockchain business naming guide will help you think about much more than just a name, we’ll look at your Brand Goals, Target Market, Demographic Interests, Analyze Competitors Names, Brainstorm Ideas and get blockchain business name inspiration.
Brand Goals & Target Market
When they hear the term “blockchain,” most people make an immediate assumption about cryptocurrency. The blockchain technology, however, facilitates the execution of such a wide range of business ideas.
From banking and money transfer services to the creation of medical records and contract validation – all of this is possible through blockchain technology.
There are two very important characteristics of blockchain businesses that should be incorporated in your branding campaign. For a start, blockchain transactions are decentralized – a fact that allows for a high level of flexibility. In addition, the peer-to-peer nature of such transactions simplifies validation and results in a very high level of security.
When branding and choosing a name for your business, you should emphasize on these facts and the manner in which the blockchain technology is different from standard solutions in the very same field.
It’s also important to remember that the blockchain technology is still pretty niche. The group of people familiar with such solutions and interested in blockchain services is limited. These people, however, have a good idea about the benefits and the opportunities of blockchain-based transactions. This is why you shouldn’t be afraid to put emphasis on key characteristics, even if these are somewhat niche.
Needless to say, people who consume blockchain-based products and services are younger. Millennials rank among the primary consumers and the number of older people comfortable with such a business model will be fairly limited.
The biggest portion of cryptocurrency and blockchain service users is in the 22 to 30 age range. The people aged 31 to 40 follow as the second most prominent age group of prospects. The vast majority is male but this could potentially change as the scope of blockchain-based businesses expands.
These individuals typically have a higher income level and university education. They feel comfortable with digital technologies and innovation. In fact, they’re curious about what the blockchain-based model can bring to the table.
Potential customers are employed and according to statistics, most of these consumers are located in Europe, North America and certain Asian countries.
Competitor Name Analysis
As the name suggests, this is a company based on cryptocurrency services. CoinBase is a digital currency wallet and it also offers currency exchange options.
The name has simply been chosen to look and feel different but it’s actually pronounced as Quantum. The company offers a blockchain-based smart contact system.
You’ve probably guessed from the name already but Intellectsoft offers innovative and smart software solutions. Some of the products developed by the company are based on the blockchain technology.
Code Brew Labs
This name is a bit more frivolous and humorous. While it does make people smile, it also provides a pretty accurate idea about what the company does – it develops blockchain-based technological solutions.
The aim of this company is to make money go round. Its slogan is “the new shape of money” and circle focuses on blockchain-based money transactions between its members.
One more company that relies on creative spelling but the name is actually pronounced as storage. The company offers decentralized, cloud-based data storage solutions.
Blockchain Business Name Inspiration
- Blockchain Exchange: if you plan to offer money transfers or exchange options, the name would be suitable – it’s practical and it tells a potential customer what to expect.
- Crypto Contract Validation: digital contracts that are blockchain-based have become the next big thing and if you’re planning to launch such a business, the name would be a suitable pick.
- DigiCoin: another name that would be suitable for a cryptocurrency platform (whether the aim is cryptocurrency generation, exchange or storage).
- Smart Peer-to-Peer: this is a pretty generic name that could apply to any kind of blockchain business. If you opt for something this general, you should definitely have a good tag line.
- Nautilus: the submarine from Jules Verne’s novels has become a synonym of innovation. Thus, its name could easily be used for a business based on the blockchain technology.
- Central No More: the biggest benefit of blockchain solutions is that they’re decentralized. Why not put emphasis on this fact in the name of the business?
- New Block Validation: as already mentioned, blockchain technology also comes with validation that’s almost impossible to tamper with. Thus, the fact is also a great option for naming a business.
- TechIntel Contracts: one more name that suggests an innovative contracting option for the purpose of security and authenticity.
- MegaChain Consortium: a larger blockchain-based organization can benefit from a more corporate-sounding name.
- CryptoZone: another pretty general company name that could apply to a wide array of blockchain-based businesses.
What Not to Name Your Blockchain Business
Don’t dumb your company name down in an attempt to appeal to a wide, generic audience. The people you are attempting to target already know what blockchain is. They’re familiar with some of the most important terms, which is why you shouldn’t go for something mainstream in order to reach a larger crowd.
Money and coin-related references are already becoming a bit of a cliché. Even if you offer financial services based on the cryptocurrency, you can find a more creative way to deliver the information to your prospects.
Avoid abbreviations, unless these have pretty much become the standard in the field. If people don’t know what an abbreviation stands for, chances are that your company name will appear somewhat obscure and irrelevant at first.