Blockchain has disrupted many business operations.
It offers safe, private, and optimal transacting ways without replacing traditional businesses. These benefits make crypto business ideas popular among personal users and business owners.
Hackers, cybercriminals, and fraudsters have made people wary of online transactions. Nobody wants their money or banking data stolen and misused. Blockchain’s inherent transparency and immutability eliminate these risks.
Blockchain revolutionizes global finance. In the decentralized blockchain market, unbanked and underbanked people can borrow and lend. Thus, business owners target large populations in need of their services.
Because of strict financial transactions or business operation regulations, some entrepreneurs don’t use the best blockchain business ideas. Blockchain gives users and business owners a location-independent business opportunity, eliminating entry barriers for forward-thinking businesses.
Millions use public blockchains. Bitcoin and Ethereum were the first blockchain projects. The term “public” refers to the global accessibility of their public ledger. Anyone can use the blockchain for transactions, build projects on public blockchains, and use its resources without permission. These features make such blockchains “permissionless.”
As you can see, you can try new crypto business ideas in many sectors. Let’s look at some specific blockchain business ideas for 2023.
Digital Identities for Valuables
Digital identity leads our top blockchain business ideas! Digital identity proves your identity when using online services. These codes ensure that you own goods or services.
Pros of using Blockchain for Digital Identity:
Creating and assigning digital identities to products and services across industries is a fascinating blockchain business idea.
These codes can prove product ownership.
Unchangeable codes provide better security than traditional security systems.
Since blockchain promotes transparency, confidentiality is impossible.
Easy Access to Medical Records
Security and confidentiality of patient medical records are crucial. Doctor-patient relationships require this. If digitized, these reports can be recovered or altered.
Pros of using Blockchain for Easy Access to Medical Records:
Hospitals can securely store and share patient medical records with authorized personnel utilizing this technology.
It helps hospitals, labs, and pharmacies securely exchange patient data.
Blockchain secures EHRs, ensuring accuracy.
Cons of using Blockchain for Easy Access to Medical Records:
Blockchain-secured patient data cannot be altered without authorization. (actually, changing records is impossible)
Storing CT Scans and MRI reports on the blockchain is difficult.
Also You Can Read: Pros on How to Run a Successful Business
Non-Fungible Tokens
It’s the second-most popular blockchain business idea after cryptocurrency. Today, kids and teens play more online games. Gaming blockchain uses non-fungible tokens (NFTs). Unique NFTs represent player ownership and immutability. Sell and buy NFTs.
Pros of using Blockchain for Non-Fungible Tokens:
NFTs offer accessibility.
Blockchain protects NFT ownership.
NFT investment ownership is unrestricted. Interested parties may invest.
Since hype or misinformation can inflate token value, NFTs are not asset classes.
NFT production uses lots of electricity. NFT transactions require 1.5 months of basic home electricity.
NFT purchases require Ether (blockchain currency). Thus, low-income individuals may find this investment expensive.
Selling Decentralized Cloud Storage
Cloud storage is better than traditional storage systems. However, it is still vulnerable to intruders and system crashes due to its centralized server. Selling decentralized cloud storage on the blockchain has many advantages.
Pros of using Blockchain for Selling Decentralized Cloud Storage:
Decentralized cloud storage is best for cost and load balancing.
Blockchain in decentralized storage protects files by breaking and scattering them across nodes. One compromised node does not affect the others.
These clouds retrieve data faster.
Blockchain also protects data privacy.
Cons of using Blockchain for Selling Decentralized Cloud Storage:
Data primary storage is less feasible than centralized storage.
Blockchain’s peer-to-peer technology makes lost data unaccountable, reducing trust.
Decentralized blockchain storage is complex.
Insurance Smart Contracts
Due to volume, the insurance industry has many issues. Blockchain technology can reduce industry uncertainty and build trust.
According to research, the US life insurance company lost $50 billion in Q1 2020. Smart contracts enable insurers and policyholders to collaborate more efficiently, lowering car insurance rates.
Ethereum smart contracts are blockchain-based events. Following the rules, they run automatically.
Smart Contract Market Research predicts a $300 million global market by 2023.
Pros of using Blockchain for Smart Contracts for Insurance:
Eliminating administrative hurdles with blockchain can restore insuree trust.
Automated processes can predetermine insurance amounts and prevent exploitation, making them an excellent blockchain business idea for the insurance industry.
Cons of using Blockchain for Smart Contracts for Insurance:
Making an intelligent contracts-based insurance solution that works is complicated.
Technological complexity demands staff understanding.
Suggesting Crypto Investments
Trading cryptocurrency is profitable because money is becoming digital. Using distributed ledger technology to track crypto investments is a great blockchain business idea.
Pros of using Blockchain for Suggesting Crypto Investments:
This financial service has lower transaction costs.
Blockchain transactions are secure and transparent.
Blockchain makes transactions easy because anyone can buy cryptocurrencies with an app or exchange wallet.
Cons of using Blockchain for Suggesting Crypto Investments:
Possible data loss and illegal transactions.
This precludes cancellation or refund.
Cons include energy waste and hacker vulnerability.
Video Streaming:
Video traffic growth makes decentralizing video infrastructure difficult.
Blockchain-based video streaming encrypts video storage for creators.
Decentralized blockchain-based video streaming protects ownership and transparency.
Blockchain allows direct audience-creator communication, preventing third-party inventions.
Cons of using Blockchain for Video Streaming:
Cost and piracy are drawbacks.
Authenticating Credentials of Hired Employees:
Blockchain data is immutable, helping HR departments verify new hires’ credentials (education, diplomas, work experience, etc.).
Pros of using Blockchain for Authenticating Credentials:
This technology detects fake credentials, so only qualified candidates can be hired.
Blockchain authentication drawbacks:
This technology may be too expensive for many companies.
Self-Driving Vehicle Digital Wallet
The parking fee for self-driving cars is a major issue.
Pros of using Blockchain for Creating a Digital Wallet for Self-Driving Vehicles:
Blockchain lets machines own wallets. Blockchain business ideas like deducting the exact cryptocurrency from the wallet when the vehicle leaves the parking space are commendable.
Cons of using Blockchain for Creating a Digital Wallet for Self-Driving Vehicles:
This business idea faces scalability, experience, and training issues.
Verifying Authenticity of Luxury Goods
Aura Blockchain Consortium was founded to help customers verify brand authenticity. Customers can instantly distinguish the first copy (duplicate) from the original because this technology compares the product ID with the client ID to authenticate the product.
Pros of using Blockchain for Verifying Authenticity of Luxury Goods:
Blockchain ensures brand authenticity and customer trust.
Cost savings are another benefit.
Cons of using Blockchain for Verifying Authenticity of Luxury Goods:
Not all brands can afford this expensive technology.
Supply Chain Management
Supply chain management encompasses product and service flow. All supply chain management processes can use blockchain business ideas. The benefits of acquiring raw materials from the concerned, processing them, and delivering them are listed below.
Pros of using Blockchain for Supply Chain Management:
Blockchain technology reduces errors, delays, and fraud.
Supply chain visibility through their secured distributed ledger maintains trust.
This technology streamlines new supplier onboarding and records vendor details, making them unchangeable and trustworthy for partners.
Cons of using Blockchain for Supply Chain Management:
Permission blockchains are less secure and needed for supply chain data.
Since multiple computers and servers authenticate blockchain transactions, they are slow. Large supply chain transactions raise costs.
Hosting a cryptocurrency exchange network
Users can buy and sell digital coins for a transaction fee. Cryptocoin deposits and withdrawals are possible. Coin transfers are possible.
Pros of using Blockchain for Hosting Cryptocurrency Exchange Network:
Decentralized exchanges don’t require asset transfers.
This exchange prevents market manipulation.
Transactions remain anonymous.
Cons of using Blockchain for Hosting Cryptocurrency Exchange Network:
Decentralized exchanges are complex. Exchange users must memorize crypto wallet passwords and keys. If they don’t, their assets are lost forever.
Launch a digital wallet to store, transfer, and trade cryptocurrencies
Blockchain business ideas like a digital wallet app for cryptocurrencies and assets can simplify transactions.
Pros of using Blockchain for Launching Digital Wallet:
Pros include simplicity and fast transactions.
This secure wallet supports multiple cryptocurrencies.
Cons of using Blockchain for Launching Digital Wallet:
Compatibility and acceptance are tough.
Managing Hotel Vacancies
Hotels are always flooded with tourists and business people who have varied options ranging in prices and other facilities. Blockchain hotel business plans and ideas can eliminate disparities caused by overbooking and wrong bookings.
Pros of using Blockchain for Managing Hotel Vacancies:
Blockchain technology verifies customer bookings in real-time.
This eliminates booking errors and cancellations, ensuring customer satisfaction.
Cons of using Blockchain for Managing Hotel Vacancies:
Implementing this technology is difficult, and data immutability makes booking cancellation harder.
This affects hotel availability and requires human intervention.
Vendor Cryptocurrency Payment Ease
Since blockchain is spreading, more brands are accepting cryptocurrencies for purchases.
Pros of using Blockchain for Easing Cryptocurrency Payment for Vendors:
Easy transactions.
Eliminating middlemen ensures authenticity.
Blockchain’s Drawbacks for Vendor Cryptocurrency Payment:
Blockchain’s Drawbacks for Vendor Cryptocurrency Payment:
Transactions cannot be reversed, which is a drawback.
Transaction cancellation is impossible.
