Blockchain is a set of digital records, also known as a distributed ledger, that seals data in an unalterable time-stamp chain. Each block in the chain contains both information about a transaction and a link to a previous block, thus preventing data tempering and keeping it valid.
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 companies. Let’s take a closer look at how different businesses can harness the advantages of decentralised technology.
Managing the flow of goods from point of origin to 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 quality high with minimal errors.
Blockchain has emerged as a solution for unsecured payments and complicated tracking within the logistics ecosystem.
In the supply chain and transportation sector, blockchain technology can:
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.
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 blockchain solutions.
In the education sector, blockchain technology can:
There are many applications of decentralised infrastructure – storing data records, concluding agreements, 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 solutions to their advantage:
Blockchain technology is evolving rapidly. In this article, we have shortlisted just a few of its possible applications 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.
Need help with generating blockchain business ideas and getting the most out of them? Contact us today.
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