A blockchain can be described as a decentralized registry of records related to transactions in the form of connected blocks with each one of them containing the data, timestamp and a cryptographic signature of the previous block thus making it impossible, even for the creator to make any unwanted alterations. Developed primarily for the cryptocurrency Bitcoin, many business ideas with blockchain at their core can be used to generate good returns some of which are mentioned here.
The biggest and probably the most useful application that can be exploited commercially is the formulation of contracts using the technology. Purchasing or renting property or any activity that requires diligence can be made foolproof with these digital documents as they will guarantee the authenticity of the information stored in them.
Any organization can benefit from it by way of digital employee contracts that will neutralize any chances of future conflicts.One can start a venture for fabricating customized transactional documents for clients in domains like real estate, auto industry etc.
The most well known use can be in the realm of money transfers and digital payments. Currently, with banks involved, not only do customers have to pay extra charges there is always an outside chance of the information being compromised irrespective of the security features installed.
Migrating to this platform will not only eliminate the intermediaries but also bring down the fees involved while speeding up and securing the process. It can be used for person-to-person transfers as well as for mass transactions like employee payments.
Safe Medical Records
Those associated with the healthcare industry can use the technology for securing medical records of the patients. Creating a system for a hospital where right from the time a person enters the facility to the completion of the treatment, every detail including the bills charged will be recorded in a different block making the whole documentation safe from any tampering.
This will be beneficial both for the institution as well as the patient as the scope for litigation will be narrowed while the reimbursement process for availing of insurance will also be smoothened.
Establishing a business setup aimed at providing logistical solutions to enterprises with this innovation built in the system can be a high profit generating venture. Transportation and delivery of raw materials and finished goods are one of the most trouble-prone areas for any manufacturer with a lot of scope for incorrect reporting by the various parties involved.
Corporations are bound to utilize a service like this which will help in minimizing losses by making it impossible to tamper with the time details or the data regarding quantity of a shipment.
Majority of the connected population is using the internet for a variety of things including serious matters like searching for jobs or light ones like dating. A lot of unscrupulous elements provide incorrect information hoping to cheat people and providing a digital identity solution to online platforms that use this technology and make it impossible for users to change some vital information can be a profitable venture. This is one of the most innovative and out of the box business ideas with blockchain incorporated in it.
Starting a platform where photographers or other artists can sell their visual creations to clients with an efficient and a fail-safe system for copyright transfer is another good proposition. There is a huge market for photographs and other images available at reasonable prices that can be utilized for promotional or marketing purposes.
There are many online platforms that conduct such business but the conflict arises mainly because of ownership or payment issues and the technology will ensure that such problems are negated.
This vertical is fraught with risks with numerous cases of people losing money because of frauds which range from misreporting the quality of the merchandise to selling of stolen goods. Every aspect of the trade, right from the ownership and quality of the commodity in question to the multitude of transactions involved can be speeded up and made secure by using the blockchain method.
Devising a system built on smart contracts and distributed ledgers specifically for companies operating in the field can be helpful for them as well as the innovator providing the service.
Customer Loyalty Program
A huge and faithful client base is what every commercial organization aspires and works for and invest in elaborate loyalty and rewards schemes to fulfil the objective. Considerable resources are required for such large scale operations and thus many small companies are unable to begin such initiatives.
A facility can be provided to them in the form of a third party service that runs the whole program online with no need for physical instruments like cards. At a fraction of the costs and without the employment of their human resources, they can engage and retain their clientele with fast transactions and a safe program without frauds or double spending hazards.
Generally, cloud storage firms store the client data in centralized server which are vulnerable to hacking attacks and an alternative can be provided with a facility incorporating the technology and decentralizing the storage and therefore reducing the risk of data thefts.
The files are divided into various encrypted parts saved in different locations with only the rightful owner having the keys. An amenity like this will be ideal for small businesses as they are assured of security without any substantial investment.
Project Management Tool
The biggest concern of any project manager is the timely and within budget completion of the entrusted assignment. There are various applications for project management available in the market but if one can build a tool with this innovation incorporated, the efficiency of the new product will be far superior as it will ensure generation of trustworthy information and enable better operational workflow.
This path breaking technology is fit for entrepreneurs looking to make a mark by taking calculated risks and thinking out of the box and these business ideas with blockchain as their basis can be used by them for achieving success.
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George Dille is a Business Specialist by profession who provides trademark registration services at BusinessVenturesIndia Ltd. He has vast experience in creative and technical writing. He loves to write about blockchain technology.