Nowadays, many enterprises are working on a blockchain project to better the way of our business world. But in reality, working on a blockchain project is relatively quite hard if you don’t have the proper knowledge base on it.
Thus, you need to know how to work on a blockchain project, it will be quite easy to develop your own solutions as well.
To help you out, I’ll be covering everything you need to know about blockchain projects. So, let’s get started on it, shall we?
12 Best Blockchain Projects To Check Out
Tradelens is one of the most recent buzzes in the blockchain project ecosystem. In reality, it’s actually a result of the collaboration of some major enterprise companies for the sake of supply chain management.
This project is solely for the sake of revolutionizing this sector and getting rid of all the issues at once. Obviously, it’s using blockchain and is open for anyone to use.
At present, there are over 100 enterprise companies connected in this blockchain project ecosystem. Also, it includes various terminal operators, shippers, ports, carriers, 3PLs, freight forwarders, and so on.
You can use it to access the global network of logistics and supply chain. More so, creating new projects or managing your supply chain management has never been easier.
In reality, the project comes with a lot of features such as it offers secure permissioning structures, a high level of privacy and immutability, a trusted network, a new data model, Open APIs, and so on.
As you can see, the blockchain project ideas are well equipped to handle any situation of the supply chain management industries.
The Marco Polo is one of the wonderful live blockchain project ideas in the market. Basically, this project is specifically for tradev finance industries. Thus, the project includes many corporations, financial institutions, technology providers, and so on.
Apparently, financial institutions have to deal with a lot of risk management issues and need constant changes to keep up with the cyber-attacks.
However, in the digital world, the major companies take up the burden of paying for any issues along the way, but still, they have to use the outdated processes.
Thus, TradeIX and R3 officially brought the project in the market to address all of these issues. More so, to offer better real-time enabled applications for trade and working capital finance sector. Thus, it’s one of the best ones in the blockchain project ecosystem at the moment.
Previously, this project was known as Voltron, but they recently rebranded as Contour. In reality, it’s actually one of the popular blockchain projects ideas. Mainly the project is more focused on financial sectors. Also, it uses R3’s technology Corda to back it up.
Mainly, you will see that the goal of the project is to offer a digitized method of securing all financial documents. In reality, this is one of the major issues of this sector as the manual paper-based documents are more prone to corruption.
Thus, with this project, it will be very easy to secure them and ensure that no third party gets access to it. At present, this project has 10 banks in their ecosystem.
Also, they tend to offer a lot of features of corporations, banks, and partners. For example, for corporations, you will get efficiency, import and export transactions support, electronic bill of lading, and so on.
Barclays happens to be one of the largest banks in the UK. Also, this company is more than eager to work with blockchain technology. Thus, with other major players in the marketplace it’s now working on a project called
Blockchain projects ideas Fnality. Previously this project was called Utility Settlement Coin/ USC. The major goal of this project is to develop a blockchain-based version of five major currencies – the Canadian dollar, the U.S dollar, the Japanese yen, the British pound, and the Euro.
Also, the project happens to have a lot of budget for this from their 14 shareholder banks. Using this, they want to streamline the fund transfers and KYC processes in the decentralized system as well.
Other than this, the bank is also working on their very own personalized project and already filed for patents on those as well.
Another one of the cool blockchain project ideas is the path the HSBC bank is taking. In their project, they are working on shifting more than $20 billion worth of assets to their new in-house blockchain platform.
In reality, HSBC is actually one of the largest financial and banking service organization in the world. More so, it’s a major change to the company as they have been using paper-based systems and will finally move to a more digitized version of all documents.
Anyhow, using blockchain to help the investors save time in making checks or holdings is a huge plus point as well.
Therefore, HSBC will use a blockchain project called Digital Vault to offer its investors real-time access to their records safe from everyone else.
Walmart is using a completely innovative blockchain projects ideas to fuel their platform. In reality, the company is more than eager to use blockchain for the sake of food traceability. But why go to this length just for the sake of food?
Well, actually, because in recent years, there have been a lot of scandals of finding harmful chemicals in the food we eat. Thus, people are becoming sicker and sicker and falling victim to the overuse of chemicals in processed foods.
Thus, Walmart is using Hyperledger Fabric to back up its food traceability project. At present, they have already completed two major proof of concept projects with their platform.
According to them, the provenance method of any food that takes them mainly seven days now takes only 2.2 seconds! Can you imagine how efficient the company can become? Also, it offers the consumers to check out their foods before they buy it as well.
Anheuser Busch InBev
Anheuser Busch InBev happens to be one of the largest brewers in the entire world at the moment. But they are also very interested in being a part of the blockchain project ecosystem. For that, they are working with a startup BanQu and using their platform, they are trying to track their supply chain.
According to the company, their main supply chain in Africa is what they are focusing on at the moment. In reality, they want to connect with the community that produces their raw materials. But they don’t want any middlemen.
So, they are now using blockchain to connect to over 2000 local farmers and improve their lifestyle and manage illegal alcohol usage.
They already run a pilot project in Zambia for cassava farmers. And it was a huge success. So, as you can see, the company is continuing its project.
De Beers’ blockchain project ideas are really working at present. In reality, De Beers is one of the popular diamond companies in the world. However, they also know that even though they follow a strict policy in the supply chain, the diamonds can get stolen or replaced.
Thus, to ensure that all the diamonds their consumers buy are fully authentic and of great quality, they are using blockchain to trace them.
For that, they have a new platform called Tracr. Using this platform, the flag every single diamond once it gets mined. More so, they also keep every single interaction with the diamonds on the ledger as well.
At present, they aren’t still able to track every single diamond, but, in the future, they will fashion the platform to support all of their supply chain processes.
Shell is a leading company in the energy sector. In reality, they, too, joined in the blockchain project ecosystem. At present, they are working on a blockchain project that will help them streamline blockchain for crude oil trade.
Also, they previously were working on ways to improve this industry as there seems to be a lot of faults in their overall process. But without a proper platform, they couldn’t do anything.
But now, with the help of Komgo, they are finally working towards revolutionizing this sector for good. In reality, the platform offers a lot of features such as remote access, authentication process, onboarding, and deployment.
Faster and better speed and increased efficiency in their trade finance system. Also, they offer to audit every single document on the platform for better trust.
Another one of the wonderful blockchain project ideas is using it for medical purposes. And that is exactly what the FDA (Food and Drug Administration) is doing. Currently, the company is now working on a blockchain project called DSCSA, where they will trace prescription drugs.
In reality, the counterfeit drug issue is becoming a huge burden on the healthcare industry. As a result, many patients fall sick and even die due to the use of false drugs.
Thus, using this project, they can finally track every single drug from their production houses right to the customer. And so, they are working with IBM, Merck, KPMG, and Walmart.
Anyhow, they are also working on another project where they will use this platform to safeguard different medical data such as patient info, EMR data, and so on.
MetLife is also working on many blockchain projects ideas, and one of them happens to launch as their pilot project as well. Currently, they are using the public Ethereum blockchain to add more efficiency and transparency to their insurance claim process.
Anyhow, MetLife’s Singapore based incubator company LumenLab is mainly responsible for this new project. More so, they already have a platform called Lifechain for quickly auditing and processing the claim of life insurance.
Currently, they are collaborating with NTUC Income and Singapore Press Holdings (SPH) on this blockchain project.
If the project becomes successful, then it can transform the whole industry and create new opportunities as well. More so, they also plan to offer lower price points for their customer to offer more options.
Coldwell Banker is also on the way to using blockchain technology for the betterment of the industry. In reality, the real estate industry deals with a lot of issues. First of all, the industry doesn’t have any liquidity at all.
As a result, the prices of properties are going up at a rapid rate, and it gets out of the hands of middle-class people. Thus, the industry is becoming volatile as well. To stop this, Coldwell Banker is using a different method.
They are currently working with Propy, a platform for real estate industries. Basically, it uses blockchain to automate the whole process of buying property. More so, that it saves 10 hours in every single transaction.
Can you imagine that? I have to say, it’s defiantly one of the best blockchain project ideas now.
Blockchain Project Development Life Cycle
Building a blockchain project isn’t easy if you don’t know what steps to follow. So, to help you out, I am here with a step by step to help you guide through the overall process of a blockchain solution. So, let’s see what they are –
Step-1: Take a Blockchain Course to Enhance Your Knowledge base
The issue is in almost all the cases, many of you don’t even have the proper knowledge base to work on blockchain projects. Thus, to start your blockchain journey, you will need to first take a blockchain course to learn about technology.
In reality, a blockchain course is really beneficial as these cover many different aspects and use cases of the technology. However, how would you know which blockchain courses are the best ones in the market?
Well, to help you out, we have a wide collection of blockchain courses. For example, if you are into a development position, then you should surely check out our Certified Enterprise Blockchain Professional certification for you.
It will not only help you throughout the different stages of the blockchain solution life cycle but also guide you in selecting a proper use case for your company.
Anyhow, we also have specific industry-focused blockchain courses. For example, with our enterprise blockchains and supply chain management and enterprise blockchains and trade finance courses, you will get insight into both of these industries.
We also have templates that can help you strategize about your blockchain project as well.
Thus, in the first step, you have to increase your level of knowledge on the said topic and then proceed to the next stage.
Step-2: Select the Proper Blockchain Use Case for Your Business
This is a significant part of building blockchain project. Here, you have to analyze your companies needs and what path you want to take in the future. More so, you have to figure out how you can use blockchain to enhance your company to even your consumer experience.
In reality, blockchain comes with a lot of use cases that you can check out. But make sure to stay relevant to your industry. For example, if you try to incorporate use cases specifically for healthcare into the supply chain, it won’t work, right?
Also, you need to keep your use case to a minimum. Why? Well, because developing a blockchain solution is quite complex. So, the more you add to it, the more complicated and error-prone it will be.
Therefore, try to keep things at the minimum.
If you are not sure about what use cases to choose, then you can check out our blockchain courses as our expert team will suggest a probable solution to your problems.
And this is how you develop the best blockchain projects in the market.
Step-3: Choose the Perfect Consensus Algorithm for Your Project
Next comes choosing the consensus algorithm. You know there is no way you can use a blockchain solution without any workable consensus process. In reality, consensus algorithms are extremely necessary for a blockchain to be a blockchain.
I mean, it’s at the core of what the technology lives up to. Without a proper consensus method, any kind of agreement of nodes is invalid and can’t be trusted.
Usually, the consensus allows you to offer a way to reach an agreement among the nodes in a trustful way. So, you can trust that all the data in the ledger is actually true, and no one altered it.
However, you have to know what consensus algorithms to choose because it has to sync up with your business strategy as well.
Why? Well, because not every single one is suitable for your industry or the specific blockchain solution you are trying to build. So, make sure you know what you are doing.
Step-4: Choose the Perfect Enterprise Blockchain Platform for The Solution
Next comes the enterprise blockchain platforms in building blockchain project steps. Here, you will have to fix what enterprise blockchain platform to choose as the base of your project. Working on the platform from scratch can take up many months or even years.
Not to mention you will need expert blockchain developers who can pull off working on a completely new platform. This can become a big hassle in changing times. And so, there are already many existing platforms suited for any kind of enterprise use cases.
For example, Ethereum, Corda, Hyperledger, IOTA, and so on.
Step-5: Start Designing the Architecture
Building blockchain project can be a difficult task if you can’t pull off the architecture phase properly. In reality, this step is one of the important ones so far. Once you know what platform to use or what kind of consensus to use, you have to start working on the core architecture as well.
Even though you may choose an existing enterprise platform, in most cases, you will have to make changes to that in order to mold it according to your needs.
Thus, you’ll see that the best blockchain projects may use Hyperledger, but it did make a lot of changes in that as well.
Also, don’t forget to work on the APIs, Admin panel, User Interface, and so on. Make sure you give a lot of thought on including smart contracts as well. It may seem like a great feature, but if you don’t need it, don’t unnecessarily include it.
Step-6: Test Out the Blockchain Project Vigorously
You know, if you don’t test out your project before launching, then building a blockchain project will just be a waste of time for you. Why? Well, you don’t possibly think that your solution will be perfect from the very start now, do you?
As you will modify or even build your blockchain project from scratch, you will get a lot of error here and there. These errors can seriously pose a threat to the security of your network. So, to find out if your project is working efficiently and error-free, try to test it out vigorously before launching.
Once you find out what kind of issues it has, you can quickly fix those and make it a perfect solution for launch.
Step-7: Make It Future Proof
You did all you had to do to develop the best blockchain projects in the market. But it won’t stay the same if you can’t make sure that your project will evolve as time goes by. So, you will have to future proof your project as well.
What does that mean? It means that make sure that your project is capable of growing. You can’t possibly attract your consumers with the same feature’s years after years. Also, there will always be other revolutionary technologies in the future as well.
You have to make sure that your solution can integrate those as well.
There, now you are ready to launch your very own creative blockchain project.
In the End
Now you know how you can work on a blockchain project. In reality, there are many paths that you can take in order to reach a more major outcome. As you already know, enterprises are already working on many projects at the moment.
And I’ve already compiled some of the best blockchain projects in this guide for helping you get a bit insight into the topic. Anyhow, as you can see, blockchain isn’t going anywhere for the time being. So, it’s a very smart move to start your blockchain journey right when you can before its too late.
As technology is supposed to become a major industry in the future, it’s high time that you secured your position in it.