Let’s face it: technology is evolving faster than we could have imagined. And why not take advantage of this fact? Each industry has embraced technology in its way, and it is sure that things will constantly be developing in the following years, too.
But there is one thing that is entering more industries each day: blockchain technology. What it is, why it is helpful, and what are the best blockchain application ideas are some of the main things we are going to talk about in this article.
What is a Blockchain App?
A blockchain app is an application that is created based on blockchain technology. When people hear the word “blockchain,” they think of the crypto world; however, it is essential to mention that the cryptocurrency industry is not the only use case of blockchain technology. There are many more fields that can make use of blockchain to streamline related processes.
Blockchain applications became renowned thanks to the transparency and safety they provide. Moreover, blockchain technology has proved useful in several industries, being used for enforcing contracts all the way to completing government-related actions.
How to Build a Blockchain Application?
Firstly, blockchain applications need to have a well–set purpose. A blockchain app idea developed without having a practical purpose will not lead to anything but a purposeless investment.
Implementing a blockchain app idea starts the same as any other type of app on the market: a team has to establish a central issue to be resolved through the launch of the specific application. Afterward, research is needed to find the best blockchain app option for the company.
Blockchain applications can be created either by using an open blockchain or by creating a private network through specialized software. Besides the two main options, companies can choose to use a Blockchain as a Service provider (some companies offering BaaS are Amazon or Microsoft).
7 Blockchain Application Ideas
Digital Identity-based Apps
Digital Identity apps help users identify in several online and offline situations. These applications offer a quicker identification process and are digitalizing daily activities once more. Some of the main benefits of digital identity–based apps are that they provide safety for users’ identities and are a non–custodial logical solution for this process.
Digital identity apps can store information such as username and password, date of birth, social security number, medical history, or purchasing behavior.
Supply Chain Management Apps
The supply chain is a field where everything must be carefully organized. Teams producing and delivering products or services must organize the information to be accurate, transparent, and reliable.
Thus, supply chain management apps may be one of the most widely used and demanded type of blockchain-based applications. And this is why many blockchain consulting companies are creating them. They proved to be extremely helpful for supply chain businesses.
Using a blockchain–based supply chain management app can increase speed, decrease the probability of errors occurring during specific activities, and offer transparency to the company.
Money Transfer –Escrow
Escrow processes are agreements between two parties that occur during product or service sales. Usually, escrow platforms do not allow the seller to receive the payment without delivering the order to the buyer or the other way around.
Blockchain technology can play a significant role in escrow, as the latter takes place in the online space. Therefore, smart contracts can be created that will act as a third party in the specific transaction. This way, both parties directly involved (the buyer and the seller) will have guaranteed security and trust. Furthermore, the seller will be sure that the payment will get to them, as it will already be in a neutral party’s custody.
Healthcare – Health insurance management
Blockchain and healthcare can create an industry like no other, as the latter will significantly help the former.
Firstly, blockchain technology can improve how health records are stored and help healthcare employees access them anytime. Moreover, blockchain can automatically store agreements as smart contracts, collect valuable information or transactions, and keep them related and updated.
Secondly, health insurance management can also benefit from blockchain technology, as insurance companies can create personalized offers for their clients based on their medical records. Considering the fact that medical records can be stored on a blockchain through smart contracts, any type of information about a specific client will be available for health insurance businesses.
Media – Decentralized news platform
One of the most significant issues in these days’ media is the quick spread of misleading or fake news. Fake information is everywhere on the internet, and people cannot always manage to distinguish true from false.
This is where blockchain comes in and makes things easier. Blockchain networks store information that is continuously verified by multiple parties working on the specific system. Thus, it becomes significantly harder for fake news to infiltrate legitimate content. The source of a piece of news will be tracked and verified, this way reducing disinformation among online users.
By creating a blockchain-based news platform, the company will be able to verify a creator’s identity and ensure they are delivering licit, trustworthy content.
Online privacy and security have become increasingly valued by worldwide users. They started to realize how important it is to keep personal data under protection and not to give sensitive information to any platform/website used.
Blockchain can be beneficial when it comes to online data security, as it is a decentralized network, and its primary purpose is to provide security to its users. Using blockchain technology to store personal information will not only be secured and immutable, but it will also be easily portable and, therefore, reachable.
Transport and logistics management
Logistics and transport can receive tremendous help from blockchain technology. The transport and logistics sector is increasingly using more digital solutions for several related activities, and blockchain technology can streamline some processes, from production all the way to distribution.
One of the first benefits blockchain can come with for the transport and logistics industry is the use of smart contracts. By moving from paperwork to smart contracts stored on a network, the agreements between vendors and distributors will be settled more quickly. Also, blockchain can be used to register things such as shipments or receipts.
Moreso, using blockchain technology for a transport and logistics company can deliver a real-time product location for distributors. A more accurate location for every asset shipped will assure companies that nothing is missing and that the products reach the right delivery destination.
Even if many users don’t recall blockchain as anything but a crypto–related topic, this type of evolved technology can help several industries aiming to facilitate their processes. Therefore, many blockchain application ideas have been designed in order to help companies all around the world.
Building a blockchain application does not require extensive work and a large team; however, a well–set goal and research are essential to start the process of creating the blockchain app. Furthermore, it is essential to choose the best way of building the application, also based on the research completed before.
Various industries can benefit from blockchain technology, as such networks provide increased security, privacy for their users, information accuracy, and can keep the information updated at any time.