What are the Blockchain applications? How these are changing ,how we do business?
Table of contents
What is a Blockchain Technology?
Firstly, for over a decade now, blockchain technology has been a lucrative industry for entrepreneurs and startups around the world.
Secondly, as a futuristic internet technology that promises decentralized transactions without intermediaries, blockchain has applications in practically every industry.
But, not all blockchain ideas are worth implementing to put simply. Further, many business ideas can fail because they may not be realistic enough.
Mainly, here we will explore together some of the best, realistic crypto and blockchain business ideas.
Firstly, if you are wondering which industry to start a business in right now, blockchain is definitely a great option because of its high potential and utility across multiple industries.
Secondly, this technology has been around for only a few years now. Thereby it is already being implemented in every space, from finance & banking to security, storage, healthcare, and more.
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How Does a Blockchain Work?
Chiefly, the goal of blockchain is to allow digital information to be recorded and distributed, but not edited.
In this way, a blockchain is a foundation for immutable ledgers, or records of transactions that cannot be altered, deleted, or destroyed.
This is why blockchains are also known as distributed ledger technology (DLT).
What are Applications of blockchain in day-to-day Life?
- Supply chain management
- Digital identification
- Healthcare system
- Food safety and security
- Copyright, royalty, and trademark security
- Digital voting
- Will or inheritance
- Real estate security
- Payment and transfers
- Law enforcement
- IoT (Internet of Things)
- Online music
- Mobile payments
- Waste management
- Smart cities
- Time stamping
- Recording transactions
These are just some of the many applications of blockchain in day to day life. Blockchain technology is constantly evolving and innovating, so there are likely to be more use cases in the future.
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Blockchain-based securities are emerging in Hong Kong ,further expanding distributed ledgers in local financial markets.
UBS and Bank of China have a new private security product on Ethereum, while the Hong Kong government has issued a green bond on a private blockchain.
While outside Hong Kong’s new virtual asset regulation ,the securities products are seen as a positive sign for Hong Kong’s crypto ambitions.
First, new blockchain-based security products are emerging in Hong Kong. Thereby ,offering investors a variety of ways to tap into the city’s growing Web3 industry in areas that are distinct from virtual assets like cryptocurrencies.
Second,the products reflect interest in growing Hong Kong’s Web3 industry beyond just cryptos,which may have been the focus of new regulations.
This helps to cement Hong Kong’s image as a financial centre that fosters a pro-blockchain ecosystem. Especially because the issuance is on a public blockchain.
In its bid to become a crypto hub ,Hong Kong put into effect this month new rules on virtual assets that require exchanges to be licensed and limit retail investors to buying tokens with large market capitalizations ,like bitcoin and ether.
Most importantly, though, securities and futures contracts are excluded from the city’s definition of such assets.
So,now investors are getting a look at how blockchain-based securities will work in the city.
The Product from Bank of China International Holdings (BOCI) is unique in that it is offered on Ethereum.
The second – most popular blockchain after the one used for bitcoin. Ethereum’s main innovation was smart contracts,an idea that helped fuel the non-fungible token(NFT) boom in 2021.
It marks a rare foray into public crypto products ,where cryptos are strictly banned. While traditional notes are held by a central securities depository (CSD) ,the BOCI and UBS product is created as a smart contract and registered directly on the Ethereum network,with no CSD involved.
Basically, using public blockchain allows for “greater interoperability and connectivity across different market participants”.
The tokenized green bonds ,issued by the HKMA in February ,in contrast, were issued on a permissioned blockchain.
Where the entire bond lifecycle from issuance to settlement of secondary trading and maturity redemption happens on-chain ,according to the Hong Kong’s Monetary Authority (HKMA).
Designed specifically for customers in Asia-Pacific .UBS clients can purchase the product with fiat currency,. While Swiss bank serves as a custodian of the product.
The new product could be seen as an extension of Bank of China’s blockchain efforts.
Much of the hype around Hong Kong’s push to become a crypto hub revolves around its new regulations that went into effect this month.
These rules primarily apply to crypto exchanges and define virtual assets of exchange. By virtue of being issued on a blockchain, these security products are still being seen as another way Hong Kong is expanding its Web3 footprint.
List of 23 Business Ideas with Introduction
NFT Marketplace Development
Key Steps of NFT marketplace Development
a.Firstly, defining a niche for an NFT marketplace
b. Secondly, Launching the blockchain network
c. Creating smart contracts
d.Implementing the NFT marketplace
e.Setting up crypto payment gateways
Exchange Platform Development
Start Your Crypto exchange
a.Obtain legal counsel to ensure licensing requirements are met
b. Attain funding for venture
c. Find a technology solution provider
d. Connect your exchange with others for added liquidity
e. Partner with a payment processor
f.Implement best security practices
g. Go live via beta testing
Real Estate Tokenization Platform
Firstly, the real estate sector is witnessing a tremendous transformation as a result of the use of blockchain technology.
Secondly, Real estate tokenization on the blockchain has opened up the market to individuals who have an interest in real estate but have been unable to join owing to a lack of cash.
Thirdly, it has also addressed the industry’s underlying problems, such as a lack of transparency, trust, and speed.
Additionally, using blockchain technology, users will have tokenized homes, houses, and apartments and represent them on the blockchain.
Further, you may also create tokens for properties that are still being built. Additionally, these tokens can be used to represent real estate, interest or to raise funding for the development of investment properties.
Benefits of Real Estate Tokenization
Firstly, You can fractionalize high-value assets into tokens, allowing access to a broader pool of global investors.
b. Operational Efficiency
Secondly, ‘smart contract’, or programmable operations on the blockchain, enable the automation of numerous processes. Thereby, including investor whitelisting, regulatory checks, and post-issuance activities such as dividend distribution.
Thirdly, tokens can be readily purchased and sold. Thereby, investors have greater flexibility in controlling their day-to-day exposure to a certain class, area, or kind of real estate. Further, this allows businesses to decrease portfolio risks more efficiently.
d. Reduced settlement period
Chiefly, investors can settle tokenized goods transactions faster than traditional financial transactions. Further, tokenized transactions may be completed instantly, as opposed to normal ones, which might take days or even weeks.
E. IDO 7 IGO Launchpad Platform
Firstly, Accubits is one of the leading blockchain-based development companies, housing some of the best IDO launchpad developers in the market.
How to Launch an IDO Platform?
a. Firstly, devise a business strategy. Secondly, plan the token offering to be released over a DEX by creating a strategy that makes sense.
b. Secondly, you need to create a marketplace
c. Then, visit a DEX launchpad
d. Then you need to create a crypto
e. Launch the token to start raising funds immediately.
Lastly, per IDO will cost $0.0234
Finally, you will get profit as an investor when you can get tokens listed on a decentralized exchange. Either way, you will be receiving returns on the investment. Mainly, it will be wise to analyze the performance of the token.
Benefits of IDO
a. Immediate liquidity
b. Cost-effective trading and lower costs for listing.
c. Average listing returns for IDO investors are +2,347% approx.
DeFi Platform Development –
Chiefly, most dApps run on the Ethereum blockchain. Further, it is an easy and accessible resource for the building of more complex financial use cases.
For instance, prominent dApps include PancakeSwap, OpenSea, and UniSwap.
Upon, starting a DeFi app you will need to go through the following steps.
a. Truffle and Ganache – Truffle is a dev. the platform for testing the framework and pipeline for Ethereum.
b.Create an ERC-20 token
d. Testing of the DeFi app.
Lastly, decentralized finance builds on distributed ledger technologies (DLT) to offer services such as trading, lending, and investing without using a traditional centralized intermediary.
Decentralized Social Media Apps
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Crypto Loyalty Reward Programs
Crypto Tokens are the new Holy Grail for Customer Rewards. While giants like Amazon spend a minuscule amount of their revenue on these programs, the scenario could be the exact opposite in the case of an up-and-coming retailer.
Mainly, blockchain technology can lower the cost of entry for many such companies due to its ability to be highly secure and decentralized.
Essentially, an aspect of blockchain-based loyalty programs is the ability to maintain a universal system across programs.
Further, the technology does a way better job than the current points systems. Redemption processes are clear, logical, and streamlined.
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P2E & M2E Game Development
Unlike P2E games that only require advancement or victory in the game to earn, M2E requires actual physical activity as a condition for earning rewards.
Especially, how much you earn directly depends on how much physical activity you engage in daily, unlike P2E, which rewards skills in the game.
The steps to build a play-to-earn (P2E( game are :
a.Build a 2D Web3 Game
b. Incorporate NFTs
c. Build a smart contract to Run a P2E Game.
d. Integrate Moralis and the Smart Contract.
Lastly, the market demand is constantly at an all-time high.
Crypto Wallet Application/Software
Understand Blockchain and Cryptos
Use Standard Crypto Open-source Libraries
Select the Right Tech. Stack
Check Out Your Competitors
Begin your App development.
Crypto Coin /Token Development
Firstly, from most to least difficult, you can ;
a.Create your own blockchain and native cryptocurrency
b. Modify the code of an existing blockchain
c. Establish a new crypto on an existing blockchain.
d. Hire a blockchain developer to create a cryptocurrency on an existing blockchain.
Following are the top-notch token generator platforms in the global crypto market.
d. Create My Token
e. The Token Launcher
AI-based Crypto Trading Bots
Firstly, trading bots are profitable as long as you can configure them properly. The best ones will obviously make a profit and it is essential to set to test them or have some sort of guarantee first before buying.
Secondly, a bot could make a 2% return for a day. Additionally, your chances to lose depending on the strategy you choose.
Cross-border Payment Systems
Basically, cross-border payments are financial transactions where the payer and the recipient are based in separate countries. Generally, they cover both wholesale and retail payments, including remittances.
4 Ways Digital Innovation is transforming the Cross-border Payments Landscape
a. APIs enable Real-time FX rates
b. Technology enhances visibility and transparency
c. Virtual accounts increase global reach
d. Partnerships and blockchain create instant payments
Crypto Crowdfunding Platforms
Are you looking to crowdfund a project? Or do you want to invest in your crypto holdings?
These platforms let you do both.
b. Quantum RE
c. Real Blocks
d. Tally coin
g. Tecra Space
Although crypto crowdfunding is still a developing industry, the future certainly looks bright for community-funded projects. As the next generation of the internet continues to grow to put it simply.
Lastly, through these platforms, we can see many more exciting projects that traditional forms of finance may have otherwise limited come to fruition.
Crypto ATMs and Vending Machines
Firstly, Bitcoin ATMs are kiosks that allow a person to purchase Bitcoin and other cryptos by using cash or a debit card.
Additionally, Bitcoin vending machines typically work. For instance, a user deposits cash into the machine, and, in return, bitcoin is sent to their crypto wallet.
Unlike, traditional ATM machines, bitcoin ATMs do not give cash.
Secondly, Bitcoin ATMs cost between $3000 to $14000, depending on the model. Additionally, delivery and installation costs, taxes, and import duties are also included in the initial cost for an ATM.
ATMMachines.com offers sales and placement of Bitcoin ATM Machines., which allows users to buy and sell Bitcoin (BTC) and other cryptos.
Trading Bot As a Cloud Service
Trade with Python. Firstly, trading bots are profitable for as long as you can configure them properly.
Additionally, it was found in a Google search that 90% of exchanges, trading systems, and data providers offer cloud-based data and services. Further, 67% of commercial and investment banks consume cloud-deployed market data.
Further, 90% of surveyed buy-side firms consume cloud-deployed market data, mostly for portfolio management.
Basically, a cloud-based trading environment offers flexibility and business continuity by allowing traders to work from anywhere.
Lastly, cloud platforms like Amazon, Microsoft, Google, etc are the best in the market.
Blockchain – as a Service
Basically, blockchain-as-a-service is third-party cloud infrastructure and management. Further, which businesses use for developing and managing Blockchain applications.
Secondly, it operates as a web host which runs an app’s backend. Baas acts as a catalyst that leads to the widespread adoption of blockchain technology.
Furthermore, Oracle offers the Blockchain Cloud PaaS; a complete, production-ready blockchain platform based on the Hyperledger Fabric.
Benefits of Blockchain as-a-service
Transparency and the traceability of data shared across a business network deliver cost savings with new efficiencies.
Further, blockchain for business uses a shared and immutable ledger that can only be accessed by members with permission.
Firstly, Metaverse platforms have the potential to transform how, when, and where companies interact with their customers.
Secondly, extended reality platforms enable businesses to deliver new experiences and provide information in new ways.
Thirdly, making less expensive AR/VR headsets at a mass scale is definitely a foolproof metaverse business idea.
Additionally, you can build and monetize a recreational area where others can come to play a game and open a VR clothing store.
Further, you can even earn money by utilizing your skills as a builder by offering an architectural structure or digital creation in the metaverse.
Furthermore, you need to create a startup in the metaverse. Thereby, beginning your virtual journey.
Firstly, NFTs are often used for 2D artworks on a blockchain, such as Ethereum. Not all metaverses sell assets in the form of NFTs; though also, many do.
Secondly, 3D NFTs are the latest trend in digital asset ownership. They are a form of digital asset that is unique, completely non-fungible, and immutable, allowing anyone to securely own and trade digital assets in a brand new way.
Thirdly, you can convert 3D images into NFT art. 3D NFTs are more valuable than 2D NFTs.
Digital Banking Ecosystem
Firstly, digital banking ecosystems are collaborations built on partnerships that use technology to provide new products and services to clients.
Basically, the idea behind collaborative models like these is simple. Although no single bank cover all of its customer’s needs, a consortium of banks and digital companies can.
The following are 4 Pillars of digital banking :
An example of a digital banking ecosystem is an online banking app. Further, these mobile platforms combine multiple in-house and/or third-party banking services to provide customers with a single, unified interface.
Additionally, the 3 layers of digital banking systems are the workplace, the customer journey, and open banking.
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Types of Digital Banking
a.UPI (Unified Payment Interface)
c. Mobile banking
d. Banking Cards
e. Mobile Wallets
f. POINT of SALE (PoS)
Smart Contracts based MLMs
Mainly, Smart Contract MLM Software is a decentralized MLM platform. Which is based on smart contract protocols operating on a blockchain network.
MLM and a blockchain have a similarity. Additionally, they both have a peer-2peer model operating in a network. Needless to say, the amalgamation of the two is a powerful ecosystem.
Medical E-records Management
Typically, instead of using the traditional centralized databases, the Ethereum-based blockchain is applied to our designed system framework. Basically, for medical record management to ensure the security of data.
Secondly, the medical records are stored within individual nodes in the blockchain networks by utilizing smart contracts.
Further, Blockchain’s distributed ledger technology facilitates the secure transfer of patient medical records. Additionally, it strengthens healthcare data defenses, manages the medicine supply chain, and helps healthcare researchers unlock genetic code.
Moreover, the reputation of Patientory as one of the top healthcare blockchain companies is also evident in the facility of secure access to healthcare data.
Above all, the platform also provides personalized healthcare plans alongside rewards, which include NFTs.
The future of blockchain is very bright in the healthcare industry. Proponents of blockchain technology say we are on the cusp of a revolution in health care.
Universal Digital Identities
Firstly, digital identity allows governments and corporations to have total visibility and traceability over people and things.
Basically, both physical and digital while determining which products, services, and information we will be able to access.
Mainly, a digital identity arises originally from the use of personal information on the web and from the shadow data created by the individual’s actions online.
Benefits of Digital Identities
b.Establishment of a framework of trust
c.Smart city access
f.Financial and social inclusivity
P2P Cloud Storage Renting
Firstly, Peer-to-peer storage is a paradigm to leverage the combined storage capacity of a network.
Mainly, storage devices (peer) are contributed typically by autonomous end-users as a common pool of storage space to store data and share content.
Additionally, it is designed to provide persistence and availability of the stored content.
Basically, P2P Cloud Computing is a decentralized variant of the traditional cloud computing model.
Essentially, which offers its users the ability to share resources with each other, in such a way that at least laaS is preserved.
Mostly, the user needs to pay for the subscription. Further, the price depends on the services and subscribed storage space.
Here are 3 types of P2P networks
a.Unstructured P2P networks
b. Structured P2P networks
c. Hybrid P2P networks.
You can charge fees for usage of the network.
Mainly, as a long-term solution to data security, record keeping, and compliance, Blockchain has several uses that can make it simpler and faster for businesses to operate and grow.
Secondly, If this is something that tickets your fantasy to you are looking to build a career in this domain, opt for Blockchain courses online.
Further, these courses will help you get deeper knowledge on the subject and prepare you for what’s to come. Give your career a kick start and start earning money.
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Firstly, you can monitor and grow customer loyalty, Brand loyalty is a competitive game.
Secondly, exchange loyalty rewards
Thirdly, trade online advertising space
Further, sell targeted, single-source advertising
Additionally, verify luxury goods
Furthermore, protect valuables with a digital identity.
1. Stock Trading
2. Healthcare Data Access
4. Wills and Inheritance
6. Cloud Storage
7. Decentralized Credit Scoring
8. Charity Accountability
Chiefly, blockchain developers are in high demand. According to a Linkedin study blockchain developers are one of the fastest growing and most sought-after technical skills in 2023. Blockchain developers are making 50-100% more than traditional developers.
Mainly, DAG-based ledgers’ remarkable consensus mechanism results in a faster transaction speed. Chiefly, since DAG’s nodes are developed simultaneously, transaction speeds are almost always faster than blockchain transactions.
Firstly, Solana is the fastest blockchain in the world and the fastest-growing ecosystem in crypto. Mainly, with thousands of projects spanning DeFi, NFTs, Web3, and more.
Secondly, Solana ensures composability between ecosystem projects by maintaining a single global state as the network scales.
Firstly, LeewayHertz is a top-tier blockchain development company with over 1.5 years of experience building enterprise applications.
Additionally, they specialize in delivering customized blockchain solutions to businesses of all sizes, utilizing their expertise in Hyperledger, EVM, Solidity, Cosmos, and Substrate.
Cardano – Eco-friendly future blockchain
SushiSwap – Community-driven decentralized exchange
Ethereum – The OG smart contract platform