2022-07-28 03:24:56
11 Business Ideas Using Blockchain TechnologyBlockchain technology is already disrupting how organizations of all sizes do business. While cryptocurrencies and non-fungible tokens (NFTs) are the most talked about use cases for blockchains, the secure peer-to-peer validation enabled by the technology has many other applications. The creation of blockchain ecosystems has also created opportunities for businesses that support them at various points of the service chain.blockchain business ideasImage by Tumisu from PixabayBelow are some of the most cutting-edge blockchain business ideas made possible by blockchain technology.
1.) Secure Cryptocurrency Coins and WalletsWhile cryptocurrencies are quite secure, the virtual wallets used to hold them can still be vulnerable to concerted attacks. Additionally, the identity of cryptocurrency holders can often be deduced with fair accuracy. Using so-called privacy coins like Monero (XMR) may be the key to further maximizing the security of blockchain tech in currencies. Newer
Monero wallet options may help plug any additional security holes that arise from the need to access one’s digital funds.
2.) Asset ManagementBlockchain tech is already being used by large organizations to keep tabs on their physical assets. Using blockchains may allow organizations to accurately track the movement and use history of all the physical assets they own, reducing the potential for theft and waste while maximizing utility. This may also simplify auditing while offering organizations all kinds of massive cost-saving advantages.
3.) Identity ManagementBlockchains offer a framework for a tamper-proof “single source of truth” for all things related to a person’s identity. This has wide-reaching implications for things as varied as human resource management and voting in elections.
4.) Connect Freelancers to JobsThe identity management benefits of blockchains may also help single proprietor businesses, freelancers, and other
gig economy workers by giving them a secure way to present credentials. It may even help payments to freelancers become more stable, as blockchain tech can be used to automate payment sign-offs when contract specifications are delivered.
5.) LogisticsThough logistics and cargo businesses have innovated countless ways to streamline the passage of goods, shipping losses and other undesirable outcomes are still an everyday occurrence. Using blockchain technology may not only improve the tracking of shipments, but also speed them up immensely. Blockchain methodology can be used to reduce the need to manually check shipments, which results in timelier deliveries as well as reduces storage and holding costs.
6.) Smart ContractsBlockchains are already being used to create secure, unalterable contracts that are effectively immune to forgery. These are now seeing growing use in the real estate industry but could they could also be adapted for virtually any other situation that requires secure yet accessible contracts.
7.) Targeted AdvertisingBlockchains are now being used by some web advertising companies to deliver better-targeted ads at a lower cost. The typical way this is executed is through the use of AI, which profiles and targets individual site users based on their activities. Then the AI could signal a blockchain-based algorithm to purchase ad space on specific pages or site areas. This means that the ad spend for each conversion could be dramatically reduced, improving overall ad performance.
8.) Unique Item ManagementLuxury goods, antiquities, and one-of-a-kind items can be accurately authenticated and their histories tracked with unforgeable non-fungible tokens, which could also be used as certificates of ownership. Blockchain-based applications…
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