The blockchain technology is not new though, but the applications and use-cases of this technology have not been utilized potentially. In this article, we will provide a list of profitable blockchain business ideas.
1. Blockchain as a Service business model (BaaS)
Blockchain as a service (BaaS) is one of the most popular blockchain business models at present. BaaS is an offering that enables consumers to leverage cloud-based solutions to create, host and use their smart contracts, blockchain apps, and functions on the blockchain; while the cloud-based service provider handles all the essential tasks and exercises to keep the infrastructure flexible and operational.
It is an interesting growth in the blockchain ecosystem that is indirectly supporting the blockchain adoption across the various business. The BaaS works similar to the concept of Software as a Service (SaaS) model.
The companies can experiment, test and do research in this ecosystem. At present Amazon (AWS), Microsoft (Azure), IBM (BlueMix), etc. offer Blockchain as a Service (BaaS) and are the ideal example of the decentralized business.
Many blockchain platforms are offering solutions in this field; the prominent platforms are Bitcoin and Ethereum. Ethereum Blockchain as a Service (EBaaS) is managed and ConsenSys in collaboration with Microsoft.
2. Automobile Industry
The automotive industry anticipates the connected car market to exceed $219 billion by 2025 according to the sources. The road to mainstream adoption of the Internet of Things (IoT) vehicles will be paved, in large part, by blockchain technology.
Each vehicle system is decked with more than 200 smart sensors, infotainment system, and superior cloud-based core informatics, with this the need for data management will be critical.
Blockchain Applications in Automotive Industry:
Blockchain technology will assist the connected car industry in various ways, the following of them provide an opportunity for third-party developers in the near future:
- Automating supply chain management tasks.
- Provide cloud-hosting services for OEMs and third-party service providers.
- Tracking vehicle location, operation, and support throughout the vehicle’s lifetime.
- Managing Vehicle-to-vehicle (V2V) and vehicle-to-infrastructure (V2I) data secure from cyber attackers.
- Facilitating the transport, encryption, sharing, and storage of the extensive amount of data connected cars generate every minute.
This sector has good potential for blockchain business in the connected car industry.
3. Smart Contracts
Smart contracts execute automatically within a blockchain and there is no broker involvement to manage the transaction or collect fees. You could consider a smart contract as a P2P (peer-to-peer) legal agreement.
Smart contracts programs’ automatically complete agreements between various parties when specified conditions are met.
Smart Contracts Applications
Stock trades, supply chain management and real estate transactions are just a few of the many applications for smart contracts.
The following are some of the applications of smart contracts:
- Credits can be processed automatically which saves time in banking operations.
- Assets or property deeds can be automatically handled and transferred
- Smart contracts are the solution for making the automation scalable, flexible and reliable since blockchain for business applications constantly requires automation.
- Medical records can be guarded by smart contracts, which can be accessed by authorities and only under predefined conditions
4. Healthcare Industry
The blockchain has disrupted healthcare sector with its vast use-cases and applications. It is used for maintaining vast data, from patient admittance to recording surgical results. The data must be stored accurate, accessible and secured.
There is no other technology that can meet the requirements of the healthcare sector like blockchain.
Blockchain Applications in the Healthcare Industry
Unlike traditional medical record databases, each entry or alteration becomes a new, subsequent data block within the blockchain. Whether registering new patient data or updating a patient’s personal information, every change becomes a new record with its own date and timestamp.
The following are the few blockchain technology applications:
- Storage of patient medical and private records.
- Automation of insurance approvals and providing eligibility information.
- Tracking of inventory for medical devices, supplies, and devices.
- The healthcare blockchain market is open to innovation and also lucrative.
5. Blockchain for Food Safety
Food Safety has become prime importance, as there is much of adulteration and is not safe for consumers. Indeed, food safety sector is one of the hottest blockchain business trends.
The blockchain is the ideal solution to keep the world’s food supply safe. The blockchain technology has the ability to implement process compliance.
Blockchain Applications for Food Safety
The following are the applications where blockchain can identify disruptions in the food supply chain:
- The blockchain technology can detect that a producer failed to conduct soil testing.
- It can identify the air conditioning failure on a food-carrier transporting food to market.
- To identify delays in the cargo that could decrease food’s shelf life.
The blockchain technology is already getting the attention of the food industry. Some of the food industries are considering blockchain to make food supply chains more accountable while maintaining the safety of the food.
6. Insurance Industry
The insurance industry offers one of the best opportunities to blockchain technology for disruption. It can create, record, secure data and also execute agreements which can benefit the insurance industry.
Blockchain Applications in Insurance Industry
Some of the blockchain applications in insurance companies are:
- The blockchain technology helps in simplifying insurance processes
- It reduces turnaround time
- It improves productivity and also reduces risk management in premiums
- It can identify and prevent fraud
- It can provide policy information and owner history to authorized parties.
Regulative compliance continues to be the principal challenge to full adoption of blockchain technology in the insurance industry. But, there is not stopping the disruption that is certain to transform the insurance industry.
7. Retail Industry
Retail industry to utilize blockchain technology does not need extensive development. In most of the forward nations, there is already some class of structure created in the private sector that allows consumers to handle their household shopping using their smart devices.
By integrating the coding of blockchain technology to these existing technologies would pave the way for new adoption of technology in the retail industry. The blockchain can help the retail industry in the supply chain, operations, management and delivery.
The following are some of the blockchain application that can be used in the retail industry:
- The blockchain technology provides transparency in the supply chain
- It boosts customer support
- It increases logistics efficiencies
- It offers faster payments with cryptocurrencies
- It can be widely applied in the e-commerce industry.
We have provided few Blockchain business ideas which can disrupt the particular industry. You can utilize blockchain technology for use-cases that are not addressed. You can also consider any of the above industry and invest in blockchain technology which will be profitable.