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Blockchain New Business Opportunities Ideas And Applications 2019

Written by Jyoti Kothari

May 22, 2019

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?

Blockchain technology Network concept

Network concept of Blockchain technology      Source: Dreamstime

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.

Banking centralized business

Banking, a centralized business  Photograph: Alexander Mils-Source: Unsplash

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.

Smart Contract-Blockchain Technology Business Ideas and Opportunities

Smart Contract-Blockchain Technology-Business  Source: Dreamstime

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

Small Business New Ideas and Opportunities In 2019

There are several ideas to start a new small business using blockchain technology. Because this is a new regime there are great opportunities. One can have an early bird advantage while starting a small business in 2019. Blockchain technology is in it’s young and there is a chance for a mega growth. You can also see as a growth hacking strategy for your small business in 2019. We have already listed several blockchain business ideas above. However, we are listing a few here specifically for small businesses. You can grab the opportunity in blockchain business applications!

Video: How the blockchain is changing business: Don Tapscott

 

So what can you do in 2019? Which industries you may join as a small business? How can you start with your great ideas? And finally, where are the business opportunities? Please take a glance:

Blockchain Applications in Gaming

Gaming is a very big industry and business people are minting money by developing gaming mobile apps. However, only a few initiatives are taken to use blockchain technology to create mining based games. Yet, this is an untapped market. There are two types of money streaming in the gaming business. First, pay-to-play and second, pay-to-win. The online gaming platforms, to date, extract money from gamers’ pockets with no rewards.

You can change the gaming scenario establishing a pay-to-earn model of Blockchain gaming. Gamers will be more than happy with the extra benefit and spend endless hours on your blockchain application based gaming platform. Though small, this can be a good business model.

Identity Management/ KYC Applications

We all know that ID cards, badges, etc are means of identification. However, the main problem with IDs is that these are vulnerable to frauds. There are two-steps verification technologies in place but it is not enough. How can you identity card of someone else? There is no safe and proven method. Blockchain technology can play a vital role in the matter. You can store ID details using a blockchain log. Yes, it is verifiable and safe.

Not a good idea? And here lies the opportunity for your small business in 2019.

Smart Contract Management

Earlier, in this blog, we have mentioned that one can use smart contracts for any business. Now, you have to choose your own to develop a small business and find opportunities in 2019.

Election Management With Blockchain Applications

The election is a part and parcel of democracy. You elect your national, state level or regional leaders. You vote them in and out. It is not limited to governmental elections as the roots of democracy are deep. Sometimes, you elect your club president or a secretary of your community. However, not everybody is sure about his vote. There are apprehensions about frauds.  You can create a blockchain technology framework added to the electronic systems. This will be a safe, secure and tamper-proof system.

Now, creating a voting system for a national or state level election is not the job of a small business. So, what to do? Have any ideas? Dig deep and you will find opportunities in the elections of a corporation, co-operative society, community, or a club. A small business can easily create a blockchain based election system for these units of the democratic process in 2019.

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!

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