Originally, blockchain technology acted as the basis for cryptocurrencies. Now, it forms the foundation for businesses in a variety of industries.
Blockchain is a virtual ledger. It has the ability to quickly record and verify a high volume of digital transactions.
Over the past decade, Bitcoin has exploded in popularity. Entrepreneurs were then able to see the power of blockchain in action.
Now, the technology is spawning all kinds of blockchain business ideas. Those ideas range from banking to voting to ridesharing.
Blockchain offers verifiable and transparent transaction data. This has proven to be incredibly useful with nearly endless uses and applications.
Blockchain also utilizes a decentralized platform without the need for central supervision. This makes it extremely resistant to fraud.
Are you interested in learning more? If so, then continue reading and we’ll take you through everything you’ll want to know!
Banking
Banking is only the beginning for blockchain. From a general perspective, banks act as the vaults and transfer hubs of value.
Blockchain can add enhanced accuracy to the banking industry. That’s because it acts as a secure, digital, and tamper-proof ledger.
Currently, Barclays and UBS are both testing out blockchain technology. They’re using it to expedite back-office functions and settlement. Blockchain could end up saving them millions of dollars in administrative expenses.
In 2019, Barclays invested in the blockchain-based B2B payments startup Crowdz. This company works to help businesses collect payments and automate digital invoices.
BanQu is another popular blockchain startup. They help to facilitate payments to cassava farmers in Zambia.
The company’s platform tracks the products that the farmers’ produce. BanQu can then deliver digital payments to farmers via their cell phones.
Voting
The importance of secure elections seems to be at the forefront of political discussions these days. In fact, it’s secure elections are necessary to preserving legitimate democracy.
When you hold an election, you have to verify the identity of the voter. You also need to make sure that the votes are tracked and secure and provide accurate and trusted results.
Blockchain has the potential to act as a foundational framework for casting, tracking, and tallying votes. This could potentially end the need for recounts by having accurate counts and greatly reducing the chance of fraud.
Voters and governments would have a verifiable audit trail which will ensure that no votes are removed or changed. Blockchain will also be able to prevent fraudulent votes from being included.
Follow My Vote is one blockchain startup that’s released an alpha version of a blockchain voting system.
Ridesharing
Ridesharing platforms such as Lyft and Uber represent the antithesis of decentralization. They basically act as dispatching hubs and use algorithms to control their drivers and how much a customer pays. Blockchain would introduce new options to that ecosystem.
Riders and drivers would be able to take part in a marketplace that was more controlled by the customers and drivers thanks to a distributed ledger.
For example, Startup Arcade City handles all of their transactions through a blockchain system. They work similarly to other ridesharing platforms except they allow their drivers to set their own rates and the blockchain logs all of the transactions. This lets Arcade City appeal to more professional drivers who are interested in being more in control of their transportation businesses. Education
In order for an educational system to be effective, academic credentials need to be universally verifiable and recognizable. Verifying academic records is still mostly a manual process.
By using blockchain technology, universities could expedite the verification process and reduce the number of fraudulent claims on unearned credits. For example, Sony Global Education has partnered with IBM to use blockchain in order to share and secure student credentials.
Also, KnowledgeWorks is an education organization that released a report about how blockchain could benefit primary k-12 schools. They wrote that blockchain solutions could simplify administrative tasks, create a network for parents to share concerns, and decentralize learning materials. It can also be used to store learning-related data.
Cloud Storage
Companies that provide cloud storage usually keep their customer’s information secure on a centralized server. That can mean more network vulnerability from malware by hackers.
Blockchain cloud storage systems make it so that the storage can be decentralized. This would make the data less vulnerable to attacks and theft.
Storj is a company that provides a cloud storage network based on blockchain technology. They offer lower transaction costs and improved security. They operate by allowing users to rent out their unused digital storage space in a peer-to-peer format.
Stock Trading
The stock market seems like fertile ground for blockchain technology. Startup companies are currently working on securing and automating the trading experience.
ABN AMRO and BUX are working together to make a blockchain application called STOCKS. This app will let users keep their money in a blockchain bank that they can use for trading stocks. By using a private blockchain, the users and the bank can save money and time.
The Importance of Knowing About Blockchain Business Ideas
As we can see, the possibilities of blockchain can extend much further than crypto. Blockchain business ideas work best when they employ automation, security, and decentralization. Hopefully, after reading the above article, you’re now thinking about how you can use blockchain to make your business more powerful and efficient.
For those that already have a business and want to increase customers, sign-ups or exposure, Coinbound is a full-service agency that has worked with the biggest companies in the industry.
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