Why Every Entrepreneur Should Consider Blockchain for Their Next Project

What is Blockchain? 

A blockchain is a distributed digital ledger that’s shared across several nodes of a system. It’s termed as blockchain because it collects information in blocks that are encrypted and linked to other sets of blocks, like in cryptocurrencies. 

But it’s not only for money, blockchain can also store information in a way that is unchangeable, making it useful for many industries.    

Blockchain’s Impact Far Beyond Cryptocurrencies 

As we dive deeper into this technology, we understand that Blockchain is not confined to cryptocurrency, indeed it extends far beyond cryptocurrency. There's much more to it than just the tag of digital currency, which seems to increase in value by the hour. 

While Blockchain initially gained widespread attention for its role in Bitcoin, it's not far away from showing potential in various other areas. This signals an unskippable impact of Blockchain on businesses across different industries, highlighting its versatility and value. 

Today, Blockchain, with its features like Smart Contracts and ICOs (Initial Coin Offerings), is proving invaluable for numerous purposes in everyday business operations. Simply put, it has become an integral part of industries like FinTech, Real Estate, Agriculture, Healthcare, Education, Manufacturing, Retail, and On-demand services.

You might be wondering what technology acts as a base for blockchain to fuel technological advancement. 

The Foundational Framework of Blockchain Technology

Blockchain applications for businesses have gained momentum in the past few years. Here are the best ways for companies to benefit from them. 

Smart Contracts 

The first and foremost technology, that cemented its footprints in the business world powered by blockchain is smart contracts. 

Smart contracts, as the name suggests, serve the same purpose as their physical worlds. It helps businesses automatically manage significant transaction amounts, especially the one running on supply chains. Besides, they include services across several businesses without divulging sensitive or crucial information. 

For instance, European lending group SEB and French banking group Credit Agricole have rolled out a blockchain platform where users can raise as well as manage capital. Herein, smart contracts initiate automatic transactions depending on specific terms. 

💡 “Smart Contracts” is an emerging term that every Entrepreneur must know, along with blockchain, metaverse, cryptocurrency, and virtual reality.  

Initial Coin Offerings (ICOs) 

ICOs (Initial Coin Offerings) is a fundraising method braced by startups and enterprises alike with a blockchain element in their business model. Here’s a sneak peek into it’s working: 

• Pre-Announcement: This is the initial phase, where the ICOs groundwork is laid. Here, a comprehensive outline of the project is drafted, and marketing campaigns start on platforms to encourage enthusiasts and supporters to purchase some of the project’s tokens. 
• Offering: This part involves finalizing the terms and regulations of the contract, which are further presented to prospective investors. Next, investors are offered a financial instrument, typically a crypto coin, in exchange for their investment. 
• Marketing Campaign: This phase involves exclusive outreach efforts aimed at attracting investors. The marketing campaign, which often lasts around a month, targets individual investors and institutions both. Notably, ICOs popularity has surged, with demands often surpassing traditional fundraising methods like Venture Capitalism. 

Non-Fungible Tokens (NFTs) 

NFTs represent a relatively new addition to the Blockchain family, emerging as the most sought-after investment avenue in 2022. What sets NFTs apart? Unlike fungible assets like Bitcoin, which can be traded interchangeably, NFTs are non-fungible, meaning each token is unique and cannot be exchanged for another.

At their core, NFTs encompass a wide range of digital assets, including music, artwork, and images, each possessing distinct characteristics that make them one-of-a-kind. This inherent uniqueness has propelled NFTs to the forefront of social media trends, as individuals clamor to own exclusive digital assets.

Crypto Wallets 

Last but not least in blockchain essentials come cryptocurrency wallet apps, a cornerstone of the decentralization movement. 

With Bitcoin being the spearheader, the cryptocurrency landscape includes over 1600 digital currencies and new ones and counting. So, when it’s about creating cryptocurrency wallets, you have an array of options to choose from, catering to several needs and preferences. 

Simply put, when creating a desktop, mobile, hardware, hot/cold, or paper wallet, blockchain mobile ewallet app development services offer solutions catering to your specific requirements. 

Industries Leveraging the Power of Blockchain 

Let’s start with the most commonly discussed banking and finance industry.  

Blockchain in Banking and Finance 

Blockchain offers untold benefits in the finance and banking sector, consisting of improved transparency, security, and record-keeping. 

In essence, it caters as an ideal solution for several banking operations like client onboarding, anti-money laundering, and fraud prevention. Notably, blockchain facilitates monitoring by offering transparency, enhanced traceability, and faster analysis because of its digital nature. In addition, sharing a distributed ledger with regulators minimizes the need for report preparation, while also assisting in the identification of risks at a quicker pace. 

Therefore, leveraging blockchain technology allows automation, leading to reduced procedural costs and quicker decision-making processes. 

“Still wondering how blockchain is reshaping the fintech landscape? Here’s the answer - Revolutionizing the Financial Landscape” 

Blockchain in Healthcare

Despite debates enveloping the real impact of Blockchain in the healthcare industry, the undeniable truth is that it is revolutionizing the healthcare industry and is all set to address challenges hindering efficient health and care support globally. 

In layman’s terms, blockchain acts as a bridge in the healthcare revolution through decentralization. Here’s how! 

• Providing Timely Access to Data: The amalgamation of distributed ledger technology with healthcare allows distributed and secure access to patient health data, with updates made in real-time. 
• Enhanced System Interoperability: Blockchain facilitates decentralized computer networking and internet connectivity across borders. 

• Data Security: By being entirely decentralized and immutable, patient data is accessible to only authorized individuals, improving security. 

Furthermore, blockchain in healthcare allows the consolidation of user-generated IoT data with healthcare organization data, streamlining information management processes. 

Blockchain in Real Estate 

Real estate is a sure-shot industry that has portrayed a proper use case of using blockchain technology.

As known, blockchain consists of processes that can be decentralized and streamlined through blockchain for real estate. If you look at the present scenario of the real estate industry adopting blockchain, you’ll not only see individual property developers, real estate agents, and insurance firms riding the bandwagon but also the governments of some countries looking ahead for an efficient real estate scenario.  

Witnessing the acceptance of this technology received from the real estate domain, it’s fair to say that it's the real estate from which maximum use cases would emerge soon. 

Blockchain in Supply Chain 

Irrespective of what trend you talk about, you’ll see the influence of the Internet of Things (IoT). Now imagine, blending the two technological powerhouses - IIoT (Industrial Internet of Things) and blockchain coming together to revolutionize the supply chain as well as manufacturing processes, eliminating manual labor. 

In supply chains, decentralized ledgers erase single-source failures in the IoT ecosystem, protecting machinery data from collusion and tampering. Plus, IoT and blockchain establish consensus and agreement models in smart contracts and fortifying against threats. 

So, when IoT devices integrate with blockchain, they show a significant potential of nurturing a traceable history of connected devices, improving troubleshooting in manufacturing industries also. 

When we talk about the inclusion of blockchain technology in the startup landscape, there is rarely any process untouched by decentralization. This advent proves to be a boon for startups looking to establish themselves as innovators and even for those looking to raise funds. 

Level Up Your Entrepreneurship with Blockchain Solutions

There’s no denying, that blockchain technology marks a transformative era for businesses, where trust and transparency are second to none. Whether it’s international transactions or mobile app development, it’s crucial to uncover the best blockchain solutions for your enterprise. 

Blockchain for Business Transactions

Transactions are at the heart of every industry, still, there are some unexpected demurs, like lack of security, transparency, and decentralization. 

Here, blockchain offers a standard solution to addressing these issues by offering: 

• Improved transparency and data security: Transactions are encrypted, immutable, and accessible to all nodes, ensuring data integrity. 
• Efficiency in settlements: Instant settlements are crucial aspects of blockchain, and logic-based verification minimizes processing delays. 
• Eliminating intermediaries: Blockchain transactions are often verified by miners, eliminating the need for third–party intermediaries.

Blockchain in Mobile App Development

Undoubtedly, Blockchain App Development continues to evolve, it still faces roadblocks like high advertising costs and a lack of uniform in-app purchase methods. Blockchain technology addresses these issues by:

• Streamlining the App Approval Process: By keeping track of app approval guidelines on a public ledger, Blockchain reduces monopolies created by app stores.
• Facilitating In-App Purchases: Integrating cryptocurrency payments eliminates excessive transaction fees charged by app stores, benefiting both developers and users.
• Reducing Advertising Costs: Decentralizing advertisement platforms minimizes transaction costs and maximizes transparency, making the process more efficient.

Blockchain Security Solutions

Known for its decentralized, encrypted, and immutable nature, Blockchain heightens security across various business processes, including data protection, IP protection to infrastructure safeguarding.

Finally, the decision to incorporate Blockchain technology hinges equally on cost and expertise. As many startups and enterprises rely on reputable Blockchain development services, a dedicated team can help them navigate the decentralized ecosystem seamlessly and become industry disruptors.

Also Read: How to Implement Blockchain in Business? A Complete Guide

A Quick Review of Entrepreneurial Benefits of Blockchain 

Explore the entrepreneurial benefits of blockchain in a snap by diving into our easy-to-follow pointers.

Building Trust 

• Blockchain fosters trust between entities, enabling transactions and data sharing in a secure environment.
• Early use cases, like Bitcoin and cryptocurrencies, are quintessential examples showcasing blockchain's ability to facilitate trust.

Heightened Security and Privacy

• Blockchain offers high security through end-to-end encryption and immutability for unalterable records of transactions.
• Distributed data storage makes hacking nearly impossible, enhancing privacy.

Reduced Costs

• Blockchain streamlines transaction processing and reduces manual tasks, plus its inherent design saves costs for organizations.
• By eliminating intermediaries (middlemen), it cuts costs associated with traditional processes.

Improved Speed and Efficiency

• Automation in blockchain speeds up processes and minimizes errors by eliminating intermediaries and replacing numerous manual processes.

Innovation

• Industries adopt blockchain to solve complex problems related to intractable and improved practices.
• For instance, blockchain verifies job applicants' information, expediting the hiring process.

Finally… Apptunix Helps Your Business With Blockchain

To truly harness the potential of blockchain technology and become an expert in your industry, it’s inevitable to handhold a team of talented developers who bring your vision to life. 

However, in today's fiercely competitive landscape, finding and hiring the best-in-class blockchain app development company can be a daunting task. With every entrepreneur vying for the best talent, the challenge of picking the best mind becomes even more daunting.

That's where Apptunix steps in to alleviate your business success. As an industry-leading platform, Apptunix offers access to Silicon Valley-caliber developers in just 1 day. 

So, leveraging our planetary reach, world-class vetting engine, and exclusive expertise, we ensure you gain swift access to the best team available in the global market.

So why wait? 

Let’s talk now about the management of developers for all your development needs, empowering your business to thrive in this ever-evolving arena of blockchain technology.