In recent years, blockchain technology made a huge impact in this digital world. It is a complex technology and advanced technology used in many sectors. It securely stores all the digital information. So the hacking and fraudulent activities can be avoided. It reduces time and increases the trust of the people who are starting a business with blockchain technology.
Many startups and entrepreneurs started their own businesses using cutting-edge blockchain technology. Firstly, digital currency is discovered using this technology. Later on, it is used in various sectors across the world. Many people already started their business using this modern technology to succeed in the blockchain-based industries.
But some people don’t know what business to start using blockchain technology. If you are one of them then you have landed in the right place. In this blog, let us discuss the top potential blockchain business ideas in 2020.
Top potential blockchain business ideas in 2020:
Currently, many banks are facing various problems. So they adopted blockchain technology for avoiding the problems based on the bank. So this technology has a high potential for solving the bank problems. Bank keeps its customers’ money and they process their transfer. Blockchain has its own security system to monitor and track the millions of transactions happening daily in the bank industry.
This technology reduces data loss and avoids hacking and other fraudulent activities. You can transfer the funds and other digital information instantly in a hassle-free manner. Also, banking industries can eliminate scams using secured blockchain technology. Examples of blockchain technology used in blockchain technology are given below.
- Industrial and commercial bank of china
- Master card
Health care industry:
The major problem facing the healthcare industry is storing the patient’s information. Such as patient health details, their identity details, and the existence of fake medicines in the supply chain. By using this blockchain technology you can store all the patient health details securely. So anyone can not access or view the health details without the permission of a patient.
Fake medicine drugs and restricted medicines by the government can be avoided by using blockchain technology. Also, it provides more security to hospital information and avoids threats from hackers. It is more useful for doctors to check patient medical history. The health records of each patient in the hospital are securely stored in the blockchain. so when any patient visits another hospital or another doctor. Then they can show their all medical reports.
To make the patient data and information more secure in the healthcare industry. blockchain technology uses various set of methods such as
- Traceability of pharmaceuticals
- Reduced cost
- Secured transaction
- Figuring out fake drugs and eliminating them
- Improved medical record access.
- Enhancing digital payment options.
Cryptocurrency exchange business:
Experts from various industries say that digital currencies will be the future. So the demand for the cryptocurrency exchange platform is high. First, you should know about the cryptocurrency exchange and how it works. It is an online website or a platform to buy, sell, and trade various cryptocurrencies. You can exchange a wide range of cryptos securely.
This platform is developed using high secured blockchain technology. Currently, there are many popular exchanges across the world. Such as coinbase, binance, LocalBitcoins, and other trading platforms. If you are starting an own exchange business then you can charge a small amount as a commission fee for each transaction, withdraw, and deposit. So from that, you can make ample amounts of profits.
We can also say that it is the best blockchain business to start for earning more profits in a short period. Now you have a doubt how I can start a cryptocurrency exchange business. You can buy the premium bitcoin exchange software from the top-notch exchange script providers. So that you can easily launch your own secured trading platform within a few days.
As for now, many government systems are facing errors and also they are slow. The introduction of blockchain technology will increase the efficiency, overall process of government, transparency, and performance of various government operations. We can also use this technology in voting during the time of the election. So that we can avoid fraudulent activities and fake votes.
In 2015, the United States changed the old voting system to the new one using cutting-edge blockchain technologies. This technology is more popular in the United states. Also, this technology got more positive feedback. Using blockchain technology in voting will help the government to have a secured and trusted voting platform.
Fundraising (security token offering):
STO is the security token offering built by using blockchain technology. It is one of the best crowdfunding platforms in the blockchain industry. but ICO websites were launched first in the blockchain industry. but investors faced some problems when it comes to fundraising. In ICO’s there is more possibility of scammed tokens. so many investors lost their funds.
So to overcome the drawbacks of ICO they discovered the security token offering. It also acts as a website where the enterprises can sell their newly released crypto tokens. In STO, only the secured tokens will take place and no utility tokens. For creating a single security token, it should satisfy certain conditions and rules. All the security tokens are built only by using blockchain technology.
It is one of the best strategies for securely raising your funds. but experts in blockchain industries say that developing a security token using blockchain technology is cost-effective. So you need to find the top-notch blockchain development services company to develop an STO.
Some of the advantages of using blockchain-based security tokens are
- Cost is low for the investment process
- Instant trade and transfer
- Liquidity is higher
- No possibility of scammed tokens
Advertising & Real estate:
In the digital world, whenever we reach a website or any other social media there will be a digital advertisement. Currently, companies like google and other more popular companies are controlling digital advertisements. To eliminate these advertisements, we can use advanced blockchain technology. companies like google are the intermediate for digital advertisements. Blockchain technology will avoid such intermediate and direct connections between producer and consumer in the peer to peer system.
The real estate industry is the same as the advertising industry. Here broker is the third party and by using blockchain technology you can avoid them. Here the broker will get commission fees from the buyers and sellers.
advantages of using blockchain in advertisement & real estate industry are
- Buyers and sellers can be directly connected through the peer to peer system.
- Avoids the third party such as a broker.
- Reducing fees for both buyers and sellers.
- Saving time consumption
- Eliminating unwanted advertisements.
Blockchain technology will be the future for starting the business in the crypto industry. Already many sectors started to use blockchain technology for high security and transparency. As I mentioned only a few of the blockchain business ideas. but there are many ideas but need to optimize them before starting your business. I hope this blog is given some potential ideas for blockchain business. On my suggestion, you can start a cryptocurrency exchange business by using premium bitcoin clone software.