Digital currencies have been around since 2009, but 2017 was the year when everyone took notice of their existence. The main asset of this digital market, Bitcoin, reached $20,000 a unit and suddenly the world of finances got taken by storm, facing a challenge they were not quite ready to face.
Currently, many multinational corporations, banks, and even Wall Street firms are looking to learn everything they can about everything that has to do with cryptocurrencies others is knee-deep adopting every aspect related to their technology to give a much-needed muscle to their security features.
Many of these companies wouldn’t be able to reach even planning stages of basic blockchain technology if someone out there wasn’t willing to teach them how to use it for the right price, and as such a new niche on the market has been born: business startups based on blockchain technologies.
In the following lines, we are going to explore the best business initiatives you can embrace if you have knowledge about blockchain technology and some capital laying around. Pay close attention: it’s a brand new world and blockchain is poised to become the leading battle horse for many companies out there.
Here are 10 profitable blockchain technology based business ideas that you can start in 2020:-
1. Identity Check-Up
Think for a moment how useful are ID cards, badges and anything that provides some sort of identification. Now picture for a moment how easily can be to forge them. Sure there are a number of two-steps verification technologies out there, but is there something that allows you to safely check the ID of that law officer that is there supposedly to protect you?
There have been rumors or loose ideas for some time now about adding blockchain technology using QRC to verify the authenticity of every badge that crosses your face. The best part is that there is that there is no need to create an ID infrastructure. All you need to do is use a blockchain log to store ID details that can be verified for life with the touch of a button.
There are a few initiatives out there making basic use of blockchain technology to create games based on mining, but the scope should much wider considering how old this technology is right now. One of the biggest, untapped markets is the online gaming community participating in pay-to-play or pay-to-win platforms that extract money out of their pockets with no rewards.
Blockchain can change the face of these models by establishing a pay-to-earn model that been merely toyed with at the moment. Once developed by the right people, gamers could get something out of the endless hours they put on a game other than the satisfaction of winning.
Notaries are commonly used worldwide to transfer ownership of goods and assets before a law officer by signing a piece of paper and usually involving a monetary transaction. While these records are kept available for a long time, stored on paper ledgers, they can easily tamper.
By adopting blockchain as a way to keep a digital record of notaries, there is no way someone can tamper with this data or scam over people over certain properties. Is at best a security factor to consider?
4. Managing a Retail Business
Setting up a retail operation using blockchain doesn’t require extensive development. In most first-world nations there are is already some sort of framework created in the private sector that allows customers to handle their grocery shopping using their smart devices.
Integrating the coding of blockchain technology to these existing technologies would not take much, and it would allow business owners to make conversions on the fly to collect their profits as they need them or as it suits them.
5. Digital Assets or Services
Working the ICO structure can do wonders for any small business that needs crowd funding to start with the right footing. You can either offer a participating role to your initial investors, or you can offer them some sort of asset related to your business initiative, you can even provide a tokenized utility that they are able to exchange for service at their convenience.
Since crypto assets are not bound by laws and legal regulations in most of the world you can start up a casino, that deals out prizes using digital currencies stored in the blockchain. As you can probably imagine this initiative sounds good, but it needs quite a hefty monetary muscle to make sure you have the means to back up your offering if you are planning to make a living out of it. Taking shortcuts is just a way to rip off people, and you don’t want to do that.
7. Digital Voting
Let’s think back for a moment about the basic exercise of democracies around the world. Make no mistake voting doesn’t work the way it should in every nation in the world. Just ask Hillary Clinton who won the majority of the popular vote to Donald Trump, but somehow lost to him due to the regulations of the Electoral College. By adding blockchain technology to the framework of the electronic systems used to vote in modern nations, there is no way to tamper with the will of the people.
8. Blockchain Based Cloud Storage
While there are a number of startups out there doing their best to offer decentralized means of cloud storage, not a single one has managed to set up shop at 100% functionality.
Using blockchain to store data is such a no-brainer that is almost hard to picture a reason why companies such as apple or Microsoft haven’t embraced the possibility.
Studies made by these startups that haven’t taken off yet have already offered factual evidence that decentralized storage drives cost down a tenfold since big servers are no longer required to keep cloud services running.
9. Smart Contract Managing
As easier as they are to use, a smart contract needs to contain certain specifications to make them viable and legal biding. Smart contracts offer security on every network since they are routed to the receiving recipients based on a series of future events.
By structuring these smart contracts to be delivered automatically on request, there is a substantial lowering on the managing costs of a financial transaction that usually takes time and money to happen over such a meager thing as a signature. Whoever strikes the perfect template for a smart contract is sitting on a goldmine.
10. Gift Cards and Loyalty Programs
Using blockchain technology to manage the points of a loyalty program means that no one will ever need to punch holes on a card anymore. It also means that a simple ID process will let your favored retailer know the type of bonus you will be able to collect using their loyalty program as you collect points for interacting with their brands. Gift cards can also be awarded to your name using the blockchain, and no one will be able to claim anything using coding that can be easily stolen.