20 Blockchain Startup Project Ideas
Business operations are being revolutionised by blockchain technology. You may even wonder how blockchain technology can be applied to industries other than currency and investing.
What is Blockchain Technology?
A blockchain is a database storing encrypted data blocks and chaining them together in a sequential manner to create a single source for the data.
Rather than copying or transferring assets between multiple parties, a blockchain distributes all digital assets to all participants. It creates a record of digital assets that cannot be changed.
So, if you are tech-savvy or someone who has an obsession with data, you can actually start a business out of it. There are endless business ideas in the blockchain. We have mentioned a few below:
1. Blockchains for Loyalty Rewards
You must have got at least one reward after opening an account on some platform. But many consumers know how to manipulate these brand loyalty programs. Due to this, companies don't always reach out to their most eager customers through reward programs. Blockchain can help companies find these customers more easily.
How Blockchain Will Help?
A unique token is created and assigned to each new transaction (such as an exchange or redemption of loyalty points). These tokens are stored in blocks. By validating and linking new blocks to older blocks, a strong, secure, and verifiable record of all transactions is created without the need for intermediaries or centralised databases.
2. The Trusted Crowdfunding
Crowdfunding today has a problem with accountability. How? Many companies delay delivery, or sometimes even fail to deliver. When you give money to the wrong campaign, and someone misuses the funds, then you might not support any other projects again.
How Blockchain Will Help?
With blockchain technology, you can eliminate this issue. Donors can choose campaigns offering terms they are comfortable with. Furthermore, it ensures that creators and donors have a transparent relationship.
3. Make Foreign Exchange Efficient
The foreign exchange market is the largest and most liquid asset class in the world. Trading activity is difficult to capture, reconcile and settle.
How Blockchain Will Help?
Data can be recorded in a secure digital format by utilising blockchains, which provide real-time information about transactions between a wide range of parties, such as corporations, supplier networks, investment pools, and international supply chains.
4. Achieve High Uptime for Banks
While digital money and payments are expanding, central banks are struggling with managing risks, avoiding security pitfalls, and maintaining service-level agreements.
How Blockchain Will Help?
By reducing the time needed for verification and transaction resolution, blockchain can lower the communication load. It can effectively overcome human errors.
5. Predicting Stock Market On Blockchain
On a blockchain-based platform, companies can register, issue, and trade shares. How does it benefit you? It enables you to buy shares in companies using digital currencies.
How Blockchain Will Help?
Stocks from the real world can be converted into digital stock tokens. These tokens can be easily transferred using peer-to-peer technology. As a result, it helps in the prediction of the stock market.
6. Trade Online Advertising Space
In advertising, AI is used to forecast consumer preferences. Having access to the right advertising space can make it difficult for a company to cater to those preferences.
How Blockchain Will Help?
Blockchain companies that use artificial intelligence to determine the best advertising space instantly record the purchase of that space. Moreover, AI can trade advertising space between clients within a blockchain in the event of a new product launch or unforeseen circumstances.
7. Digitally Transfer Wills
Money is being stored in cryptocurrency more and more frequently. In the event of someone's death without a will, what happens to your cryptocurrency?
How Blockchain Will Help?
It is your blockchain company that can prevent a loss of savings and allow them to be transferred to their loved ones.
8. Electricity Bill Reduction
Blockchain can show customers which plans are the best for them based on the prices offered by different companies. It is also possible for energy companies to increase their profits by better understanding their customer pools and their needs.
9. Trade Solar Power Using Blockchain
Would you be willing to use your electricity during peak hours to charge your battery? How about using solar power to accomplish the same task at a lower cost?
How Blockchain Will Help?
As solar panels on terraced houses soak up the sun, computers connected to the panels quietly crunch numbers. Then they count how many electrons are generated. Then they record that number in a blockchain. As a result, you can avoid the electricity company's energy supply by trading solar power.
10. Making Luxury Goods Are Authentic Using Blockchain
As a verification tool for luxury goods, art, and more, blockchain's unchangeable nature makes it the perfect solution. In the blockchain, the product’s authentication, production dates, times, and serial numbers are recorded with manufacturer-provided data. The service can be used by customers to verify their goods are legitimate.
11. Protecting Medical Records Using Blockchain
There are limitations to the level of care that doctors and health professionals can provide.Because your health records are not complete and accurate.
How Blockchain Will Help?
You can now publish your medical records safely on the blockchain with blockchain applications in healthcare. It can be accessed anywhere in the world by you or an authorized person.
12. Real-time tracking of shipments
The exact location of a shipment between shipping facilities used to be difficult to track. With the help of blockchain networks, you will receive real-time updates on the location of your shipment. There are some rising start-ups that can monitor this information and allow customers to track their shipments on-demand.
13. Registration of Land Ownership
In addition to being expensive and labor-intensive, maintaining a land registry is also time-consuming.
How Blockchain Will Help?
A blockchain can keep the data of real estate safe. It keeps track of property records and leases. It also reduces title searches in the future and improves transparency.
14. Identifying Fake Medicines
Fake drug manufacturers make sales at the cost of somebody’s life. By recording the manufacturing date, license holder, and batch number, authentic drugs can be reached the consumers. Using blockchain all consumers can be assured that the drug is genuine and comes from an authorised and verified source.
15. Make Legal Contracts Easy
Consider buying a land or a real estate property. It is common for money and needs to be passed to a third party such as a lawyer or bank. As soon as the third party is satisfied that both parties have fulfilled their contract requirements, they transfer the money and documents accordingly.
How Blockchain Will Help?
Using a blockchain, this could be done automatically, without the need for a third party. With the agreement, both deeds and money are given to the program in a digital form.
16. Pay Digital Content Creators/Influencers
Musicians, filmmakers, and writers are digital content creators. They create amazing content. However, few of them make a good living. Blockchain technology helps content creators and influencers to monetize their intellectual property, image, and likeness.
17. Rent Cloud Storage With Blockchain
With blockchain storage, information is spread across the globe, which reduces the strain on individual servers. Blockchain storage rental companies allow users to rent a certain amount of storage from each other through peer-to-peer networks.
How Blockchain Will Help?
Through peer-to-peer storage, users who either have storage space to rent or a small amount of storage space to use can connect with each other. The rental business handles the interaction while renters set their own prices.
18. Create Blockchain Systems for Other Companies
For new adopters of the technology, blockchain development can be complicated. Companies that specialise in blockchain development are essentially a network of developers that help other businesses implement blockchain technology.
19. Protect Image Ownership
In Numbers Protocol, media content is authenticated through the use of blockchain technology. With this technology, any online image can be protected and proof of ownership can be provided. Media created includes a unique licensing which can be stored in the database. This way the viewers will know the source of any picture and its authenticity will be maintained.
20. Patient Data Management System
There have been many cases where insurance companies and medical institutions have unethically used patient data, as patient data is vulnerable to theft, and unauthorised selling.
How Blockchain Will Help?
Using blockchain, healthcare policymakers, data analysts, and pharmacists can easily access and manage patient data without risking unauthorised access or fraud.
