Blockchain is a digital ledger that stores information, such as transactions, music, intellectual property and events, in a decentralized network across multiple servers. The technology’s security and reliability are prime factors behind its rapid growth, and some businesses are using blockchain as an intrinsic part of their foundation.
Blockchain’s market size is projected to grow from $4.9 billion in 2021 to $67.4 billion by 2026, which represents a compound annual growth rate of 68.4%. Here is a look at six blockchain business ideas aimed at solving real-world problems.
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Tracking shipments in real time
Many businesses build customers’ trust by enabling them to track their shipment’s exact location in real time. Now blockchain-based shipment tracking business XYO allows customers to track their orders on demand.
Blockchain networks use nodes, devices that anonymously collect and validate geospatial data, that automatically ping your shipment and provide you with real-time updates on its location. The technology could also be applied to luggage tracking at airports and delivery through drones by verifying location data.
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Improving accessibility and validation in health care
It is not uncommon for patients to change doctors or to be referred to different medical specialists, but in the process, they risk losing track of their medical records. Blockchain can securely store medical records and make them accessible to any of the patient’s physicians who are granted permission. Doctors and patients alike are now able to access their medical records by leveraging blockchain technology like that offered by Guardtime.
Meanwhile, blockchain nodes can also be used to validate the authenticity of medications by monitoring supply chains and steps in the production process. This is achieved by assigning a digital identity to each medicine so that it can’t be copied or faked.
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Authenticating background checks
Blockchain can record employees’ hiring credentials and certifications in an immutable linked chain, once they’ve provided permission. EKO/EchoLink is a business that uses blockchain to verify the hiring credentials of potential candidates, such as their education, background and work history, helping HR departments across industries to find reliable candidates through a quick background check.
With a blockchain network, companies could also access a detailed record of service providers to whom they want to outsource. In this way, the technology could connect companies with authenticated gig workers or service providers that best fit their hiring needs.
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Facilitating parking space rentals
Parking woes are common in any urban area with limited spots. This problem has the potential to be addressed through a blockchain parking network, like that employed by Parkgene, that allows people and businesses to list their parking spaces for rent. Blockchain technology helps ensure that information about vacant spaces is accurate and that parking prices are regulated.
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Extending ride-sharing options
Traveling has become much more convenient with the advent of ride-sharing, but such services don’t operate in every city. However, a blockchain business like Eva can provide a platform to connect independent drivers to riders while offering the best income for the former and the lowest fares for the latter.
The blockchain network stores dedicated records of rides, which ensures the authenticity of drivers and their past ride reviews. It also allows drivers to communicate the availability of their cars for shared rides.
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Enhancing rewards programs
Many brands use loyalty programs to grow their customer base and stay ahead of the competition by offering rewards. This requires analyzing customers’ spending behavior and preferences to target them with the right incentives and to deploy successful marketing campaigns. Momentum is a business that leverages AI and blockchain technology to help companies find and reward loyal customers.
Some companies include an option for customers to exchange rewards with one another. Through the power of blockchain technology, Loyyal facilitates a platform where customers from different companies can trade their reward points.
