As the blockchain is the new buzz in the technology world, the million dollar question is how to get benefit from this. so you need new ideas for your business, blockchain new ideas! whether you are in a small business or a big one blockchain technology provides several opportunities if you have some ideas. The ideas are important here in 2019 to build blockchain applications for your big or small businesses. This ideas and business opportunities are goldmines, so don’t ignore it.
Bitcoin is the pioneer in this industry. It has emerged to successfully challenge the dominance of fiat currencies. Later on, large numbers of other cryptocurrencies came to play in the currency ground. Blockchain companies and businesses are continuing with the trend and there are several cryptocurrencies yet to come!
For example, Smart Contracts, Banking, Healthcare, Insurance, Internet of Things, Identity management or KYC, Food, Rideshare or Taxi, and Safety are some of the industries and businesses having great opportunities in 2019. Yes, these are only examples. Blockchain technology is propagating with more and more business adopting its applications. Moreover, it is continually transforming from geek tech to mainstream acceptance.
Blockchain technology and its business applications have already started disrupting various industries. Do you know what is blockchain and how the technology has been disrupting business through its applications? We will try to discuss the matters para by para in this blog and provide you with some blockchain new ideas in 2019. Don’t worry, even if you are a small business, blockchain applications give you an opportunity too, if you have a great idea! Stay tuned with us till the end.
Blockchain new business opportunities ideas 2019
Blockchain technology is based on “democratically distributed” “incorruptible digital ledger” to “record not just financial transactions but virtually everything of value.”. Remember, this is the basics and all new business ideas are to be derived from the basics of blockchain technology. Obviously, all business opportunities come only by solving a problem. If you can solve a small problem, you can build a small business in 2019. Similarly, solving big problems can lead you to big business opportunities. Do some business ideas coming into your mind?
First, Data security and Cybersecurity are a major problem nowadays. However, the very nature of blockchain is to be an incorruptible digital ledger. Hence, the security of data is guaranteed. As a result, it provides ample opportunities in the field of data security. Second, the blockchain ledger is democratically distributed having no central server or database. So, the blockchain ledgers are challenges to the businesses dominating with central data systems. The banking business is an example where they regulate financial transactions with a central server. Banks and NBFCs charge transaction fees as they wish. Here, the idea is. Blockchain provides new business opportunities in banking and finance in 2019.
Third, blockchain record, not just financial transactions but virtually everything of value. Whether it is a financial transaction or a nonfinancial one, blockchain can record anything and everything. There are plenty of ideas in 2019 for new business opportunities using the characteristic. Agriculture, Charity, Education, Energy, Job Marketplaces, Logistics, Manufacturing, Music streaming are only a few examples. You may see business opportunities in 2019 also in Publications, Real Estate, Recruitment, Retail, and Supply Chain Management. There are innumerable numbers of business opportunities in the blockchain if you have good ideas!
Smart Contracts- Blockchain new business opportunities ideas 2019
Smart contracts form a major part of blockchain technology. Most of the blockchain business applications use smart contracts. Here are the ideas and opportunities! You can involve in almost any business or provide a smart contract facility to any business. This is a new idea and opens the door for a new opportunity. So, what are smart contracts? Smart contracts are mini-programs that automatically execute agreements between parties meeting certain conditions. It acts as a peer-to-peer legal agreement. It automates Blockchain business applications and this secure tool acts as a key to make it flexible, and scalable.
If you ask what kind of agreements? The answer is agreements of all kinds. And that is the beauty of this blockchain application mentioned above. You may name any business and you find applications of smart contracts. Even a small business can use it. The idea behind this business is to eliminate a middleman to manage the transactions. Hence, smart contracts create great business opportunities in 2019. Is not a new idea?
Remember, anyone strikes the perfect template for a smart contract is sitting on a goldmine.
What can Smart Contracts do?
As mentioned earlier, it is useful in every business. Even the wall street has started a consortium. Let us take some examples:
Healthcare: Smart contracts can secure Medical records to provide access only to specific persons in specified conditions.
Real Estate: It can securely and automatically manage titles and history of transfers. As a result, it will eliminate fraudulent transactions.
Music Industry: It can safely automate Royalty distributions in peer-to-peer transactions. Hence, consumers have to pay directly without heavy middleman fees.
Public transportation: It can automate scheduling Public transportation according to pre-defined conditions. Moreover, a traveler can see real-time data of the transport system through smart contracts.
Subsidy distribution by governments: Smart contracts can process Subsidy distribution safely and automatically.
However, this not the end. There are several other new ideas for great business opportunities in 2019. Now you have some new business ideas. Wanna jump to these great business opportunities? What do you think in 2019?
Note: Indian government is aiming towards a smart goal of raising its GDP to $5 trillion by 2024. Modi 2.0 looks determined to achieve the target. It will create ample opportunity in this field because government spending will jump.
Video: Blockchain Smart Contracts Explained
How To Start A Small Business Using The Blockchain Ideas
Now, you have read the small business ideas as well as the big ones. Again, the question is how to start this smart business? First, choose two or three ideas which interest you. Do some research and stick to one or two ideas only. Don’t seek opportunities everywhere! This is suiciding. Then, do some market research and check the viability of your project. Now select a developer for your business project. Choose carefully. Select a tech company having blockchain experts in their role. Ask them if they can help in developing your plans. Can they also help you in market research, prototyping and beta testing? If you can hire such a world-class tech company, you are half done.
Sit with them or make a call and prepare a plan. Check the viability. Then, decide on your budget. If you are a startup and don’t have enough money then search for an investor. You can even go for crowdfunding. Be ready to convert your blockchain ideas into a business opportunity. Convinced? Now jump start!