Before going any further, we have a riddle for you. Have you ever wondered how businesses are built? If not, we must inform you that they are built around an idea, a concept, or a notion that has the potential to solve one of the main problems of a selected audience. Now if you look closely, the case with Blockchain is more or less the same. If you want to develop a business idea based on the Blockchain technology, you must ensure that the product or service that you are going to offer to your target consumers must fix their troubles. Take, for instance, the customers of many banking and financial situations often face frauds and scams when transferring money to their friends or family members.
In that case, if the service provider integrates Blockchain technology into their core system, the number of fraudulent transactions will reduce to a big extent due to high security measurements this technology comes with. That’s not all! All the transactions will also occur faster owing to off-chain transactions, layer-two protocols, and sharding. So, if you want to take advantage of these traits or qualities of Blockchain to create a business of your choice then hire a top blockchain development company now.
Yes, only when you do that, you will be able to make humongous money out of this emerging technology. Ok? Now, let’s run through:
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What is the Future of Blockchain?
There is no denying the fact that Blockchain is potent. And the good news is that it is so potent that multiple industry experts have already given statements about the future of this technology long ago.
In fact, as per the prediction by a reputed research firm, the business value added by blockchain will reach almost $360 billion by 2026. And when it comes to 2030, the same data will turn into $3.1 trillion. Thus, seeing the current and future trends in the market, we can easily say that Blockchain will create a massive revolution in the time to come. And if you want to take the maximum possible advantage of that revolution anytime soon, then employ a widely-known mobile app development company to build your Blockchain app.
What is Blockchain?
Blockchain is a decentralized network of “nodes” (also known as anonymous servers spread across the globe) which connect transactions. These transactions are combined in a chain which gets automatically verified by the nodes we discussed above. Although this process is a bit complicated, you will be glad to know that it is tamper-proof. Thus, only authorized and fully verified transactions get stored in the blockchain. And every verified transaction is recorded by a considerable number of nodes that timestamp it.
It means that Blockchain transactions can never be faked or modified, motivating every techpreneur to build their business around it. In this content, you will find 5 brilliant examples of real-world blockchain applications in different industries to inspire you to commence a blockchain business with a properly analyzed market in mind. And if you need help with deciding the most suitable blockchain-based business for you, please remember that the experts of a topmost blockchain development company are just a call away from you.
Why Should You Take Blockchain-based Business Ideas into Consideration?
Talking about Blockchain, I want to outline that this technology has already transformed various aspects of traditional business operations. And if you are thinking that it has become the substitute of conventional businesses, we must inform you that you are wrong at this point. Instead Blockchain offers an incredibly new method of transacting:
And because of these pros of Blockchain, Crypto business ideas are garnering so much attention across the world and getting accepted by private users, resulting in growth in popularity everywhere. Now, let’s get familiar with the chief advantages of adopting new business ideas using Blockchain:
The pace at which the number of hackers, cybercriminals, and fraudsters is growing, folks have become more cautious when it comes to making any transaction online. No one wants their money to get transferred to a wrong person or their financial information to get misused. And that’s where Blockchain can work wonders. Blockchain removes these risks from online transactions with its transparency and immutability traits. Now if you also want to tap Blockchain to create a top-notch app for your brand, it is recommended to partner with a renowned blockchain development company now.
Do you know that some business owners do not call on the finest blockchain business ideas just because they stay in places with strict restrictions on financial transactions or business operations? But there is a solid solution to this trouble. What? Blockchain eliminates such a barrier by giving its users a location-independent business opportunity, thus wearing off the entry obstacles for growth-oriented organizations. Thus if you are also facing a similar issue in launching your business idea, it makes sense to take professional help from a blockchain development company.
There are no two ways about the fact that Blockchain has the potential to transform people’s access to finance on an international level. For example, the people who were unbanked or underbanked earlier can:
- Get loans
- Complete financial transactions
- Become lenders and borrowers in a decentralized blockchain market
Hence if you are a top-tier business owner looking to make something big in the Blockchain industry, you need to reach out to a massive portion of the population requiring your products or services. And if you need any sort of help in rebuilding your business around Blockchain, be mindful, a leading blockchain development company is just a ring away.
What are some Blockchain Business Ideas You can Invest in Today?
- Monitor and increase customer loyalty
Be it healthcare, manufacturing, banking, or eCommerce, the businesses of every industry want their consumers to be loyal to their brand. And so we can say that brand loyalty has become a very competitive game in every industry. Consumers have more options than ever when it comes to buying any product or service of their choice. And the best part? They can access their desired options within a fraction of a second. Therefore, the companies that utilize customer spending data to design their marketing campaigns are always hunting for solid ways to get in touch with their most loyal customers directly.
And you will be stunned to know that Blockchain-based customer loyalty agencies make the most of AI to analyze the spending pattern of myriads of individuals and target high-value buyers with special incentives. Food service, retail, and other industries have a separately allocated budget to hire such establishments and have an edge over their rivals. So, if you are also considering building a Blockchain-based company on your own, collaborating with a blockchain development company is a smart idea for the same. (Example – Momentum)
- Trade digital advertising space
Are you aware that Artificial Intelligence is famous worldwide in advertising to foretell customer preferences? Yes, that’s true! And taking actions on those preferences can be a challenging job for a corporation if it doesn’t have access to the correct advertising space.
Now you will be amazed to know that a Blockchain company that takes advantage of Artificial Intelligence to decide the best advertising space immediately records a transaction to buy the concerned space. Not only that! Artificial Intelligence can work with a Blockchain to sell advertising space among clientele in the case of a new product launch or an unexpected need. So, if any of these things match your business expectations, then start working on your business idea immediately by involving a well-known blockchain development company. (Example – Thrive)
- Verify luxury inventories
Although you might not be informed about this, the truth is that the immutable nature of Blockchain makes it an apt tool for verification of expensive goods, artworks, and other similar things. A Blockchain authentication business model taps manufacturer-provided data in order to save item production date, time, and most importantly, their serial number. Shoppers can avail such services to ensure that their possessions are legitimate. Thus if you have any plan to begin a business like this anytime soon, we would advise you to team up with a well-established blockchain development company now. (Example – Provenance)
- Track consignments in real-time
It is no easy feat to remain fully aware of the exact location of shipments when they are traveling between different shipping facilities. But, Blockchain technology has a solution to this problem. Wondering what? Well, Blockchain networks make use of nodes to connect to your shipment and get real-time updates on its location. Thus Blockchain consignment tracking businesses keep track of this information and let people learn about their shipment’s location when required. Hence if you also want to develop a business similar to this, then do not forget to join hands with a trusted blockchain development company right off the bat. (Example – XYO Network)
- Sell decentralized cloud storage
Cloud storage is a big leap over conventional hardware-based storage. But do you know what? The important information is still stored in a centralized server in any nook or cranny that could potentially crash due to any technical reason or simply go offline. But the good news is that decentralized cloud storage exploits Blockchain to test and safeguard information by spreading it all over the world. All this reduces the load on individual servers and makes sure the information of a multitude of consumers remains inaccessible to malicious actors. Now if you want to build a massive business around the idea we discussed above, then look no further to the best blockchain development company to get genuine help. (Example – Sinovate)
How to Start a Blockchain Agency as per a Blockchain Development Company?
Blockchain has been making sizeable changes in every industry for some time and it is going to become the next game-changer very soon. Thus if you want to succeed as a Blockchain-based business owner, you must make sure to meet the current demands of your customers. However, before you initiate a Blockchain-powered business, you need to become familiar with several complexities of Blockchain. And today we will let you know a few things to keep in your mind when kicking-off a Blockchain-based startup:
- Search for plights that can be fixed using Blockchain technology and make sure a large number of people are interested in your fixes. Make goals that are not giant but micro for sure. Then, invest your time and effort in validating your business idea.
- Once you have decided to take your vision forward, it will pay off if you pitch your Blockchain-based business idea to potential investors. The benefit? You will get seed capital to work on your new project. Please remember, ICOs or Initial Coin Offerings using Blockchain could turn out to be useful in this case.
- Begin generating revenue through your new product or service in the alpha stage. Do you know what the alpha stage is? Well, the alpha stage is just like an experimental stage for your offerings. For instance, you can charge a small fee to your platform users first. Post the money starts approaching, it will help big time in keeping your project progressing at a constant speed. Kindly bear in mind, if you are considering establishing a Blockchain business, it is highly likely to collect profit down the line. However, their success depends on the blockchain development company you work with.
- Promote your Blockchain business using multiple platforms. And when it comes to outsetting whole journey, it is advisable to focus on marketing on highly used platforms, like social media sites and others. Be mindful, if you use Cryptocurrency to run ads on social media sites, it will help you target prominent buyers with messages that are pertinent to them.
- Improve the quality and usability of your products from time to time and adapt to newer trends as and when required. Now if you don’t know how to do that, it is a good idea to ask for suggestions from your existing users. Yes, their feedback will come in handy in creating a more user-friendly Blockchain app for your company.
- Work with a highly-praised blockchain development company to quickly implement feedback and enhance your product.
So now that you have learned what it takes to commence a Blockchain-driven business, it is time to put your thoughts into action with the help of a highly-acclaimed blockchain development company.
Now that you have perused the entire write-up, we hope you got the information about most aspects of a Blockchain business. Right? If so, we would encourage you to put your hard-earned money on a validated Blockchain business concept now after having an audience with the dedicated experts of the finest blockchain development company.
And while you are doing all this, if you need any sort of guidance and assistance regarding long term maintenance of your virtual product, for that purpose also you can shoot the breeze with the software specialists of a mobile app development company.
FAQs about Blockchain-powered businesses
The best method to do that according to a blockchain development company is:
By recognizing the ideal consensus mechanism
By picking the most appropriate Blockchain platform among Ethereum, Chain Core, etc.
By designing the nodes and other instances
By building Application Programming Interfaces
By shaping the admin and UI
By incorporating AI, Bots, Cloud, IoT, and more
Various projects can be developed using Blockchain, including but not limited to:
Electronic Voting systems
Healthcare Data Management systems
KYC Online Verifications
Insurance data applications
As per a globally-known mobile app development company, they are:
There are several ways in which Blockchains make money. And a few of them are:
Developing solutions for particular use cases
Offering software as a service
Investing in cryptocurrencies
Acquiring transactional fees
Involving in service level agreements
If security is the primary concern, then Ethereum is deemed to be the strongest Blockchain between its rivals.