Blockchain technology is not just popular but diverse. It is way beyond its common notion of bitcoins and cryptocurrencies. Blockchain revolves around the concept of bringing more transparency and eradicating the possibility of corruption, errors, and misconduct. More and more businesses are diverging their way to this technology and it is trending in the present and ruling the future. It enables businesses to be fair and save time, money, and resources.
Blockchain technology has affected plenty of industries in different ways including making contracts to help governments work effectively. If you want to be a part of this trending technology and opt for blockchain app development, here are the best ideas to give a try and be a part of this lucrative industry. First, let’s get acknowledged what this technology is exactly.
What is Blockchain Technology?
Blockchain is basically a chain of blocks where data is shared between the nodes of a computer network. It stores the data and information electronically in digital format and maintains the entire database. Blockchain technology is prevalent for its crucial part in cryptocurrencies like Bitcoin to maintain decentralized transaction records with utmost security. It helps build trust without the need for a third party.
Blockchain Development Ideas
Check out some of the best blockchain app development ideas to try for your business.
1) NFT
NFT stands for non-fungible tokens. It is one of the most popular business ideas with blockchain. The demand for online games among kids as well as adults is high. Blockchain in the gaming industry is powered by NFT. Every NFT is unique and it suggests permanent player ownership.
2) Gaming Mobile App Development
We are all familiar with microtransactions. Just like them, accepting cryptocurrencies in games can be a new chance to earn revenue from the apps. It allows users to make payments without following traditional methods like banking or credit cards. Popular cryptocurrencies like Bitcoin and Ethereum allow speedy and secure payment for in-game purchases.
3) Crypto-wallet Apps
Crypto-wallet apps are also considered one of the trending business ideas. Wallets are developed with the agenda to provide a secure space for investors to keep their cryptocurrencies like Bitcoin, Ether, and others. Wallets are not limited to coins but include all crypto holdings. It is secure and protected enabling investors to depend on portfolios for salary management of cryptocurrency.
4) Build Legal Smart Contracts
Buying an office can be a long and complicated task. All monetary transactions are undertaken with a trusted third party like a lawyer or a bank. Third-party assesses that both the parties of the deal have met the contract requirements and then the money is transferred. When it comes to smart contracts developed with blockchain, the need for a third party is entirely eradicated. The necessary deeds and money are transferred to the program directly in digital format. The agreement is also made in digital form.
5) eCommerce Application
Retailers are giving a lot of value to cryptocurrencies. Well, it is going to take a while for people to generalize about using digital cryptocurrencies for usual transactions. However, there is some set of retailers who are willing to use cryptocurrency as a digital currency for daily transactions which brings us to eCommerce app development that uses blockchain technology and enables using cryptocurrencies. The concept will be unique and rule the market.
6) Financial Management Apps
There are several banks that are willing to adopt blockchain technology for managing their finance and making them more transparent than they are at present. Blockchain app development company can assist the financial institution in making that actually happen. Companies can help in partnering with a financial institution for building digital assets while following global rules and regulations and eliminating frauds like money laundering.
7) Stock Market Apps
The stock market is one of the biggest buzzes in the business. Now, just imagine integrating blockchain with the stock market, wouldn’t it be amazing? A blockchain-based stock market app would be lucrative for any business, startup, or enterprise. Blockchain technology can immensely influence the stock market’s future in diverse ways. At present plenty of transactions undergo the settlement process which takes several days because of the inclement of intermediaries like clearing houses, exchanges, and regulatory processes. However, in the case of blockchain app development, settlement time is deducted from several days to a few minutes. Also, transactions undergo with lesser errors.
8) Insurance Applications
Insurance agencies face various frauds. There are many instances where applicants are hiding important information or depending on who is not actually eligible might make a claim. To slide away insurance fraud, blockchain apps can come in handy. These mobile app development are used to record all medical procedures and time stamps as well. It is very important for verification and compliance with all the services provided.
9) Voting Apps
The voting process can be messy and troublesome, especially in developing nations. Maintaining confidentiality and eradicating vote rigging is very crucial. With blockchain-based government apps, this can be easily achieved. It provides data protection, lesser fraud and waste, better accountability, and a streamlined process. All the parties can trade information and communicate with people transparently and on a global level.
10) Real-time Shipment Tracking
At times keeping a track of the shipment’s exact location in between the shipment’s facilities becomes difficult. Blockchain networks have Nodes that ping the shipment on a regular base for getting real-time status updates on its location. Customers have the ability to track their shipment whenever they want with blockchain apps.
Wrapping Up
So, now you know multiple industries where you can use blockchain technology. Pick your relevant industry, search for an experienced mobile app development idea to integrate your idea into your application, and start building your project with the experts.
