The advancement in blockchain technology has brought it to the stage that it can be used in almost every field. The following is a list of the best blockchain business ideas that can result in meaningful organizational transformations.
A blockchain is a collection of digital records, alternatively referred to as a distributed ledger, that encrypts data with an unalterable timestamp chain. Each block in the chain contains both transaction information and a link to a previous block, preventing data from being tempered and ensuring its validity.
Initially, blockchain use was concentrated in the financial services sector. However, immutable databases, decentralized structures, and other blockchain advantages support businesses in a variety of market sectors by increasing productivity, stability, and accountability. As a consequence, worldwide blockchain application sales are expected to hit about $39 billion by 2025.
Blockchain-based industry concepts and prospects in a variety of industries
Following the global cryptocurrency market’s meteoric rise in 2021, blockchain technologies have reawakened momentum across a slew of businesses. Consider how various enterprises will profit from the benefits of decentralized technologies.
Blockchain in the supply chain and transportation sector
Managing the movement of products from their point of production to their point of consumption is a critical function of almost every enterprise. Due to the fact that the procedure requires various partners, places, and invoices, it is challenging to establish confidence and maintain a high level of consistency with limited errors.
Blockchain technology has arisen as a workaround for unsecured transfers and complex logistics monitoring.
Blockchain technology has the potential to revolutionize the supply chain and logistics industries by:
- Provide settlements that are open and automated. Due to the absence of third parties, blockchain allows quicker, more secure, and open transfers, resulting in greater confidence between the parties concerned. Additionally, with the use of smart contracts, payments will be rendered automatically after any of the terms of an arrangement between parties have been fulfilled.
- Ensure the supply chain is safe. On average, the industry loses about $50 billion in sales per year as a result of freight failure or theft. A blockchain-based infrastructure ensures that no records can be tampered with, reducing the chance of information or products being stolen.
- Increase traceability. Blockchain technology expands the availability of records across the supply chain, from commodity origin to storage quality. Immutable and irreversible documents attest to the goods’ compliance with requirements and help build consensus between parties.
The retail business and blockchain
The global transition toward online shopping has been exacerbated by the coronavirus pandemic. By June 2020, shopping websites will have surpassed even peak holiday season traffic with almost 22 billion views. Globally, there are between 12 million and 24 million e-commerce websites, and the number continues to increase. As a result, major market players began developing innovative blockchain business models in order to stay ahead of the market and boost the consumer experience.
Blockchain technology has the potential to revolutionize the retail industry by:
- Consolidate transfers. Traditionally, financial transactions will take weeks to complete. Each operation is the result of a time-consuming, expensive, and error-prone procedure. Due to the fact that all transactions take place inside a single network, blockchain-based purchasing and sale simplifies the whole payment mechanism and reduces the amount of time required.
- Contribute to membership and incentive programs. By incorporating a rewards scheme into an e-commerce site, an e-commerce platform’s average order value will be greatly increased. Blockchain-based solutions will protect loyalty and incentive programs, reduce expenses, and allow near-real-time service.
- Theft Prevention. According to PwC’s 2020 Global Economic Crime and Fraud Survey, 47% of businesses have experienced fraud in the last 24 months. Cybercriminals seize control of legal accounts and make transactions with them. Blockchain technology may be used to create a trusted identity that is extremely challenging for third parties to obtain.
Blockchain technology in healthcare
The pandemic has brought to light healthcare challenges such as data breaches and supply chain breakdowns, highlighting the need for increased productivity and creativity in the industry. Blockchain technology has the potential to significantly change the overall experience across the healthcare industry due to the benefits it provides.
Blockchain technology has the potential to:
- Maintain and safeguard patient information. In the United States, the typical patient sees about 19 physicians over their lifespan. Due to the fact that the overwhelming number of documents remain on paper, they are dispersed through facilities rather than becoming part of a centralized archive. As a consequence, records could be destroyed, resulting in increased mistakes and a slower rate of care. Blockchain technology enables the development of a single dataset containing all of a patient’s health history from infancy to old age. Medical records maintained on the blockchain are encrypted and processed securely, and only authorized individuals are permitted to add details.
- Increase traceability. Numerous healthcare goods are produced in a variety of countries. According to the World Health Organization, fraudulent prescription drugs account for one out of every ten pharmaceutical products sold in low- and middle-income countries. Healthcare supply chain monitoring using ledger technology enables the identification of reliable vendors and assists in certifying the authenticity of drugs.
A blockchain-based platform may assist in forecasting product shortages until they have an effect on medical care. Additionally, if a commodity may be recalled, the process of notification is shortened from days to minutes with blockchain-enabled product traceability.
Blockchain technology in the education sector
COVID-19 has had a profound effect on the education market. Institutions the world over have shifted their focus to e-learning. Teaching remotely via digital media has grown in popularity and acceptance already prior to the pandemic, and it is likely to continue to do so following the pandemic. Innovative technology assists organizations in adapting to and thriving in modern reality, increasing participation in blockchain solutions.
Blockchain technology has the potential to:
- Keep digital documents. In 2017, the University of Melbourne began utilising blockchain technology to grant digital credentials, and the Massachusetts Institute of Technology began issuing digital diplomas. The ledger records are immutable, guaranteeing their security and continuity. Without the use of an intermediary, an individual may acquire a validated record using blockchain technology. Diplomas, credentials, and transcripts of a student’s grades will all be given and deposited in the register, where they can be retrieved in a matter of seconds.
- Simplify the publication procedure. Students, teachers, and scholars often encounter rejection while attempting to publish their work. Rejection does not always imply that a paper is of insufficient quality; rather, it reflects market constraints. For example, Kary Mullis’s Polymerase Chain Reaction, Enrico Fermi’s Theory of Weak Interactions, and other Nobel Prize-winning experiments were all dismissed for various reasons. Blockchain technology will provide researchers with a platform for conveniently presenting their work to a wider public and managing and protecting their intellectual property interests against infringement.
- Ensure the preservation of free educational facilities. Educational tools generated using blockchain technology are timestamped, provide author details, and any updates to the resources are monitored. The ledger will assist in determining when and who made the record. As a consequence, the author of the initial text will still be identified and cannot be plagiarised.
Other segments that are being illuminated by blockchain
Decentralized infrastructure may have several uses, like saving documents, ending deals, checking activities, and arrangement validity, to name but there are other possibilities as well, like financial technology, transaction processing, the retail industry, etc. Here are a few more blockchain usage cases and concepts:
Agricultural sector. Conducting farming operations on a distributed ledger will aid in reducing food waste and increasing supply chain visibility, among other benefits.
Automobile industry. Vehicles equipped with blockchain technology will facilitate safer in-car payments and streamline the recall phase.
The segment in insurance. Claims may be handled within minutes when using smart contracts, significantly lowering processing time. Blockchain technology may be used to store knowledge regarding policyholders, which is then accessible to approved parties.
Entertainment and media. Blockchain technology has the potential to be used to build a robust archive for song royalties and to ensure artists collect equitable licensing payments.
A segment in real estate. Buyers and sellers may communicate easily without the involvement of brokers or other third parties, resulting in cost savings for all parties.
Social networks. To date, more than 53% of the world’s population has a social networking presence or 4.2 billion individuals. As more people utilize social networking, cybercriminals will continue to attempt to obtain users’ personal information through social media. Blockchain technology creates an encrypted network that safeguards users’ data from data breaches.
Industry of travel and hospitality. To purchase a fare, a user’s personal information is required, including their name, credit card number, and destination. Through encrypting certain data using blockchain technologies, an additional layer of encryption is added. Additionally, approved parties may view all updates in real-time. For instance, if a country needs a vaccination against COVID-19, once the individual is vaccinated, travel providers and customs control would be informed.
How large companies are using blockchain to transform their day-to-day activities
Numerous multinational corporations have already investigated blockchain business ideas, picked the most interesting ones, and implemented them. The following is a summary of how the world’s largest businesses are benefiting from concrete blockchain solutions:
- Ford is using blockchain technology to securely store and exchange pollution data with authorities and car owners.
- Maersk uses a blockchain-based shipping network to deliver real-time details and digital records to all supply chain stakeholders.
- Mastercard is experimenting with blockchain-enabled transfers, which may result in more efficient and open cross-border transactions.
- Nestle and Carrefour would use blockchain technology to improve insight into their supply chains.
- Pfizer is using blockchain technologies to control the supply chain and maintain data.
- Toyota has established a Blockchain Lab to investigate the technology’s potential applications in various facets of the automotive industry, including supply chain management and mobility.
What could blockchain technology mean for your business?
Blockchain developers are advancing industries at a breakneck rate. We also highlighted a number of its potential implementations through industries in this report. The technology has the ability to drastically alter a wide variety of systems. Self-starting a blockchain company is an intimidating prospect. Collaboration with a technology specialist will assist you in getting off to a strong start and capitalizing on the market possibilities presented by blockchain.
Need assistance developing blockchain business concepts and maximizing their potential? Contact us immediately.