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. It would be of interest to have a look at 10 business opportunities for blockchain in 2020.
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.
2# 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.
3# 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.
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.
5# 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.
6 # 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.
7# 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.
8# 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.
9# 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.
Starting a casino using crypto assets is possible in countries where gambling is permitted.
Blockchain Online Courses
Further education in the field of blockchain technology is possible through signing up for a blockchain course. One such blockchain online course is the one offered by XLRI Jamshedpur on the Talentedge platform. A blockchain course would definitely shed more light on the business possibilities that blockchain technology has to offer.