Blockchain technology is already disrupting how organizations of all sizes do business. While cryptocurrencies and non-fungible tokens (NFTs) are the most talked about use cases for blockchains, the secure peer-to-peer validation enabled by the technology has many other applications. The creation of blockchain ecosystems has also created opportunities for businesses that support them at various points of the service chain.
Below are some of the most cutting-edge blockchain business ideas made possible by blockchain technology.
1.) Secure Cryptocurrency Coins and Wallets
While cryptocurrencies are quite secure, the virtual wallets used to hold them can still be vulnerable to concerted attacks. Additionally, the identity of cryptocurrency holders can often be deduced with fair accuracy. Using so-called privacy coins like Monero (XMR) may be the key to further maximizing the security of blockchain tech in currencies. Newer Monero wallet options may help plug any additional security holes that arise from the need to access one’s digital funds.
2.) Asset Management
Blockchain tech is already being used by large organizations to keep tabs on their physical assets. Using blockchains may allow organizations to accurately track the movement and use history of all the physical assets they own, reducing the potential for theft and waste while maximizing utility. This may also simplify auditing while offering organizations all kinds of massive cost-saving advantages.
3.) Identity Management
Blockchains offer a framework for a tamper-proof “single source of truth” for all things related to a person’s identity. This has wide-reaching implications for things as varied as human resource management and voting in elections.
4.) Connect Freelancers to Jobs
The identity management benefits of blockchains may also help single proprietor businesses, freelancers, and other gig economy workers by giving them a secure way to present credentials. It may even help payments to freelancers become more stable, as blockchain tech can be used to automate payment sign-offs when contract specifications are delivered.
Though logistics and cargo businesses have innovated countless ways to streamline the passage of goods, shipping losses and other undesirable outcomes are still an everyday occurrence. Using blockchain technology may not only improve the tracking of shipments, but also speed them up immensely. Blockchain methodology can be used to reduce the need to manually check shipments, which results in timelier deliveries as well as reduces storage and holding costs.
6.) Smart Contracts
Blockchains are already being used to create secure, unalterable contracts that are effectively immune to forgery. These are now seeing growing use in the real estate industry but could they could also be adapted for virtually any other situation that requires secure yet accessible contracts.
7.) Targeted Advertising
Blockchains are now being used by some web advertising companies to deliver better-targeted ads at a lower cost. The typical way this is executed is through the use of AI, which profiles and targets individual site users based on their activities. Then the AI could signal a blockchain-based algorithm to purchase ad space on specific pages or site areas. This means that the ad spend for each conversion could be dramatically reduced, improving overall ad performance.
8.) Unique Item Management
Luxury goods, antiquities, and one-of-a-kind items can be accurately authenticated and their histories tracked with unforgeable non-fungible tokens, which could also be used as certificates of ownership. Blockchain-based applications can be used to manage these pieces for organizations as varied as luxury goods sellers, museums, and private collectors. The use of blockchains in this way may one day deter forgeries that currently plague the market for all kinds of unique goods.
9.) Medical Supply Chain Security
Because of their high market demand, medical supplies are often tampered with and forged, with detrimental results for ordinary people. Pharmaceutical companies are already testing out the feasibility of using blockchain technology to keep vital medical supplies authenticated, improving trust in medical supplies and denying malicious actors opportunities in the market.
10.) Medical Record Verification
Medical records are often lost or misplaced when individuals change doctors, move out of the country, or change insurance providers. This commonplace issue already causes delays and suboptimal healthcare decisions that directly affect patients. Having patient data on a blockchain will not only allow healthcare data and patient history to become more secure, but it may speed up vital healthcare processes as well.
11.) Empowered Cooperatives
Cooperative businesses and blockchain technology are a natural match. Most cooperatives offer worker and customer decentralization with varying success. Blockchain tech may be the key to expanding this further. For instance, blockchain rideshare coops may conceivably compete against giants like Uber as well as local taxi companies while giving driver-participants a bigger share of the earned income.
A Better Way to Understand Blockchains
These business concepts are just scratching the surface of the blockchain tech’s true potential. To learn more about the potential of blockchains, it makes sense to try out established applications, such as cryptocurrency. Investing small amounts of coins can help would-be blockchain investors get a handle on how the technology works and how users interact with it. This may help give a clearer picture of the potential of this emerging technology and give you some of your own blockchain business ideas.