Blockchain is a distributed digital ledger. The business magazine will tell you which blockchain business ideas are successfully operating in the world today. Blockchain is protected from unauthorized access, its records cannot be edited or deleted. The decentralized and peer-to-peer nature of blockchain makes it impossible for individual participants to control the ledger or destabilize the entire system. These and some other features of the blockchain make it the most reliable, transparent, and confidential platform for the implementation of various business applications. How can blockchain change my life? business ideas
Since blockchain is a distributed and peer-to-peer technology, its main benefits and applications can be found in almost every business sector. You can successfully use blockchain in your business, but for this, you need to have a good understanding of the technology and have blockchain specialists on your staff.
Many people think that blockchain is only limited to cryptocurrencies like Bitcoin, however, the scope of blockchain is much wider. According to analysts, blockchain technology today is revolutionizing the way business is done around the world. And we can say in the affirmative that the blockchain will exist for many years, and new areas of its application will open up unprecedented opportunities for businesses and users.
Practical solutions based on the blockchain have already shown their effectiveness in the field of IT, finance and investment, healthcare, online commerce, and advertising. Let’s consider some business ideas from successfully implemented foreign blockchain projects.
What areas of business are successfully using blockchain
The possibilities of blockchain technology can come in handy in many business segments. If routine business processes include the elements listed below, the introduction of technology will have a positive impact on the development of the company:
1. A transactional network is being used (or planned) to transfer data – for example, information from cash registers in large retail chains.
2. Consensus of participants is required to confirm transactions.
3. Regular internal and external audits are carried out.
4. There is a need to resolve disputes related to inaccuracies in counterparty accounting systems.
5. A tracking system is used (or planned) for the source of data origin (goods, objects, documents).
6. It is necessary to guarantee the immutability and security of the transaction report.
Additional Blockchain Business Opportunities in 2022
Secure exchange of medical data;
NFT trading platforms;
Tracking music royalties;
Tracking deliveries in real-time;
Real-time Internet of Things operating systems;
Personal security in the network;
Tracking system and anti-money laundering;
Supply chain and logistics monitoring, etc.
The blockchain network can work both within the company and between all participants in the production and trade chain. There is no need to develop such a solution from scratch. You can create your network based on a cloud-based blockchain service – for example, Hyperledger, IBM Bluemix, or Docker Hub.
IDO Launch Platform (Crypto Crowdfunding)
Since the blockchain is a democratic, decentralized space where everyone has a voice, platforms for running cryptocurrencies have become extremely popular among users. One of the economically bulletproof business ideas in the 2022 blockchain market is an IDO startup platform that startups can use to connect with users and attract crowdfunding for their projects.
IDO stands for Initial DEX Offering, a platform where every new crypto project can be publicized and funded by retail investors. With IDOs, people on a tight budget gain access to early-stage project financing that was previously only available to large investment funds and venture capitalists.
The success of IDOs over the last few years has been tremendous due to the ROI they bring to users; for example, the average ROI of DAOMaker users is over 400% per year, while Seedify provided its investors with an ROI of 390%+. GameFi’s ROI is also approaching 300%, and Polkastarter users boast an ROI of 230%+. This is a really simple and interesting idea in the crypto industry and the creation of IDO platforms is booming right now.
Blockchain-based e-commerce applications
Cryptocurrencies have just begun to gain attention among retailers. And blockchain technology still has a long way to go from the universal acceptance of digital coins to buying everything you want in the store. Many cryptocurrency users wish to use digital money for their daily purchases. This qualifies e-commerce stores and applications as another blockchain business case.
Blockchain and online trading have many prospects shortly. One of the great business ideas is to start an e-commerce store that accepts various cryptocurrencies.
Cryptocurrency payment solution for e-commerce
The global e-commerce sector is growing in leaps and bounds today and the e-commerce market size in 2021 is expected to be $4.9 trillion, growing to $7.4 trillion by 2025. Ignoring such a lucrative industry is too short sighted for crypto enthusiasts. Thus, you can build a profitable business in the e-commerce market by giving millions of active buyers the opportunity to pay for their goods with cryptoassets.
The conservative method used by many marketplaces and online e-commerce stores was a direct transfer to the merchant’s crypto wallet. But this can be too risky or burdensome for many buyers. Thus, it is time to automate and simplify crypto payments for e-commerce through third-party payment systems. There aren’t many options today; the most popular are BitPay, Coinbase Commerce and CoinPayments. This means that this market niche is not yet crowded and you can enter it by providing a convenient solution for crypto payments.
Blockchain customer loyalty platforms
Savvy shoppers know how to manipulate brand loyalty programs, such as opening a credit card during a grace period or during a cashback promotion, and then closing the account immediately after receiving the bonus. This means that companies are not always able to attract the most active and loyal users.
Blockchain-based loyalty platforms provide a simple and secure way to exchange access to any company’s loyalty programs. For example, services like Loyyal provide a platform for instant validation and transfer of access to a bonus from one consumer to another.
Blockchain has the potential to be revolutionary for both retail and e-commerce as it allows these industries to create their own loyalty programs.
Blockchain technologies use AI to do accurate bookkeeping, create happy faces, and identify high-end and loyal customers. They also ensure that customers’ wallets are filled with bonus cards and other loyalty products. It also provides instant exchange for different currencies of loyalty points on the same platform.
However, it should be borne in mind that blockchain reward programs are expensive, and therefore not all enterprises can afford to implement them.
Monitoring customer preferences and building loyalty
Build a loyal customer base is not easy now – buyers have instant access to alternative options. Analysis of the preferences of the target audience is one of the main marketing tools.
Blockchain-based solutions use artificial intelligence to continuously analyze the cost structure of the target audience, and to attract paying customers through specific incentives. Platforms like Momentum are used by retailers and delivery services.
Selling ad space via blockchain
Blockchain services for selling ad slots use AI to instantly book and then exchange ad slots between customers, just like the Thrive blockchain advertising platform does.
A blockchain company that uses AI to determine the best ad space instantly registers a transaction to buy that space. What’s more, AI can run on the blockchain to exchange ad space between customers in the event of a new product launch or unforeseen need.
Another direction in the sales of advertising spaces is the selection and purchase of spaces for ads in the news and posts on a certain topic. An example of such a service for targeted advertising is the Squawk-It project.
Smart contracts on the blockchain for life insurance of people
The insurance industry is vast and faces many challenges due to the sheer volume and risk involved. Blockchain technology can handle the uncertainty in this industry and help build people’s trust. Research shows that the US life insurance industry lost $50 billion in the first quarter of 2020.
Smart contracts are blockchain-based events that run on the Ethereum platform, which is a collection of codes and data. They run automatically when predefined rules are met. A recent study of the global smart contract market indicates that the global market will reach approximately $300 million by the end of 2023.
Pros of using blockchain for smart contracts for insurance:
- Blockchain-based technology can help restore the trust of insurers by removing administrative barriers.
- An innovative blockchain business idea for the insurance sector is the automated execution of processes that can help predetermine sums insured, thus preventing exploitation from both sides.
Cons of using smart contracts for insurance:
- Creating a reliable insurance solution based on smart contracts is not an easy task.
- Technological complexity requires personnel to have a deep understanding of the work and understanding.
Authentication of luxury goods and art
The immutable nature of a digital ledger makes blockchain an ideal tool for verifying luxury goods, art, and antiques. Provenance users can use the blockchain to prove (and verify) the origin of any collectible item registered in the app.
In order to allow customers to verify the originality of branded products, the Aura Blockchain consortium was created. Since this technology compares the product ID with the customer ID to confirm the authenticity of the product, customers can instantly distinguish the first copy (duplicate) from the original.
Pros of using blockchain for luxury goods authentication:
- Blockchain technology ensures brand authenticity and enhances customer trust.
- Cost reduction is also an important benefit.
There are also disadvantages of using it:
First of all, it is an expensive technology, and not all brands can afford it.
Have you ever thought that blockchain could also transform content management, server responses and user interaction? It can not only transform traditional content management methods, but also improve it to meet automation criteria.
Browsers form the basis of content management. The idea of creating a safe, fast and secure browser built on the principle of blockchain will open up great opportunities for e-business and the security of users and content.
Logistics and supply chain management on blockchain
There are several promising blockchain business ideas that can be implemented for all processes within logistics and supply chain management. Blockchain logistics ideas include acquiring raw materials from stakeholders, processing them, and delivering them to their destination. The entire supply chain process is transparent to all participants in the business process thanks to blockchain technology.
Pros of using blockchain for supply chain management:
- Reducing errors, product delays and preventing fraud is possible with blockchain technology.
- Trust is maintained as visibility of the supply chain among networks through their secure distributed ledger is possible.
- This technology also offers simplified new vendor registration, which records vendor data, making it immutable and therefore trustworthy for other partners.
Cons of using blockchain for logistics:
- Sensitive supply chain information needs a permissions blockchain (invisible to the public), which is less secure.
- The transaction process in the blockchain is slow, as it is authenticated on different computers and servers. The cost increases in the case of a huge volume of transactions in the supply chain.
Real-time tracking of parcels and cargo
Previously, the route of a parcel, parcel or company cargo could only be tracked between post offices. Now the blockchain provides the ability to automatically receive the coordinates of the package in real time.
Thanks to blockchain technology, the location of the cargo can be instantly verified. Blockchain business ideas do wonders for tracking shipments, thereby reducing time and costs. The main advantages of using the technology:
- Fast turnaround times, impromptu communication, and instant tracking of shipments and packages help customers/suppliers keep track of their deliveries.
- This technology provides cost savings and strong encryption protection for cargo tracking.
Investment platform on the blockchain
In 2020, the crypto trading and investment market was only $800 million, but it is predicted to grow to $5.2 trillion by 2028 – and that’s in just eight years. As you can see, the growth rate of this market is breathtaking, exceeding 29% per year. Every year, millions of retail investors join the crypto market to claim their fair share of the booming industry.
You can also take advantage of its rapid growth by building a smart, innovative crypto asset investment or trading platform. The range of possibilities in this area is huge; apply artificial intelligence and machine learning algorithms for algorithm trading, educate investors and traders, and provide brokerage services.
Protecting User Values with Digital IDs
Digital identity is one of the best blockchain business ideas and here is why. A digital identity is proof that you show who you are when you access online products or services. These identifiers are separate codes attached to goods or services that guarantee that they belong to you.
Pros of using blockchain for digital identity:
- One of the most interesting blockchain business ideas is to create and assign digital identities to services and products of various industries.
- People can justify product ownership based on these unique codes.
- These codes cannot be changed and provide better security than traditional security systems.
Cons of using blockchain for digital identity:
- Since transparency is a positive property of the blockchain, privacy cannot be maintained.
Unique identifier for valuable items
The fact that an item belongs to a specific owner can be proven using a unique ID registered in a blockchain system like VTT.
Decentralized cloud storage
Blockchain-based cloud storage like Sinovat stores the information entrusted to them on decentralized servers, which reduces the load on the equipment and ensures data security.
Decentralized cloud storages allow you to launch a useful and profitable service for subleasing unused disk space. Storj users, for example, can rent a small space from the owner of the basic tariff without overpaying for the service.
The blockchain business idea of providing decentralized cloud storage has many benefits, but it also has its downsides.
Pros of using blockchain for decentralized cloud storage:
- Low costs and load balancing are the best benefits of decentralized cloud storage.
- Blockchain in decentralized storage provides better security as files are split and placed on different nodes. Even if one node is compromised, the rest will remain unaffected.
- These clouds are more reliable and help you get data instantly.
- Blockchain also provides increased privacy and data security.
Cons of using blockchain for decentralized cloud storage:
- For the main data warehouse, this option is less feasible compared to the centralized storage.
- The trust factor is less because the blockchain uses peer-to-peer technology where lost data is left unaccounted for.
- Building a blockchain-based decentralized storage is a difficult task.
Outsourcing of IT services
The traditional process of IT outsourcing involves tedious procedures for fixing the work performed, checks and approvals. TP&P provides the ability to maintain a register of completed work, which is reconciled instantly.
Freelance exchange on blockchain
A good example of a functioning blockchain freelance exchange is Telos. It connects freelancers and potential employers, uses a digital registry and smart contracts, and guarantees automatic payment after successful completion of an order.
Distributed web hosting on a blockchain
Sites are located on the servers of hosting companies, which from time to time may experience technical problems, due to which visitors may have problems accessing the resource. Decentralized hosts like Zeronet solve this problem by using an unlimited number of virtual untraceable servers.
Although the blockchain world is slowly moving towards interoperability, this is still far from reality. Today’s blockchains are technically incompatible and do not support the direct exchange of data to enter into smart contracts with each other. Thus, in order to execute a smart contract based on data outside the network, it needs to receive this data from the external environment and “translate” it into its code through the bridge.
Blockchain bridges are a step towards a multi-chain crypto universe, so people’s demand for them is steadily growing. You can take this idea and develop a frictionless cross-chain bridge to start a profitable blockchain business. However, we all need to take security seriously. The hack and theft of $323 million due to the Wormhole vulnerability in February 2022 taught crypto market players a bitter lesson.
Provision of IT services in the field of blockchain
Not all companies have IT, specialists, on their staff capable of developing a blockchain solution from scratch. The creation of a company specializing in the development and implementation of blockchain technologies in various business segments (like SettleMint) is one of the most promising areas in IT.
Personal data entered in such a resume cannot be changed or deleted. The EKO/EchoLink service guarantees that access to personal information (work experience, copies of diplomas and certificates, recommendations from employers) will be open only to the HR manager of the company.
Operations with cryptocurrency
Blockchain was a priori created as a system of secure cryptocurrency transactions. It is logical that technology provides unlimited opportunities for the development of a new generation of financial business. The most obvious way to start a cryptocurrency business is to open an exchange. Popular exchanges like Bisq guarantee instant, private exchanges, while platforms like Payment21 provide enterprise payment solutions.
The integration of cryptocurrency into traditional payment systems is one of the main financial trends. For example, Ripple is engaged in international crypto payments. To store cryptocurrencies, special software and hardware wallets are used. Running your own wallet like Trezor can also be a profitable business.
The growth in the rates of leading cryptocurrencies arouses the interest of investors, however, many potential clients do not fully understand the specifics of the market – they need the help of specialists. For example, one of the first services providing advice in the field of crypto-investments was the Safetrading platform.
With the ubiquity of cryptocurrencies, the number of related crypto services is also increasing. For example, platforms have appeared for providing cryptocurrency loans (Coindesk), for crowdfunding (Fundsurfer), for inheriting personal crypto finance (MyWish).
Secure blockchain access to medical records
Two key factors in the medical records of patients in the healthcare industry are security and confidentiality. It is an integral part of the doctor-patient relationship. These physical records can be lost or forged if they are not converted into digital documents.
Benefits of using blockchain for secure access to medical records:
- This technology promises to securely store patient data (medical records) in hospitals and share them only with authorized personnel.
- It also helps in the secure exchange of patient data in hospitals, laboratories or pharmacies.
- Blockchain helps secure the EHR (Electronic Health Record), thereby ensuring their accuracy.
Cons of using blockchain in medical records:
- Patient data secured on the blockchain is immutable, so unauthorized changes to patient information cannot be recorded (any changes to existing records are not possible)
- Storing big data such as CT scans and MRI reports on a blockchain is a complex task.
Medical secrecy is a secure way to store medical records in patient records. Use case: The Guardtime blockchain service provides not only confidentiality but also the absolute safety of records – unlike traditional medical records, which are often lost or made available to third parties.
Authentication of medicines
According to WHO, 1/10 of all drugs in developing countries are counterfeit or do not meet the required standards for production, storage and delivery. A service like Blockverify will help to confirm the authenticity of drugs.
Play to Earn – P2E Games
The P2E gaming market is growing at a rapid pace. In the summer of 2021, the number of crypto wallets registered in P2E games grew by 600%, which means that the market will continue to develop at a tremendous pace. Last year, the crypto gaming app Axie Infinity earned $400 million and its daily trading volume exceeded $32.8 million per day, even higher than that of the Ethereum Foundation.
The market is on the rise, so you can also join it with an exciting game, attractive in-game tokens, and a P2E activity area for avid gamers. Otherwise, you can tokenize the assets of an already existing game to speed up the time to market and reduce entry costs.
Booking management services in hotels on the blockchain
Blockchain business ideas for the hospitality industry can help solve a lot of problems that come with complexities and errors in booking rooms.
Pros of using blockchain for hotel bookings:
- Blockchain-based technology guarantees the accuracy and verification of customer bookings in real time.
- This, in turn, eliminates the possibility of errors in the booking process and other cancellations, thus ensuring satisfaction on both sides (hotel – client).
Cons of using technology:
- Implementing this technology is challenging, and the immutability of the data makes it difficult to cancel a booking.
- This undermines the accuracy and flexibility of booking data when canceling and amending hotel bookings and requires human intervention.
Various booking services
Blockchain applications for booking anything from hotel rooms to parking spaces guarantee protection against human error. Rezchain and Parkgene enable owners to rent and users to securely book. However, it is worth considering the difficulties and disadvantages of using blockchain in these types of businesses.
Blockchain application for loans in cryptocurrencies
In traditional finance, getting a loan can be difficult due to the lack of previous records and the lack of an officially confirmed stable source of income. However, the blockchain uses more advanced and intelligent algorithms to predict a person’s ability to pay. Thus, the population, which previously did not have access to banking services, gets easier access to crypto loans.
Demand for crypto lending is on the rise, with over $49B TVL on the world’s leading lending platforms today (January 2022). At the beginning of 2022, there were over four million unique addresses using DeFi applications, which means a 40x increase from 2020.
So the market needs it and the idea of building a borrowing or lending platform to provide these services to customers is really in demand. Learn and be inspired by the philosophy and look and feel of the successful Zopa, Prosper or Lending Club platforms to develop your unique marketplace application even better.
Blockchain digital wallet for self-driving cars
Autonomous transport is becoming a reality, and with it comes the need to pay for parking for self-driving cars. And as an example, the Car Wallet service has already solved this problem.
The number of self-driving vehicles is on the rise, and one of the main issues that needs to be addressed is how self-driving cars will pay for parking when the vehicle is automatically parked.
The blockchain business idea of a digital wallet works as follows – when a vehicle leaves a parking space, the exact amount of cryptocurrency is deducted from the digital wallet.
Cons of using a digital wallet for self-driving vehicles: Some of the problems for this business idea are the lack of research and practical experience, scalability and areas of study.
Car sharing services
Apps like Arcade City and Eva are powered by the blockchain, enabling passengers to find private drivers outside of car-sharing networks, and allowing drivers to get paid in any preferred currency, including crypto.
Crypto vending machines
Bitcoin vending machines have been around for several years. Cryptocurrency devices save users from having to carry cards or cash with them. The new generation of vending machines from Aeguana accepts cryptocurrencies contactlessly.
Payment Gateway (Subscription-Based SaaS Services)
The market capitalization of the global leader in subscription-based payment services, Stripe, exceeded $95 billion by the end of 2021. This figure shows that SaaS enterprises are looking for flexible and affordable payment solutions like Stripe, and the world of cryptocurrencies is no exception.
One of the best ideas for a blockchain startup company in 2022 is a subscription-based crypto payment service. A SaaS service that provides fast API integration and secure and seamless processing of crypto payments.
Blockchain micro subscription
Subscription sales have spread across all segments of the business. New in a crowded market is uRaiden, a micro-subscription blockchain service. It allows, for example, to pay for viewing one episode of the series instead of paying for a full subscription to the channel.