Blockchain business application is far beyond just cryptocurrency. In 2008, an individual (or group of people) using the pseudonym of “Satoshi Nakamoto” popularized blockchain technology to serve as a public book of transactions for the bitcoin cryptocurrency.
With its ability to create greater transparency and fairness and save companies time and money, technology impacts a wide range of industries, from how contracts are enforced to making government work more efficiently.
Some interesting facts about blockchain technology for businesses that show its growing era are:
- By the end of 2024, companies are expected to spend $ 20 billion annually on blockchain technical services.
- About 90% of US and European banks had started exploring the potential of blockchain by 2018.
- 86% of tech-savvy executive teams surveyed by Deloitte said they believe there is huge business potential in blockchain technology.
- Over $270 billion in assets have been distributed through blockchain transactions as of Feb 2021.
Blockchain business opportunities in the future are much more than it seems:
- As blockchain removes middlemen and automates processes that often take time and effort.
- It has the potential to save on enterprise labour and IT costs, accelerate e-commerce and finance, and enable new industries.
- It will reshape the world with the way the transaction is processed.
- Data Privacy is one of the top priorities for online businesses around the world and blockchain is one of the ways that provides additional security to all online transactions.
There is a need for blockchain small business ideas which can lead to better online platforms. Blockchain business application possibilities are vast and they will grow further in the future.
Many businesses in different sectors are adopting blockchain technology and are developing it in the best ways.
Here are 5 sectors and 14 businesses that are using blockchain technology to followup advancement:
1. Financial services sector
Blockchain technology is one of the foremost innovations in the financial industry, propitious to reduce fraud. It ensures fast and secure trades and transactions and ultimately helps manage risk within the financial system. interconnected world.
Financial companies which are using blockchain technology to grow are:
1.1 Unicsoft: Unicsoft is a trusted technology consulting firm providing Blockchain and AI / ML solutions to drive business results for startups and enterprises. They have deep experience in:
- Decentralized applications,
- Defi, NFT, Blockchain, KYC / AML, smart contract development, and audit,
- machine learning, artificial intelligence,
- data analytics,
- image recognition, computer vision, natural language processing,
- MLOps, Cloud Computing, IoT.
1.2 Labrys: Labrys is a world leader in the design, development, and launching of products using Web3 and blockchain technology. They provide several blockchain business applications in the financial sector:
- Enterprise Blockchain
- Smart Contracts
- Blockchain Consulting
- NFT Project Launch
- Defi Protocol & Integration
- Cross-Chain Deployments
- GameFi NFT Ecosystems
1.3 Dappros: Dappros is working on a number of projects in the field of ST (Security Tokenization) or STO (Security Token Offering). Security tokens are a new type of digital securities or shares based on blockchain technology. They provide blockchain services using DApps (decentralized apps) also known as smart contracts which make finances easy and error free.
2. Cybersecurity sector
Cybercrimes are the most challenging problems in the digital world. look at some stats about cybercrimes:
- 71.1 million people fall victim to cyber crimes yearly.
- Cybersecurity Ventures expects the cost of cybercrime to increase by 15% per year worldwide over the next five years, reaching $10.5 trillion per year by 2025.
Cybersecurity companies known for using blockchain to improve security from cybercrimes are:
2.1 Block Armour: The award-winning UK-based cybersecurity company has focused on using modern and emerging technologies such as Blockchain to address the growing cybersecurity challenges. They are one of the best cybersecurity solutions for a reason:
- They provide Software Defined Perimeter (SDP) architecture & private permission blockchain technology.
- They are capable of providing fine-grained micro-segmented network access to business applications, whether they are hosted locally or in one or more clouds.
- This platform also provides an end-to-end, zero-trust security network for critical infrastructure.
2.2 Anchain.ai: Anchain.ai is a blockchain-based ecosystem that provides cybersecurity solutions to individuals and organizations.
The Silicon Valley-based store offers a range of products, all blockchain-based and designed to identify system vulnerabilities to strengthen defences against cyber threats.
- Smart Contract Security Audit
- Blockchain Protocol Security Audit
- Penetration Testing, Cloud Security Review,
- VASP Infrastructure Security Review, Vulnerability Assessment, etc.
3. Healthcare sector
In 2021, 45 million people were affected by attacks on healthcare, which increased from 34 million in 2020 and from 14 million in 2018, according to the report by the U.S. Department of Health and Human Services (HHS), which analyzes the data about security vulnerabilities.
Blockchain has a wide range of uses and applications in healthcare. Distributed ledger technology facilitates the secure transfer of patient records, manages the drug supply chain, and helps healthcare researchers unlock the genetic code.
Here are companies securing healthcare and keeping patients’ details secure:
3.1 Akiri: Created by Health2047 (American Medical Association) to provide health data management solutions.
- It is an ultra-secure private network available by invite-only and subscription. Instead of storing health data, it transmits it through a standardized code system.
- Health information is only sent to and from trusted partners.
- It enables healthcare innovations that simplify and transform the doctor-patient relationship, for example, reducing device duplication, protecting access to information, and reducing data dependencies
3.2 FarmaTrust: This offers an enterprise-grade blockchain solution providing end-to-end pharmaceutical product provenance.
Their solution protects the pharmaceutical supply chain from counterfeit or substandard drugs, protecting consumers who can use their free Consumer Confidence app to verify drug authenticity.
They use blockchain business applications to:
- Pharmaceutical tracking & data services,
- Use of real medical devices, real-time inventory management, and data analysis,
- A fully digital and cost-effective solution for vaccination administration.
- It is a decentralized platform that enables the secure, fast, and transparent exchange and use of medical data.
- The platform is designed to securely store and share electronic health records with the help of blockchain technology.
- By digitizing health records and empowering users, they can leverage a myriad of industry synergies.
4. Tourism sector
There are many challenges in the travel industry related to payment and settlements, frequent cancellations and refunds, and customers’ demands.
Blockchain is rising as a powerful technological force that promises to change the status quo of the travel industry.
Blockchain business ideas can remove industry barriers by solving common challenges and streamlining processes while building a fairer ecosystem that avoids gatekeepers.
Some companies making all these possible with the help of blockchain technology are:
4.1 Winding Tree: They provide open source, permissionless and decentralized tools that allows connecting directly to related communities.
- They provide tools that give everyone the right to access their data and the ability to choose what they want to do it.
- They simplify and enhance the process for all travel suppliers and buyers but do not impose any contracts on their users.
- Winding Tree Ecosystem consists of “Win.so”, and ORGiD.
4.2 TravelChain: It is a blockchain-based decentralized platform that provides accessible and authentic smart data to help businesses learn more about their customers.
An important component of TravelChain is the Traveler Passport, a distributed trust model that allows you to form an image of another person without knowing them personally.
Hospitality, kindness, responsibility, and professionalism are the most important characteristics of this passport.
- Waiting in the airport lines and then for security changes is a hassling task. Blockchain technology is used to shorten this period. It has also developed a digital identity system for travellers to reduce waiting time.
- They developed Known Traveler Digital Identity (KTDI) creating a seamless, touchless travel journey.
5. Entertainment sector
Digital piracy, fraudulent copying, infringement of studio intellectual property (IP), and duplication of digital assets cost the US film and television industry an estimated $71 billion a year.
State-sponsored attacks, leaked content, public scrutiny, sabotage, etc are some of the threats that pose a tangible risk to the financial, legal, and reputational standing of entertainment companies.
Many entertainment businesses securing their data using blockchain technology are:
5.1 Spotify: Companies like Spotify which are known for changing the online music industry, also faced numerous cyber threats. Therefore they hired Brooklyn-based blockchain startup Mediachain Labs to develop better technology for connecting artists and other rights holders with the tracks hosted on their service.
5.2 Guts: They provide a smart ticketing solution that can be used directly by any ticketing company in the world to make their tickets fair and transparent. Using this system and the underlying protocol will eliminate commercial scale scalping.
5.3 Audius: It is one of the largest non-financial crypto applications, which is owned and operated by an open-source community of artists, fans, and developers. Using blockchain business opportunities, Audius is ahead with certain features:
- It uses a blockchain protocol that allows artists to create unchangeable, timestamped records of their creative work, secured by a decentralized network of node operators,
- Network security,
- Premium features to the artists by staking the token, such as displaying NFT crypto collectables on the site.
The growing examples of traditional businesses using blockchain prove that the technology can help solve a myriad of problems. With growing mainstream adoption, conversations about what blockchain-based businesses will look like are evolving.