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The 2009 launch of Bitcoin curated blockchain from theories to real-world use, portraying that this digital distributed ledger technology works.
This underlines the pivotal movement for startups and entrepreneurs worldwide when they start realizing the financial potential of cryptocurrency and blockchain app development services. Originally unveiled as the underlying technology behind cryptocurrencies like Bitcoin, blockchain quickly gained popularity for its potential to revolutionize various industries beyond just finance.
According to MarketsandMarkets, the blockchain market is poised to generate a whopping revenue of $94.0 billion by 2027, and still, many experts think that people haven’t witnessed its complete potential.
But, does it mean you as an entrepreneur, should overlook the opportunities that come with investing in Blockchain? Certainly not, until we are here to assist you every step of the way.
Though, the only prominent solution that one often thinks of to skip any confusion on Blockchain is by looking at the piece of information available on the World Wide Web and getting a hang of the technology.
Here is a handbook for entrepreneurs like you debunking the myths related to blockchain, its applications, reasons to invest in blockchain, use cases in the industry, and the inevitable benefits.
Let’s get started with the most fundamental question!
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.
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.
Blockchain applications for businesses have gained momentum in the past few years. Here are the best ways for companies to benefit from them.
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.
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:
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.
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.
Let’s start with the most commonly discussed banking and finance industry.
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”
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!
Furthermore, blockchain in healthcare allows the consolidation of user-generated IoT data with healthcare organization data, streamlining information management processes.
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.
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.
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.
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:
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:
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
Explore the entrepreneurial benefits of blockchain in a snap by diving into our easy-to-follow pointers.
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.
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