Top 10 Blockchain App Ideas for Your Business in 2021 and Beyond

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Blockchain applications go far beyond cryptocurrency and bitcoin. This technology has got to the point that it can be implemented across almost any industry with its ability to create more transparency and fairness while also saving businesses time and money, from how contracts are enforced to making government work more efficiently. 

Before we start, let’s quickly revise! 

A distributed ledger, often known as a Blockchain, is a collection of digital records that encrypts data in an unchangeable time-stamp chain. Each block in the chain contains both transaction information and a connection to a preceding block, ensuring that data is not tempered and remains valid.

As companies realize the importance of blockchain for business, blockchain technology is being mostly utilized in the financial services industry. Immutable records, decentralized architecture, and other blockchain features, on the other hand, digitalize businesses of all sizes by improving their efficiency, security, and transparency. As a result, it’s estimated that global blockchain app development technology revenues will reach around $39 billion by 2025.

The blockchain is going to be the most widely used technology in coming times as it can integrate very complex and encrypted data into a safe mesh to offer a secure online transaction. A user can make the most from this disruptive technology and provide more security as well as reliability to their customers.

Blockchain app development these days is embraced by mobile app development services and solutions for global businesses. There are many giants like Microsoft, LG, and Facebook also integrating Blockchain technology in their systems.

Blockchain technology is getting mainstreamed in the corporate world through blockchain app development services. Here are its added advantages.

  • Authenticity: It helps finance institutes to bring data integrity and ensure proper authenticity in their systems
  • Streamlined Process: It improved operational efficiency, including the ability to do a real-time settlement, reporting, and audit.
  • Programmable Capabilities: The entire business logic can be coded including data privacy, compliance, identity, and so on
  • Economic Benefits: Better operational cost, fewer infrastructure costs, and transactional costs.

Here’s our rundown of the top blockchain business ideas that are conducive to positive organizational transformations.

Secure the Supply Chain 

The sector loses roughly $50 billion in revenue each year as a result of cargo theft or loss. A blockchain-based system ensures that no data can be tampered with, reducing the possibility of documents or products being stolen.

Limit Fraud

According to PwC’s Global Economic Crime and Fraud Survey 2020, 47% of companies have suffered fraud over the past 24 months. Cybercriminals take control of legal accounts and make purchases with them. Blockchain can be used to create a trusted identity that is difficult for third parties to access.

Enhance Traceability

Various countries produce a variety of healthcare products. One out of every ten pharmaceutical items in low- and middle-income nations is counterfeit, according to the World Health Organization. Healthcare supply chain management using ledger technology gives information on reliable vendors and aids in the certification of drug authenticity.

Store and Protect Medical Records

The average patient in the US visits around 19 doctors during their lifetime. Because the vast majority of records are still kept on paper, they are dispersed throughout several sites rather than being part of a centralized database. As a result, documents may be misplaced, resulting in more mistakes and slower treatment. The blockchain enables the construction of a single dataset containing all of a patient’s health records from birth to death. Only approved personnel is able to add information to the medical history kept on the blockchain, which is encrypted and processed securely.

Streamline Transactions

Money can take weeks to reach a business in traditional financial transactions. Each transaction is the result of a time-consuming, costly, and error-prone procedure. Because everything happens within one network, blockchain-based buying and selling streamlines the entire payment process and reduces the amount of time it takes.

Maintain Digital Records

In 2017, the University of Melbourne started to issue digital credentials using blockchain, and the Massachusetts Institute of Technology issued digital diplomas. The ledger’s records can’t be changed, assuring its security and permanence. Without the use of an intermediary, an individual could acquire a certified record using blockchain technology. Diplomas, certificates, and transcripts reflecting a student’s grades can all be issued, kept, and accessed with only a few clicks in the ledger.

Safeguard Open Educational Resources 

All updates made to educational resources developed with blockchain are timestamped, contain information about the creator, and are tracked. The ledger can be used to determine when a document was created and who created it. As a result, the original content provider can always be identified and plagiarised content is impossible.

Transportation and Logistics

For order monitoring, transition, and authentication, blockchain technology in transportation provides efficient, quick, and scalable solutions. The supply chain for truck components and old trucks may be readily tracked on a digital ledger with the help of blockchain. A decentralized public ledger system that records all changes in real-time would assist logistic organizations in becoming more efficient by storing the movements of each shipping container and reducing clerical errors.

Reshaping Car Insurance

Insurance companies can use blockchain-stored data to personalize policy issuance and claims administration based on an individual’s driving behaviour rather than their driving history. Embedded sensors gather data on things like acceleration and braking behavior, vehicle speed, mileage, a driver’s location, etc, which is securely stored via the blockchain and can be accessed by the insurer when needed. This is often referred to as “black box” or telematics insurance.

Access to this type of driving information can also help to speed up the process of filing a vehicle insurance claim. Special rules for road traffic incidents, governed by blockchain-powered smart contracts, can give insurance firms with accident-related data after the fact.

Insurance Segment

The capacity of blockchain to generate trust in a trustless ecosystem by using public ledgers and strengthened cybersecurity procedures has good implications for the insurance industry’s future growth. Along with artificial intelligence and big data, the potential that utilizing blockchain in insurance will unlock hinges upon three unique features in particular.

  • streamlining third-party transactions
  • smart contracts and re-insurance
  • data management and security

Many multinational corporations have already investigated the importance of blockchain for business and selected the most promising, and implemented them. Here’s a rundown of how the world’s most successful companies are leveraging actual blockchain solutions:

  • Ford is utilizing blockchain to safely store emission data and share it between authorities and vehicle owners.
  • Maersk leverages a blockchain-powered shipping platform to provide all supply chain partners access to real-time information and digital documents.
  • Mastercard is testing blockchain-enabled payments, which could lead to faster and more transparent cross-border payments.
  • Nestle and Carrefour are to utilize blockchain solutions to offer greater visibility into their supply chain.

Pfizer is using blockchain technology to track records and manage its supply chain.

Toyota has launched Blockchain Lab, which is to explore possible applications of the technology within different aspects of the car industry, including the supply chain and mobility.

Blockchain technology is evolving rapidly. In this article, we have shortlisted just a few of its possibly successful app ideas. The technology has the potential to disrupt a multitude of processes. Starting a blockchain business journey by yourself is a daunting prospect. Collaborating with a technology expert can help you make a positive start and capitalize on the business opportunities blockchain offers. Contact the best blockchain app development company to guide you in your transitioning journey. 

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