If you’re serious about the future of your business, you NEED to strategize for blockchain applications.
Well, over forty (and counting) of the world’s largest financial institutions, including JPMorgan & Credit Suisse, have formed a consortium to investigate the blockchain for faster and more secure transactions.
And it’s becoming more wide-spread adoption in HUGE ways.
In today’s article, you’re going to have a simple recap on blockchain fundamentals.
Next, you see the blockchain application examples. Let’s do this.
Blockchain Technology Explained
What is Blockchain?
Blockchain is a technology that allows transactions to be secure and anonymous. It’s the same technology that drives bitcoin and other digital currencies.
What does Blockchain do?
In short, blockchain creates a true peer-to-peer secure transaction.
Blockchain has two main jobs:
Securing your data (trust)
Recording virtually everything of value (history)
Well, blockchain works. It is no longer reserved for a small circle of tech specialists.
And it’s here to stay.
Now that you’ve seen an overview of what blockchain is, let’s dive straight into some mind-boggling blockchain startup ideas.
1. Crowdfunding with Trust
Today crowdfunding has an accountability problem. Why? As many as 85% delay delivery while 14% fail to deliver what was promised. So what happens if you give money to the wrong campaign and someone misuses the money? You may never want to support a tech project again.
With blockchain technology, you know more information. Like who you’re going to send money to and how the creators spend the money. On the other hand, creators will receive more support for their projects with lower fees and overall cost, without hefty fees from lawyers.
It’s just like buying a house, and you don’t give all the money upfront. You hold some money in escrow. Only when the estate developer builds the house for you, a portion of funds is released. Likewise, crowdfunding money will not be released with the help of a smart contract until the creator is making progress on the project. So you have trust.
Pledgecamp is the next generation crowdfunding platform. This platform is a secure and transparent blockchain-powered framework for crowdfunding, in comparison to the current models put forth by market leaders Kickstarter and Indiegogo.
2. Transfer Money Internationally
What do you do when you need to transfer small amounts internationally? You probably use a transfer service like Western Union. This trusted middleman transfers money between its offices worldwide. Finally, balances its accounts on the backend, using international bank transfers. However, these services often charge a fee of 10 percent or more to you.
But today, blockchain applications in banking is changing the way money is sending around the world, at a lower fee. Bitcoin is such first use case. Companies like Ripple, tapping on this radical financial technology, change the way money is sent around the world for everyday customers.
3. Allow Fast Borrow & Lend Money
Have you ever try to borrow money from a bank? Let’s face it: The current lending industry is inefficient. Especially with lots of documents to fill up, and high-interest rate. P2P lending is rapidly growing in personal finance. Now, both borrowers and lenders are connected all over the world via blockchain. All without giving the bank their cut.
As lenders, you can remain completely anonymous and does not need to register anywhere. Just select your preferred loan from the marketplace. Next, initiate from your wallets. Borrowers can return the loan in a low- interest environment.
Lendoit, 100% decentralized, is disrupting the traditional lending industry. The marketplace lending estimates to reach $290 billion by 2020.
4. Make Foreign Exchange Post Trade Processing Efficient
Foreign exchange is the largest and most liquid asset classes in the word. It is complex to capture, reconcile and settle trading activity.
Axoni’s platform provides fully synchronized integration with third-party market data providers. Thus, improving efficiency in the overall market.
5. Stock Market On Blockchain
Imagine companies can register, issue and trade shares on a blockchain-based platform. What does it mean to you? In brief, you can buy company shares using digital currency.
London Stock Exchange tests this out by issuing digital private shares of small and medium companies in Italy.
Moreover, Overstock, an online retailer, started to issue company shares via bitcoin blockchain technology applications.
6. Increase High Uptime For Central Bank
The use of a cashless system is growing. For example, credit card, Apple Pay or QR code payment. But, what happens when the system goes offline for a long period?
The fact that bitcoin has been operating for a long time, and has not suffered even a nanosecond of downtime. As a result, increasing number of central banks are actively testing blockchain for a variety of usage. In particular, for its resiliency and transparency.
7. Reduce Insurance Fraud
Insurance can be exposed to numerous fraud schemes. For example, a new applicant can commit fraud by withholding critical information. Or, by filing a claim on behalf of ineligible dependents.
So what can we do to reduce insurance fraud? Well, record medical procedures and time stamp via blockchain platform. This helps compliance and verification of medical services rendered. Together with IBM and Cateina Technologies, fifteen Indian insurers tied up to create this blockchain based solution.
8. Transfer Digital Wills
The number of people using cryptocurrency to store funds is growing all the time. But, what happens to your cryptocurrency if you die without a will? How can you prevent a loss of your saving and allow them to be transferred to your loved ones?
By using Mywish, you create smart contracts to handle your funds during a crisis. This allows you to transfer your’s savings to family or friends in the event of a severe illness or death.
9. Predict The Stock Markets
One of the main problems with current prediction markets is that they are centralized. As a result, centralized platforms have a single form of failure. And, they can be shut down easier. For such a centralized design, this requires a trusted individual to report honestly and correctly every time. But, what if this person makes mistakes, dishonest or manipulates results?
With Augur, thousands of users (instead of one) work together to have a stunning accurate forecasting tool.
Lendoit, 100% decentralized, is disrupting the traditional lending industry. The marketplace lending estimates to reach $290 billion by 2020.
10. Lower Electricity Bills At Home
Accenture revealed a smart plug (proof of concept) to monitor power use and save cost. First, the prototype works with other gadgets and monitor power use. Next, it searches the cheapest energy tariffs. Finally, it uses blockchain to switch suppliers quickly. As a result, this helps many people on a lower income who pay for their power via a meter.
11. Trade Solar Power With Neighbors
Are you willing to use your electricity to charge a battery at peak hours, when the price is at the highest? Or, do you rather use solar power to do the same task at a lower cost?
This project runs by LO3 Energy, aims to enable people to buy and sell renewable energy to their neighbors.
This is how it works.
While solar panels on the roofs of terraced houses soak up the sun, computers connected to the panels quietly crunch numbers. Next, they count the number of electrons generated. Then, they write that number to a blockchain. In this way, you can trade solar power and skip the electricity company energy supply.
12. Secure Medical Records
Today, doctors, nurses & health professionals are limited in the level of care they can provide.
Because due to the inability to view your complete, accurate health records.
With blockchain applications in healthcare, now you can publish your medical records safely on the blockchain. And, be assured that you or an authorized person can access it anywhere in the world.
Estonia government collaborates with one of the blockchain technology companies, Guardtime. Specifically, to build a blockchain of citizen’s health records. With this, citizens carry their ID credentials to unlock access to their health records in real time.
13. Check for Fake Medicine
You wouldn’t tell if the medicine is genuine until you put it inside your stomach.
Blockverify provides a solution to track pharmaceuticals throughout the supply chain. And, to ensure the consumers receive an authentic product.
14. Registry of Land Ownership
To maintain a country registry of land ownership is not only expensive, and also a labor-intensive operation.
Ubitquity is the first blockchain secured platform for real estate record keeping. It records, tracks title and other property records. Moreover, it reduces future title search time, and improve transparency.
Sweden government partners with ChromaWay Here, they aim to test the possibility of a blockchain based land registry.
15. Offer Tourist Coupons And Incentives
Whether you like it or not, companies provide traditional paper, plastic tokens, coupons, discount and other sorts of inefficient reward and loyalty rewards to their customers.
Rouge allows companies to make use of this new digital format into their customer services programs, creating their own Blockchain loyalty tokens and coins for their customers.
16. Fill Up Empty Hotel Rooms
If you are a sales representative in the hotel industry, you will appreciate this solution. Imagine your hotel guest does a last minute cancellation for his long stay. And to make the situation worse, he refuses to pay. Moreover, it’s very challenging to find a substitute customer for the vacant room within a short time.
Webjet is an online traveling portal that allows stock of empty hotel rooms to be efficiently tracked and traded.
17. Collect Points from Friends
Now you’re young and have a high aspiration to create a new startup to change the world. That’s great. But you’ve one problem. You do not have huge capital.
How do you convince your venture capitalist that you are trustworthy and resourceful? Are you a helpful person before they should finance your startup?
Masachain blockchain app provides a way for you to collect points from your friends. When your friends experience a positive feeling from you, they award points to you. Such positive feelings refer to support, gratitude and empathy.
With this platform, your venture capitalist or stranger can trust you better. And there’s no need to second-guess. Or dig into your social media profile to find what kind of person you are outside of work.
18. Manage User Reputations
Airbnb recently began experiments to use a blockchain as a way to manage user reputations.
Storing this information in a decentralized blockchain frees up Airbnb’s servers.
The company replies on reviews left by both renters and landlords. As a result, the customer can judge how trustworthy potential hosts or guests will be.
19. Buy & Sell Advertising Space
Are you tired of paying high online advertising costs? Or how about fearful of being banned from your online content?
Thrive is a blockchain rewarding marketspace where buyers and sellers buy advertising at very low fees. If you like to review websites and share data, you can get paid too.
20. Know More About The Things You Buy
You just bought a high-quality bag, and wonders if there’s more information to it. What if you can look beyond the label, and discover the factual data on creators’ work, history, and impact?
Provenance equips physical products with a unique ID. Through the ID, you gain access a secure digital history from how the product is made to the delivery into your hands.
21. Get Rid Of Banner Ads
Isn’t it annoying to see many web banners while you read the article? And, and you ignore them, right?
Solidopinion allows advertisers to show ads only to the interested & targeted audience. This is how it works: Advertiser places target relevant ads just above the headline of a great article. And, this is right where your targeted audience is.
22. Zero Platform Fees
For popular online marketplace, sellers usually have to pay some fees to the platform. Of course, these fees are either absorbed by sellers or passed down to the buyers.
Openbazaar is a unique online marketplace which accepts the only cryptocurrency. It’s a peer to peer application with no fees and restrictions as there are no middlemen. You are in control of your own store and private data.
23. Tell The World About Your Identity
The way we prove our identity to others remains reliant on paper and plastic documents, physical contact and handwritten signatures.
Today, our identity data are held by individual organizations as we engage offline and online. Often, data is poorly integrated and out of date. This duplication is error prone and inefficient, and present security risks.
There ought to be a simpler way to maintain our identity, with a master identity records. For this reason, it’s maintained directly by each user. Deloitte blockchain applications offer a solution to allow both security and privacy, with a distributed identity platform.
24. Solve Complex Mathematics Problems
The Riemann hypothesis is a complicated Mathematics question that has yet to be proven. This remains one outstanding mystery of the field. Such math question requires massive supercomputers to discover and prove.
Another cryptocurrency, Riecoin, set out to solve such problem involving prime numbers. Many mathematicians expect that the Riemann hypothesis will eventually be resolved with the help of Riecoin.
25. Location Data
When you order a product online, you’re able to track the delivery location details. These details are probably high-level information on main locations like airport transport and collection centre. You can’t know the exact location details. Or what happens if the centralised system fails?
To overcome this, XYO Network introduces location data coming from many interconnected devices, that can deliver the data that smart contracts require to execute. The use cases are very useful to industries that need location data. For instance, airlines need to locate lost bags; car rental company requires to find lost keys or e-commerce to deliver a package with drones.
All of these will not be possible unless we solve the trust in location data.
26. Rent Out Parking Space
Imagine you need a parking space in a crowded area. Wouldn’t it be good if you can locate, secure and pay a parking spot beforehand?
Using blockchain, parking owners can rent out their long-term parking space that is unused, especially if they are away on holidays. This helps other drivers who only need temporary parking.
Parkgene aims to be the Airbnb for temporary parking spaces.
27. Help Driverless Car To Pay Parking Fees
A driverless car is already a reality. But, it does not mean a car without driver enjoys free parking. Someone still has to pay the parking fees.
These cars do not own a traditional bank account. But, they can have one in the blockchain. With Car Wallet, the car is notified when you send money to its wallet. Then you can open the door, authorize the start of the engine, and pay the parking fees.
28. Rent A Car
When you rent a car, you need to show your driving license and fill up some documents. You pay the money and got the car key. That’s seamless to you, isn’t it? But, in reality, the whole car rental process is pretty complicated. It just that car companies make leasing look so easy. The main challenge faced by car leasing companies is that information is not updated.
Just imagine using blockchain. Every participant in the car rental supply chain can monitor, share, analyze and update the latest information. Best of all, you get the latest info regardless where the car is in the lifecycle.
With IBM blockchain, the whole car rental supply enjoyed lower processing time, consistent information and reduced overhead cost.
29. Real-Time Hitch Riding
Nowadays, hitching a ride is common. And, the passenger pays driver with either cash or credit. How about digital currency?
LaZooz is a community-owned real-time ridesharing service, powered by blockchain. This platform synchronizes empty seats with passengers in real time, matching like-minded people. And the good news is? Both drivers and passengers get rewards like digital tokens.
30. Peer To Peer Ridesharing
When Uber decided to pull out of a city, what happens? Thousands of drivers become out of a job, and passengers stranded.
Arcade City aims to beat Uber by moving ride sharing and car hiring onto the blockchain, without a middleman. Once both riders and drivers are connected directly, they earn Arcade Tokens. Which, they can either sell immediately for cash or use for services and bonus features.
This network has provided safe, reliable transportation to major U.S city for more than a year.
32. Pay Lower For Charging Of Electric Cars
To charge an electric car, you pay for the amount of time spent connected to the car charging station.
Because the old billing system is not able to calculate the exact electricity used. And, this amount of time that we talked about, is generally in hours.
The aim is to connect electric vehicles charging stations to a blockchain. The charging station handles user authentication, payment processing, and loyalty point assignment. This simplifies the whole billing to solve an existing bottleneck in the energy market.
RWE, a German energy company, had launched hundreds of car charging stations all over Germany. These are connected to ethereum’s public blockchain. Now, users can charge their cars and pay in micro-transactional slices.
33. Reduce Paperwork For Shipping Industry
Margins are already slim in container shipping. Yet, the processing of paperwork is more costly than the shipping container.
Maersk, the largest container ship operator and IBM formed a joint venture to use blockchain technology. They aim to make global trade more efficient, transparent and secure.
34. Pay Per Use – Watch A Single Football Match
Companies love a flat monthly subscription fee model. Why? The revenue is recurring and predictable. But, why can’t we pay to watch a single football match, instead of the whole football channel?
Using uRaiden, service providers give viewers an option to decide on a pay-per-use basis for digital content. This payment is via micropayments in Ethereum based tokens.
35. Brand Protection For Wine
If you are a wine lover, you going to love this. Do you know experts estimate 20% of wine consumed worldwide is counterfeit? These fake wines are refilled and sold to us. Not only have these fakes caused a loss of revenue of more than 2 billion a year. More importantly, consumer lost confidence in branded wine.
Chronicled developed a blockchain platform to secure the identities of wine labels and bottle tops. With this, you can easily verify authenticity by scanning the seal with a smartphone.
36. Protect Fine Art Produced By Talented Artists
Copy a fine art from a gallery is not difficult. All you need is to take a photo and get an online freelancer to reproduce it. Buyers are increasingly wary of art forgery.
Chronicled developed a solution with cryptographic microchips embedded in the paintings, and registered to the blockchain. As a result, buyers can tell if the painting is genuine.
37. Protect Luxury Sneakers
Do you know that footwear is the most commonly counterfeited item? Have you ever wonder how the fake manufacturer earn by selling sneaker at a much cheaper cost? Well, these manufacturer earns huge profits as they bypass manufacturing costs like original design and research, marketing, and regulation. Even sneaker experts found it difficult to distinguish fakes from real ones.
With Chronicled’s solution, you can pull out your smartphone and scans the microchip in the sneakers. And, you will know if the sneaker (by Michael Jordan) is real or fake.
38. Give Your Valuables A Digital Identity
Losing your valuables is a painful experience. Giving police the serial number of your stolen valuables is not enough.
At VTT, you can protect what you love. Whether it is a bicycle, drones, escooter or luxury handbag. You write your proof of ownership to the Ethereum blockchain – forever. In this way, it makes easier recovery of these portable stolen assets.
39. Smart City
As the world adopts 5G technology, you can expect a nation’s infrastructure stays more connected with ‘smart’ devices. These ‘smart’ devices are the lamppost, surveillance cameras, retail shops, kiosks or buildings. They talk to each other.
So what does that mean to you? Imagine you know precisely which grocery shop has the lowest price for 1kg of prawn. You also have the fastest route as you’ve real-time traffic updates like accidents. And the available parking spaces. If you take public transport, you’ve accurate timings of the next bus. This data makes your trip more efficient and enjoyable.
All these are made possible by sensors embedded in physical things that surround you.
Limestone Network is a blockchain infrastructure that aims to transform Cambodia into a smart city.
40. Provide Untampered Votes During Election
Some common ways a country vote is through a paper-based system or e-voting via a machine in a polling station or i-voting through a web browser. There are always doubts about the voting system ability to secure data and defend against potential attacks. After all, every vote counts have a huge impact on a country.
Voatz provided a voting platform to ensure transparent and verifiable elections around the world. In preparation for the 2019 Municipal Elections, Voatz provide a pilot blockchain mobile voting to deployed military personnel and overseas US citizens.
Ballot received was a 98% successful return rate. Mobile voter turnout rate was a high 90%. We are not far away to use this technology for future elections.
41. Raise Money To Help The Unfortunate
You want to donate money to a good cause. Yet, you’re unsure if your donation lands straight to the needy.
Bitgive provides transparency to charity donations. You get to know the donation outcomes in real time.
Also, Dogecoin was lauded as a good coin to raise money for charity. Dogecoin supporters put this claim to the test in 2014, when they raised $30,000 to help send Jamaican to Sochi Olympics.
42. Control Robots Remotely
There’s no doubt that AI learns, manage tasks in an intelligent, thoughtful manner. When tasks are too complex for AI, you can outsource these tasks. Freelancers will be able to control robots operations from a distance as “pilots”.
With Aitheon platform, this allows remote workers to generate extra cash by directing robots to perform complex tasks and increase automation.
43. Host Your Site Without Any Central Server
You need website service when your site is down. In most cases, the outage is due to server overload. Would it be good if your online content does not require any central server?
Zeronet creates an entirely decentralized internet. It aims to sidestep the need to host websites on servers by stashing website information across the internet in small pieces. Next, they are linked together using a blockchain registry. This eliminates web hosting costs and always accessible.
44. Renting Out Your Hard Drive Space
To pay for cloud storage is expensive in the long run. Though uptime is pretty decent, there’s a chance of downtime due to outages and DDos attack. Whether you call your in-house tech support or engage external IT services, they probably can’t do much. Because they do not have full admin rights.
Now, question for you.
Is your private data in the cloud really private? They are often duplicated across multiple data centers and backup.
Storj.io is a cloud share by the community that provides lower cost, a higher level of privacy and reliability. The power of Storj platform is its unique ability to utilize the free capacity of a storage node, whether a single PC or a huge data center. Good news is that you are paid by renting out your unused PC hard disk space.
45. Tools To Create Blockchain Applications
The commercial is slow to adopt blockchain due to insufficient blockchain infrastructure.
Settlemint and Cypherium aim to provide fundamental building blocks for developers to create more applications.
46. Get Printer To Order For Ink Cartridge
You start pulling your hair for such a situation: It’s late at night. Your printer runs out of ink when you are about to print a very important document.
IBM and Samsung envision machines can talk to each other. Just imagine this. Before the ink runs out, your printer uses smart contract to issue commands to an ink cartridge retailer to receive new supplies. In this way, you save lots of frustrations with the ready spare ink cartridge. Also, you save tons of hair too.
When various system integrations become seamless, this opens up many new business partnerships.
47. Hire New Fresh Grads With Confidence
There is fake news. And, there are fake certifications. If you ever hire a freshgrad, you know the whole hiring process can be slow and painful one. How do you verify the new hire certification is genuine? You would need to contact the school one by one.
Imagine a world where certifications were written securely, where they could not be deleted or changed. Now, sharing them with employers for recruitment becomes transparent and easy. Smartchain offers this solution for digital educational certificates.
48. Hire Experience Workers
Can your potential new hire fake his resume? Think about it again. Past work experiences shown in resume and Linkedin, are all written by the job candidates themselves. You wouldn’t know if it’s real unless the HR does the hard work of calling every past employer.
Here’s good news for the employers. Echolink, aims to provide real transparency for the job market. This startup verifies a job candidate’s skills and work experience. Thus, saving time for recruiters.
49. Get Help From Nearby Certified Workers Fast
This is an on-demand economy. When your air-con is leaking, you need expert help immediately. Companies like Uber, Upwork and Airbnb own a huge percentage of the services market. Yet, it is not enough for other help required.
Wouldn’t it be awesome if you can gain access to a nearby certified specialist who can get your job done efficiently? ConnectJob focuses on on-demand services and provides a proper channel for rewards.
50. Protect Photos Ownership
You capture an awesome picture of the sunset. The moment you place it on your blog, the image can be used extensively without your consent. In fact, content creators all over the world, are facing this problem of copyright infringement and piracy. Well, even with the practice of stock photography (eg. shutterstock, istock), the control and rights of images have been difficult.
Numbers Protocol secures your photos.
How does it work?
Numbers Protocol is a blockchain camera app that provides authenticity to media content. The technology can be leveraged by anyone to protect any images shared online and provide proof of ownership. All media created with the Capture App comes with a unique certification, which viewers can scan for verification when it's shared.
51. Pay Musicians On Time
Throughout the whole music revolution, the core relationship between artist’s contracts, payments, licensing and copyrights remains the same. Now, who benefit the most? Musician record labels and publishers benefit from it. It takes months and years to pay out royalties to artists and composers.
Revelator helps musicians to create a faster transaction around payments and royalty distribution.
53. Ease Payments For Music Distributors
The aim is to allow musicians and distributors to share details of rights and royalties for music tracks online.
These smart contracts automatically license recordings and take payment each time they are played.
A startup Ujomusic is trying to use the Ethereum blockchain to transform the music industry payment.
54. Trade Loyalty Rewards
Very often, you are rewarded with loyalty points from different companies. And, what’s the downside? You cannot use these hard-earned points with another company.
Loyyal aims to allow consumers to combine and trade loyalty rewards. Retailers can offer more sophisticated loyalty packages.
56. Discover The Origin Of Your Lamb Meat
The food industry has seen a rise in false alarms, leaving shoppers confused and supply chain at risk.
With provenance, you can track the journey of fresh produce from source to the shelf in real time. As such, you can know if the lamb chop is infected since you know the origin.
Provenance links with retail food giant, The Co-op, based in UK.
58. Charge Accurately For Consultation
If you provide consultation through phone calls, it’s troublesome to calculate your fees by time. Is the usual per hour charging mode fair to your customer if she consults you for only 10 minutes?
Experty provides a way to connect two or more people to exchange a paid knowledge via online voice or video call. Instead of per hour block, per minute rates are set by experts.
If you find the expert fails to provide a good service, refunds can be given too. Once both parties are happy, payment is deducted via the Ethereum blockchain instantly.
59. Protect Your Patents
Let’s say you have a great idea. Some questions for you.
How do you know if it’s really unique?
And, how to protect it quickly?
When you do a professional search, this can cost you up to $3000. Did I tell you the cost is for a single search? Even if you decide to file, the whole patent process takes an average of 16 months for filing publish.
LOCIsearch, a platform for IP discovery and mining, allows inventors to work with a patent lawyer to file or sell their IP directly to buyers. Inventing is now for anyone.
60. Make Legal Contracts Smart
Say, you need to buy a commercial office. Money and deeds are usually passed to a trusted third party such as a lawyer or a bank. When the third party is satisfied that both sides of the deal have fulfilled their contract requirements, they hand over the money and agreements accordingly.
Now, a smart contract could do this automatically, without requiring a third party. Both deeds and money are given to the program in a digital form directly, along with the agreement.
61. Receive Relevant Education
By the time most students completed their degree, the skills learned become irrelevant for the employment. And, there’s an immediate pressure to start paying off the huge student loans.
Imagine your ideal job requires Big Data skillset. Instead of enrolling yourself in a school that probably teach you outdated techniques. Now, you learn the relevant skills in real time. With the rise of metaverse applications and blockchain technology, we now have access to a wealth of new opportunities to learn.
Odem creates global education marketplace to connect student, educator and professional that are interested in continuing their education.
Did I Miss Out Anything?
I hope you enjoyed it.
We are still in the early days. The practical applications of this blockchain technology will continue to develop and mature. The fascinating journey to the new future of technology has just begun.
Now I’d like to hear your take:
What are you doing to get your business ready for blockchain? Or maybe you have a question or some blockchain new ideas to share. Either way, let me know by leaving a quick comment below.