Top 10 Blockchain App Ideas for Your Business
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Blockchain has created quite a buzz since its inception in 2009 by a pseudo group named Satoshi Nakamoto. The hype around blockchain has propelled major industries to invest in various applications. Businesses have been rooting for this ever-evolving technological shift to integrate their existing business models with improved security, reliability, and transparency.
There are many companies like IBM, SAP, Samsung, and Maersk that are exploring decentralized ledger systems through blockchain applications. In this blog,
I am going to take you through the top 10 blockchain app ideas for your business.
So, what are you waiting for? Let’s explore the top 10.
1. Payment and Funds Transfer Apps
Well-known and familiar blockchain applications are wallet apps for payments and funds transfer. In a global marketplace, companies like Abra, Bitwage, and Coinpip are using blockchain to transfer funds or handle payroll. The lack of intermediaries involved in the transactions makes the process transparent, efficient and smooth. It eliminates additional transaction costs and lowers transaction rates.
2. Digital Identity-based Apps
We generate around 2.5 quintillion bytes of data every day. In this data-driven age, we need to focus on encrypting confidential data. A great way of following this practice is through an encrypted digital identities app that runs on a public-private key combination to safeguard critical data.
3. Storing Medical Records
The most critical digital information is a medical record that stores patient data.
How can blockchain applications help? A blockchain-based app can streamline the storage of medical records and thus maintain transparency in the remote flow of data without third-party intermediaries.
A popular project that illustrates this application is by the government of Estonia in collaboration with Guardtime, a blockchain company that streamlines citizens’ health records.
4. Real Estate Apps
Real Estate has been one of the most daunting industries when it comes to managing, storing and protecting data. To streamline real estate operations, you can build your next real estate blockchain application.
A popular example of this application is the Ubiquity App, which is a platform built on blockchain where you can keep your real estate records safely. Blockchain apps can reduce the time needed for title searches and also improve transparency in operations.
5. Entertainment Apps
Copyright infringement, ownership rights, censorship, and transparency are some of the issues facing the entertainment industry in maintaining authenticity, privacy, and rights for crucial data. Blockchain applications will help in aiding these issues by offering a distributed database providing centralized control over shared resources and encryption controls via public-private keys for access to content and distribution management for assets and digital rights.
6. Transportation Apps
Blockchain applications could resolve issues pertaining to the transportation industry such as dispute resolution, administrative efficiency and order tracking. To streamline these issues, a blockchain application could be used for a decentralized framework that keeps records intact and for synchronized data flow, smoother tracking, payments, and efficiency.
7. Apps for Governments
Government data should not be compromised. A major issue faced by any government is the process of voting. Maintaining such privacy standards and eliminating vote tampering could be resolved through the use of a secure blockchain-based framework offering more transparent processes.
8. Education-based Apps
Blockchain apps can help minimize discrepancies in the education system by monitoring, tracking and updating records.
9. Rentals and Ride-Sharing Apps
Startups like Uber and Ola are the major giants in the rentals and ride-sharing industry. Blockchain applications don’t have to be limited to banking and finance or other related industries. It can expand its reach into untapped industries where a peer-to-peer decentralized network can reduce costs, inefficiency and inconvenience, and lower rates.
10. Charities and Aid Organizations
Charities and aid organizations comprise the most corrupt industry since people who donate handsome sums of money don’t even know whether the money is being spent as intended. Blockchain applications can resolve this ambiguity through Ethereum wallet apps that run on a decentralized platform without the need of intermediaries or third-party involvement.
Bonus Blockchain App Ideas
11. Supply-Chain Management
The multi-layer architecture of supply chain management has created a lot of dissimilarities in the operation cycle. Food distributors and pharmaceutical enterprises are the most impacted industries where goods get lost in transit during the distribution process. Many companies have started using blockchain to eliminate such issues. Blockchain-based apps can streamline workflow and steer procedures in the right direction.
12. Decentralized Apps (DApps)
Another great example of blockchain applications are DApps which are based on the popular Ethereum platform and smart contracts that can be easily developed and deployed by Solidity, a programming language that is used to execute smart contracts. These contracts are programmable lines of code or conditions. Once the conditions are met by both parties, the contracts are executed. Smart contracts eliminate third-party interference and offer authentication, trust, and transparency.
Solidity-based DApps are highly customizable.
There are many companies that are already using blockchain and are ahead of the game. The advantages of blockchain are tremendous and these systems may take over traditional databases in the near future. Small and medium-sized enterprises and startups are also building and exploring the development of blockchain applications.
These app ideas and examples should help give you clarity on how to use blockchain in different sectors.
Ved Raj is a senior IT consultant at ValueCoders, an offshore IT outsourcing company based in India. He has worked in the IT outsourcing industry for 10+ years. His current job usually involves working with clients on their blockchain development needs and helping them to build decentralized products such as Ethereum wallets, smart contracts, and ICOs.
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