Blockchain has taken the world by storm. Multinational corporations, Wall Street firms, and banks are delving deeper into cryptocurrencies and blockchain technologies to assess what more they have to offer. In fact, a new niche has been created – business initiatives based on blockchain technologies.
10 Business Opportunities for Blockchain
Gaming
The online gaming community participating in pay-to-play or play-to-win platforms is one of the biggest untapped markets. They extract money out of their pockets with no rewards. The face of these models can be changed through blockchain by establishing a pay-to-earn model.
Identity Check
Our lives are ruled by ID cards, Aadhar cards, voter IDs, etc. Unfortunately, these can be easily forged by miscreants. With blockchain technology, using QRC to verify the authenticity of any identification becomes possible. All that is required is a blockchain log to store ID details that can be verified at any point at the click of a button.
Managing a Retail Business
Extensive development is not required for setting up a retail operation using blockchain. Most countries already have a framework in place in the private sector that allow customers to handle their grocery shopping using their smart devices. These existing technologies can be integrated into the coding of blockchain technology, making it possible for business owners to make conversions.
Notaries
Transferring ownership of goods and assets through notaries is a common feature. It is usually done in front of a law officer by signing a piece of paper and normally involves a monetary transaction. Blockchain can ensure that these digital records of notaries be maintained in a tamper-proof manner.
Digital Voting
Blockchain can ensure fair elections. When the electronic voting systems are integrated with blockchain technology they would become fraud-proof and the results can be made public without any human intervention.
Digital Assets or Services
The ICO (Initial Coin Offering) structure can work really well for any small business that needs crowdfunding. A participating role may be offered to the investors, offer them some sort of asset related to the business initiative, or a tokenized utility.
Blockchain-Based Cloud Storage
The use of blockchain to store data is a very basic idea that is economical and has the capacity to set up decentralized means of cloud storage at 100% functionality.
Gift Cards and Loyalty Programs
Managing the points of loyalty programs using blockchain technology can be interpreted to mean that no one will be required to punch holes on a card anymore. It also means that a simple ID process will enable your retailer to know the type of rewards you will be able to collect. Blockchain can be used to award gift cards.
Smart Contract Managing
A substantial lowering on the managing costs of a financial transaction can be achieved by structuring smart contracts to be delivered automatically on request.
Gambling
Starting a casino using crypto assets is possible in countries where gambling is permitted.
Blockchain technology is poised to dramatically transform commerce across every sector, including financial, legal, agriculture, healthcare, and more. Currently, the most prevalent example of Blockchain technology is Bitcoin. But, the technology that underpins Bitcoin is encountering applicability across a wide spectrum of use cases.
Here are four innovative ways companies using Blockchain technology can pioneer new solutions to old problems.
Financial Sector
Banks are using outdated systems with modern updates, workarounds are modifications are just grafted on. For businesses, this puts the entrepreneurs at risk from phishing, social engineering, and cyberattacks. The financial details can be used to make fraudulent payments, or you could unknowingly send a payment to a cybercriminal, with little hope of getting the money back. This is where the Blockchain technology makes its way through. Now, the banks need to find a way to implement Blockchain solutions within a complex technology stack, to improve the speed and security of financial transactions for everyone.
Asset Management and Tracking
Several sectors that own, manage, and maintain valuable assets are starting to realize that Blockchain features are worth looking into further because, with the use of traditional software, the records can be modified too easily.
Replacing Traditional Contracts
Contracts are another area where Blockchain could prove to be advantageous. Enforceability is automatic and requires the confirmation of all parties in the smart contract. Terms and conditions must be met, with the relevant proof, before a contract could be enacted. Failure to adhere to terms would mean payment can be withheld by the other party.
A smart contract, as opposed to traditional contracts, have numerous advantages, and the tech sector liaising with law firms, need to look into this more closely. Businesses everywhere would benefit from this.
Improving Security
Cyberattacks are increasing by the minute. Businesses of every size are at risk. Blockchain is considerably safer and more secure than traditional security systems. One significant advantage is that the data stored in the blockchain is decentralized with multiple computers and nodes, storing pieces of important information. Unlike traditional servers and data stores, where everything is in the same place. Once a cyber attacker infiltrates a traditional data store, everything is a huge risk. This is not the case with Blockchain technology, hacking and destroying an entire network is nearly impossible, that means confidential data is safer in a distributed network.
Bottom Line
As a long term solution to data security, record keeping, and compliance, Blockchain has several uses that can make it simpler and faster for businesses to operate and grow. If this is something that tickles your fantasy or you are looking to build a career in this domain, opt for Blockchain courses online. These Blockchain online courses help you get deeper knowledge on the subject and prepare you for what’s to come. So pursue credible Blockchain courses and give your career kick-start in this domain.
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