Blockchain industry has come a long way from being the foundation for digital currency alternatives. The wide range of blockchain applications in different industries calls for unique ideas from aspiring entrepreneurs who want to capitalize on the potential of this futuristic technology. As a result, the demand for information about blockchain business ideas has also increased profoundly in recent times.
Digital transformation is gaining pace in the aftermath of a global pandemic, and blockchain is one of the dominant factors fuelling the growth of digital transformation. The following discussion helps you dive deeper into some prolific ideas for a blockchain-based business or the applications of blockchain in business operations.
Why Consider Blockchain-based Business Ideas?
Before diving into the details regarding business opportunities for blockchain, it is important to understand the existing blockchain market. Blockchain is basically a collection of digital records, also referred to as a distributed ledger. The distributed ledger contains blocks connected to each other in a chain.
Each block contains information regarding transactions alongside a link to the previous block, thereby avoiding any concerns of data tampering. The initial focus of blockchain applications largely revolved around financial services. However, the features of blockchain, such as the decentralized structure and immutable records, ensure prolific advantages such as efficiency, transparency, and security for companies in different sectors.
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What Do The Numbers Say About Business Opportunities in Blockchain?
In order to find out innovative blockchain business ideas, it is crucial to go through some numbers showcasing their importance. Here are some statistics which can show how blockchain business ideas could be a favorable bet for you.
- According to market research estimates, the worldwide blockchain technology market would garner revenue amounting to almost $39 billion by 2025.
- The worldwide expenditure on blockchain solutions in 2021 is most likely to reach almost $6.6 billion USD.
- The US takes the lion’s share in the overall blockchain funding with 51%.
- Almost 55% of applications in the domain of healthcare would adopt blockchain for commercial deployments by the year 2025.
- Gartner considered blockchain as one of the most disruptive technologies in 2020 after machine learning and artificial intelligence.
Business Opportunities for Blockchain
Blockchain solutions have come out from the shadow of cryptocurrency and the hype with a formidable impact in sparking the interest of various organizations in blockchain business ideas. Collaboration with credible blockchain development agencies could help businesses tap into the true potential of distributed ledger technology. Let us find out the top ideas for applying blockchain in business with guaranteed assurance of value.
Blockchain in Retail
The global COVID-19 pandemic changed the face of the world in 2020. Among the many impacts of the pandemic, the rise in online shopping has also become one of the crucial highlights. Retail websites had around 22 billion visits in June 2020. Interestingly, these numbers were far higher than the peak holiday season traffic.
With almost 12 million to 24 million ecommerce websites all over the world and continuously expanding numbers, many retail players are considering the possibilities for leveraging blockchain-centric business ideas. The applications of blockchain technology business ideas in the retail sector could include the following,
- Streamlining Transactions
Conventional financial operations depended on time-consuming, error-prone, and expensive processes for each transaction. However, blockchain-based selling and buying could simplify the payment process and reduces the time required for completing transactions.
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- Reducing Complaints of Fraud
The Global Economic Crime and Fraud Survey 2020 by PwC reveals that almost 47% of companies had encountered an incident of fraud in the last 24 months. Hackers are known for taking control of legitimate accounts for using them to make purchases. Blockchain could help in establishing a trusted identity system which can create difficulties in accessibility for third parties.
- Redefined Loyalty Programs
The success of loyalty programs is dwindling nowadays due to various factors. However, addition of a loyalty program to the ecommerce platform could help in boosting the average quantity in each order. Blockchain-based solutions could offer a safe environment for loyalty programs while ensuring seamless operations alongside reducing costs.
Blockchain in Supply Chain Management
The business opportunities for blockchain in supply chain management largely focus on the capabilities to address the concerns of complex tracking processes and unsecured payments in the supply chain ecosystem. Blockchain could provide unique ideas for applications in supply chain management such as the following,
- Supply Chain Security
The supply chain industry loses almost $50 billion in terms of annual revenue due to lost or stolen cargo. However, blockchain would ensure that it is impossible to tamper with data in a blockchain-based supply chain management system. As a result, it can reduce the risks of theft of goods or documents.
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- Transparency and Automation in Settlements
The lack of third parties in blockchain-based supply chain management solutions ensures improved speed, security, and transparency in transactions. Consequently, blockchain-based supply chain applications could contribute to improved trust among the involved parties. In addition, smart contracts could also ensure automatic payments upon compliance with specific conditions of an agreement.
- Better Tracing
Blockchain could ensure easy availability of information to all participants in the supply chain, beginning from product manufacturing to storage. The immutable records provide assurance regarding the standards of the products, thereby strengthening trust among different parties.
Blockchain in Healthcare
The domain of healthcare is also one of the notable playgrounds for implementing innovative blockchain business ideas. A global pandemic showed us the faults in healthcare supply chains all over the world. In addition, the healthcare sector has also witnessed a profound number of data breaches in recent times. Blockchain business ideas for the healthcare sector could help in the following ways.
- Improved Traceability
Various healthcare products have different countries as their manufacturing sites. The World Health Organization has stated that almost 10% of pharmaceutical products in countries with low-income and middle-income profiles are fake. The management of healthcare supply chain with blockchain could help in accessing information regarding trusted suppliers. It can also help in easier certification of the authenticity of medicines.
- Efficient Storage and Safeguards for Medical Records
An average patient in the US would visit almost 19 doctors in their lifetime. The storage of medical records in paper-based formats implies that they are distributed across various facilities. Without a comprehensive database, you are most likely to lose important documents, which can lead to slower treatment and more errors. Blockchain technology business ideas in the healthcare sector could help in creating one dataset for all the health records of a specific patient. The secure encryption and processing of medical history on the blockchain can serve prolific value advantages.
Blockchain in Education Sector
The different opportunities for implementing blockchain in business for the education sector have started gaining recognition recently. Remote teaching in digital platforms has expanded profoundly during the pandemic. Therefore, the interest in innovative technologies for the education sector has been increasing the demand for blockchain solutions in education. Here are some unique functionalities you can achieve with blockchain-based business ideas.
- Simplification of Publishing Process
Many students, researchers, and even professors encounter rejection when they want to publish their content. While a paper might be perfectly sound according to specified requirements, pitfalls in the publication industry might keep it away from seeing the light of the day. Blockchain business ideas in education could offer platforms for scholars to publish their content to a broader audience while managing ownership rights.
- Maintenance of Digital Records
The University of Melbourne began issuing digital certifications by using blockchain in 2017. The Massachusetts Institute of Technology also offered digital diplomas based on blockchain. Interestingly, blockchain-based records are immune to any modifications, thereby ensuring better longevity and security. Blockchain technology business ideas in education could ensure that an individual could get an academic certificate without intermediaries. Think of a platform that issues and stores diplomas, certificates, and the grades of a student, accessible with few clicks.
- Protection for Open Educational Resources
The educational resources on blockchain come with timestamps and information regarding the author. In addition, you can also identify the different modifications introduced in the resources under question. The distributed ledger could help in identification of the time of document creation and identity of the creator. Therefore, original content creators always get their due credit with relief from concerns of plagiarism.
On a final note, you could find diverse business opportunities for blockchain applications in different sectors. The inherent features of blockchain, such as immutability, transparency, and decentralization, make it a valuable technological intervention. The new applications of blockchain for profitable business ventures in 2021 can be related to any sector. In the retail sector, blockchain-based business ideas could improve loyalty programs and transaction efficiency. Blockchain business ideas for supply chain management could focus on improving traceability while boosting security of supply chain.
Furthermore, the ideas for leveraging blockchain in the healthcare and education sectors can emphasize on secure storage of records. Apart from the promising ideas mentioned here, you can also explore many other possibilities of leveraging blockchain for profitable ventures. You should start learning more about blockchain and its potential to drive value for enterprises. Discover what more you can do with blockchain right now!
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