Blockchain allows recording information in a way that makes it difficult or even impossible to change, hack, or cheat the system. By essence, blockchain is a digital ledger of transactions that is duplicated and distributed across the entire network of participating computers(nodes). What's unique about blockchain is that it guarantees transparency and adds fidelity to confidential data transactions. Blockchain technology greatly improves efficiency, accuracy and, most importantly, ensures trust without third-party involvement.
Initially, blockchain deployment has mostly focused on the financial services area. However, immutable records, decentralised structures and other blockchain benefits bring added efficiency, security and transparency to companies of different market sectors. As a result, it’s estimated that global blockchain technology revenues will reach around $39 billion by 2025.
After 2021’s rapid uptick in the global cryptocurrency market, blockchain solutions have sparked a renewed interest among many organisations. Partnering with an experienced blockchain development company become one of the most common strategies businesses pursue to seize the potential the distributed ledger technology offers. Let’s take a closer look at how different businesses can harness the advantages of decentralised technology.
Blockchain is a decentralized platform that was initially developed to support and secure the rise of digital currency. It’s no surprise that blockchain’s most promising use cases are in finance, even though the applications of such a platform have spread throughout different industries.
In the financial industry, blockchain technology can:
Managing the flow of goods from the point of origin to the point of consumption is an integral process for almost any business. As the process involves multiple stakeholders, locations and invoices, it is difficult to develop trust and keep the quality high with minimal errors.
Blockchain has emerged as a solution for unsecured payments and complicated tracking within the logistics ecosystem.
Blockchain technology can transform supply networks and the transportation sector in general allowing organisations:
The coronavirus pandemic has accelerated the global shift towards online shopping. In June 2020, retail websites generated almost 22 billion visits, exceeding even peak holiday season traffic. There are between 12 million and 24 million e-commerce sites globally, and the number keeps on growing. So, big retail players started realising new blockchain business ideas to beat their competition and improve customer experience.
In the retail sector, blockchain technology can:
The pandemic has exposed healthcare issues, such as data breaches and glitches in healthcare supply chains, that spur a need for greater efficiency and innovation in the field. With the advantages it offers, blockchain can improve the overall experience within the healthcare sector.
In the healthcare sector, blockchain technology can:
A blockchain-powered database can help to predict supply shortages before they impact patients’ treatment. Moreover, if a product has to be recalled, blockchain-enabled product traceability cuts the notification process from days to minutes. If you need some extra expert insights to help you choose the technology stack to power your next blockchain solution, check out this article comparing the two most popular distributed ledger frameworks.
COVID-19 has drastically changed the education sector. Institutions around the world have pivoted to e-learning. Teaching remotely on digital platforms has experienced growth and adoption even before the pandemic, and it is likely to stay after the pandemic. Innovative technologies help institutions to adapt to the new reality and thrive, fuelling interest in a blockchain-based solution.
In the education sector, blockchain technology can:
There are many applications of decentralised infrastructure – storing data records, concluding agreements, digital assets management, verifying operations and many more – that have the potential to revamp other sectors. Here’s a brief overview of some other blockchain business ideas and use cases:
Many global companies have already explored blockchain business ideas, selected the most promising ones and put them into practice. Here’s a shortlist of how the world’s leading companies are using tangible blockchain technologies to their advantage:
Blockchain technology is evolving rapidly. In this article, we have shortlisted just a few of the best blockchain business ideas across sectors. The technology has the potential to disrupt a multitude of processes. Starting a blockchain business journey by yourself is a daunting prospect. Cooperation with a technology expert can help you make a positive start and capitalise on the business opportunities blockchain offers. An experienced software vendor can build a smart development team to help you meet any gaps in your internal blockchain expertise and deliver your project requirements.
Need help with generating blockchain business ideas and getting the most out of them? Contact us today.
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