Blockchain Business ideas to get started right away!
If you’re looking for Blockchain business Ideas, you’ve come to the right place. This post was written in consultation with Blockchain experts.
The blockchain is set to power a vast number of products in the future, to a level where even certain government entities may operate on it. The decentralized, trustless and scalable technology has many promising uses and it makes sense at this point to be well equipped for the imminent future.
Let’s look at some of the blockchain business ideas that you start as soon as possible.
Decentralized Exchange ( See it in action HERE )
Built on Ethereum blockchain, Decentralized Exchange or DeX work with ERC20 tokens that are part of the ethereum blockchain. Decentralized exchanges maintain a separate order book and a small fee is taken as a service charge to match the order on it. Decentralized exchanges don’t handle or store the customer’s fund directly. They are held in an escrow backed by a smart contract. Running a decentralized exchange, you can make money on every successful order matched and transacted, without worrying about the security as there is no storage of cryptocurrencies on the exchange. This is the first idea on our list of blockchain business ideas.
Decentralized Youtube Clone (See it in action Here )
What if I told you watching videos could potentially reward you? Decentralized Video streaming service aims to do just that. It all starts with an interesting video content that is bound to engage with the viewer, soon the creator of the video would start generating revenue as more and more people watch the video. Powered by Steem blockchain which already runs a platform that rewards people who read and engage with the content on the platform. As a platform owner, you make money on the transaction fee and advertising revenue.
Blockchain Powered Supply Chain Management (See it in action Here)
In the coming years, the world is about to witness a massive shift in the way Supply chain management perceived. Previously, the very same technology that was relied upon to reduce costs and increase transparency did have loopholes, shortcomings and weren’t running optimally. Blockchain powered Supply chain management, however, silently wishes to change that. Once every data related to the product/asset that is tagged to the blockchain, the entire lifecycle till the end point is traceable along with added parameters through the use of Internet Of Things (IOT) technology. Due to its distributed and immutable (data once entered cannot be deleted from the system) nature, Blockchain also can be trusted by governmental authorities thereby reducing the time taken for auditing and reviewing, in case of international transportation. Being at the forefront of this shift would put you on the map easily among the top players who are experimenting with this technology. Have a look at how this works here
Recommended Reading: Bitcoin business opportunities you shouldn’t miss out!
Blockchain Powered eCommerce (See it in action Here)
An eCommerce platform that is powered by Blockchain where all the sellers are held accountable and offers transparency by displaying the user’s experience with the seller publicly. Also, each of the transactions is executed by a smart contract that holds the payment in escrow and releases it once the seller has delivered the goods. Running a decentralized eCommerce platform also allows you to have a native cryptocurrency that can be used for trading across the globe easily. Providing an exchange that would buy and sell the native cryptocurrency would make it easier for customers to transact and get back fiat currency or convert it into another cryptocurrency.
Blockchain Powered Cross Border payments (See it in action Here)
Earlier, sending payments over to relatives or friends in another country typically used to take days to go through but with Blockchain powered payment systems, it gets transferred in a matter of minutes, that too at lowest cost possible than the regular payment networks. For example, Chris is in the United States, while his friend Katrina is in France and he wants to send her US$100 worth of EUR. Using the blockchain powered payments platform, the USD amount is converted into the equivalent value of cryptocurrency and then sent to the recipient’s wallet from where she can withdraw the funds to her bank in the form of fiat currency (EUR). As a platform owner, you can make money off every transaction done on the platform.
What is a blockchain?
The blockchain is a distributed ledger technology that stores records of transactions and is immutable or modifiable by anyone. There are two types of Blockchains, private and public. Public blockchains are the ones that are accessible and the data is viewable by anyone. On a Private or permissioned Blockchain, there is restricted access and those who are assigned can only view the data.
Why should you use blockchain supply chain management?
Supply chain management improves the efficiency of the entire supply chain and reduces audit. Due to its transparent record-keeping mechanism, all the parties involved are kept in the loop. Blockchain-based supply chain management aims to optimize the present system in the global supply chain.
How safe is it to run a decentralized exchange compared to a Centralized?
To run a centralized exchange, you would need to invest in framework security, install hardware and software security products. Also, you would need to have a team of security experts to constantly monitor the exchange 24×7 as there is heavy risk involved. This is a common practice as with banks and other financial institutions, to get you up to speed, even VISA gets hacked every day.
Won’t I need a permission to run a cross-border payments business?
Any financial business needs registration and the required permissions to set up and run legally. Yes, you will have to secure certain permits. You would need to comply with the regulations of different countries you plan to operate and set up local subsidiaries to operate within those countries. It is advised to seek help from legal and financial experts.
What is a smart contract?
A smart contract is a programmatically coded contract that gets executed by itself when the programmatically set conditions are met. Its common applications are in eCommerce, lending and borrowing business among other uses.
I’m a first-time non-tech entrepreneur here, how do I get started with the blockchain technology?
It’s amazing that you intend to jump into the Blockchain bandwagon, it’s about the right time too. Having your business built over a blockchain gives you efficiency, scalability could cut costs and these are some of the benefits you can enjoy. Get in touch with the team that built these scripts, they could offer you an installation service or if you have a developer in-house, you can use their installation assistance service to guide them.
Why should companies start using Blockchain powered Supply chain management?
Blockchain supply chain management offers transparency and efficiency when it comes to auditing these factors are quite important. Blockchain provides a straightforward approach to supply chain management. If they switch from their current platform, they can save time and money.
These are some of the blockchain business ideas that you can get started right away with the help of ready-made scripts mentioned above. Do share some more ideas if you come across any.