The concept of Blockchain technology is revolutionizing many sectors such as banking, finance and healthcare etc. Invented in the year 2008, the technology has undergone frequent improvisation, and the research is still going on. It is a digital distributed ledger that facilitates transactions, storage and dispersal of information in an encrypted format.
Read this article to get a hint of various business ideas powered by blockchain technology that can be adopted to make business processes efficient, accurate and transparent.
Blockchain is a versatile technology that has already showcased its reliability by successfully creeping into many established sectors like healthcare and finance. Refer to the points that are mentioned below to uncover a diverse dimension of the technology.
One of the major challenges faced in any social welfare campaign or any other private crowdfunding events is the lack of accountability and transparency. Often, the money raised through these gestures is misused and eventually fails to maintain the trust of the investors.
However, the case does not remain the same when the blockchain intervenes. The blockchain streamlines the complete mechanism and allows every participant to get a closer look at the collection and distribution system.
A survey reveals that the doctors, nurses or other healthcare professionals fail to serve at their maximal capacity because of the lack of medical records.
The major challenge comes with maintaining the paper records that get collected to form piles of bundles over time. However, the blockchain is capable enough to take care of this aspect of the healthcare industry.
With the help of blockchain technology, healthcare services can be streamlined and organized that will ultimately enhance the quality of services.
Read More: Blockchain Technology in Healthcare: Benefits, Opportunities, Challenges
There are many events that one faces in its lifetime where identity proofs are required. However, carrying paper and plastic documents as proof can get hectic. Also, the act of carrying documents can lead to loss, especially during the rush hours.
Blockchain technology has a solution to it. Private and public enterprises can focus on blockchain-based solutions that not only digitize the identity data but also eliminate some of the fundamental challenges faced in the process such as data duplication, security issues and creating master records.
Read More: How the Development of Blockchain Affected Cybersecurity?
Keeping track of logistics is not as easy as it may seem. A highly efficient centralized system is established that accounts every phase that is involved in the process.
However, blockchain technology successfully supports the traditional system and can serve as an efficient alternative.
XYO Network is an ideal example of how several smart devices can be interconnected for providing data relevant to smart contracts. The concept is highly beneficial for location-oriented operations.
Start-ups or sectors like airlines, courier delivery, car and bike rental companies can find the optimal location based utilization of blockchain technology.
The process of renting a bike or a car might have simplified over time; however, it still requires a lot of formalities that make it time-consuming. The manual processing also leaves room for errors.
Blockchain technology can play an essential role in making the entire process seamless. All the participants that are involved in the bike/car rental process can update and access the latest information that eventually streamlines the process.
The technology not only reduces the processing time but is also effective in maintaining the consistency of the information that is circulating on the network.
As blockchain technology is all about accessing the digital distributed ledger, it replaces the manual paperwork involved in processing and execution of business activities and transactions.
Many business ventures are witnessed prioritizing blockchain technology in an effort to make the global trade seamless, transparent and with enhanced security.
The subscription-based sale and purchase of products and services have been practiced for a long time now. However, with the evolution of technologies, such as the blockchain, enterprises can now focus on efficient pay per use business models.
This innovation can work wonders for luring new customers and introduce them to the new dimension of availing services. Cryptocurrencies can be used to facilitate micropayments, and one such concept can be seen adopted by the uRaiden that offers digital content on a pay per use basis.
One of the most challenging aspects that every business faces are to deal with duplicate products. The duplicate products not only kill the sale but also impacts the brand image.
Secure blockchain solutions can be created that can be used to verify the authenticity of any product by scanning the product using the smartphone.
10.Tracing Lost Products
Another important implication of blockchain technology is to secure the assets digitally. In the event of loss, handing over the identity number of the stolen product does not serve the purpose.
Blockchain can be resorted to keeping a check on such situations. A user can digitally create the ownership proof that can be accessed anytime anywhere with the help of a high-speed internet connection and a smart device.
This application is useful for organizations that deal with valuable products.
There are times when a fair opinion of customers or employees are required. Paper-based and electronic voting systems come with a lot of challenges. Several instances of tampering the vote cast by the voters have been registered in the history.
The blockchain technology is a highly recommended new-age solution to replace the traditional voting system. Also, the success rate of the advanced software is much higher than the traditional systems.
There are a lot many challenges that are persistent in the world, and the charities and social welfare organizations take charge to work on it. However, there are many factors that one looks after participating in a charity event.
The authenticity and accountability of the organization and the funds is one such important factor. With the help of blockchain technology, organizations can establish a transparent and secure network to process social causes like these.
The broad scope and high potential of artificial intelligence. Developing intelligent machines capable of adapting to the environment and automating manual tasks is one of the trending applications of artificial intelligence.
However, some manual inputs are required to direct the intelligent software. With the help of blockchain technology, a start-up can assign tasks to the robots and smart devices that can be executed from a distance hence enhancing the overall efficiency.
Hosting a website can be a complex task involving various modules. Moreover, it requires a central server that contributes to its dependency. However, blockchain can simplify the task and allow the organization to host websites without requiring a central server.
Zeronet is a perfect example where decentralized internet experience is delivered with the help of blockchain technology.
Many businesses are highly dependent on the data generated by other organizations. The data can be in the form of information or encryption.
Working with the data extracted on a collaborative platform can sometimes be unorganized. This is where the blockchain development again comes into play.
A blockchain network can facilitate safe data collaboration with limited accessibility allowing only the identities that are registered and recognized by the network.
Well Equipped HR Team
In the world that is full of job opportunities that are grabbed by billions of unemployed people, verifying the certificate can be as typical as you have ever imagined.
There are instances where the candidates use fake or tampered certificates to secure their position on a particular role.
A start-up, as the name suggests, is an initial phase of any business that makes recruitment a bare minimum. Blockchain technology can be deployed to access the certificate and detect in case of any malpractice.
The start-up ideas that are mentioned in the article are likely to surge up the expectations from the technology. However, the applications are not limited to the ones that are mentioned in the article and upon a well-planned counselling session by an expert software development company like the BR Softech Pvt. Ltd, you can get a better idea of how the technology can be implemented for your start-up.
Tracing back the journey that the technology has covered in the past decade, it is one of the most invested technologies along with many others that can be intelligently combined to cater your business needs in the best possible way.
Hurry up and amp-up your businesses with security that the blockchain technology offers!
