The number of businesses implementing blockchain technology is skyrocketing. Enterprises interested in instant peer-to-peer transactions, secure data storage, boosting their efficiency and ROI strive to apply blockchain-based solutions. Opportunities hidden in blockchain technology are extremely wide – from payments and cryptocurrency portfolio management for banks to electronic warranty and supply chain in retail and logistics. Let’s start with the potential of blockchain for the financial sphere on the whole and crypto trading in particular.
Banking and financial institutions. First, utilizing blockchain technology in banking makes cross-border payments much faster and cheaper. Since blockchain doesn’t require any middlemen participation and authorization, the fees decrease accordingly. Thus, with blockchain technology, time-consuming tasks and bureaucracy are no longer relevant as well.
Banks and financial institutions also actively turn to OTC software which allows them to manage their clients’ portfolios and perform cryptocurrency operations more efficiently. OTC solutions can be designed specifically for your business by a reliable blockchain developer, considering your enterprise infrastructure and business challenges and goals.
Retail and logistics. Supply chain management is an important aspect of these two spheres, and it requires cutting-edge solutions. Being aware of every stage in the process is necessary for both business and a customer as today’s consumers are conscious of their choice and demand ethically produced products. Having a transparent nature, blockchain may be a suitable option. Blockchain revolutionizes the process by providing accessible chain-of-custody information and building trust among all the members of the supply chain process. Meanwhile, retailers gain customer’s loyalty, too.
Blockchain always implies data immutability, proof of identity, and goods authenticity verification. For retail and logistics, blockchain technology utilization means the inability to edit recorded data. Once the block is added to the blockchain, no one can change dates, names, or locations, and this helps to avoid falsifications. It is also easy to find information about the product’s origin and prove its quality and authenticity.
Social media. There is no doubt that social media gives us the freedom to speak ourselves and share our voice. However, such issues as identity hijacking, plagiarism, content theft, and corporate censorship have broken this perfect picture. Blockchain services offer solutions: they can enable privacy, exclusive content ownership rights, security, and efficient monetization mechanisms.
Healthcare. New models for health information exchanges (HIE) have been introduced thanks to blockchain technology. They grant more advanced storage and management of electronic medical records, and both doctors and patients have access to them. All the information is fully encrypted, so this will contribute to the privacy and security of patient’s medical data as well.
FinTech. FinTech uses technology to improve activities in finance and has a goal to compete with traditional financial methods in financial services delivery. Blockchain technology is already changing the FinTech industry as it introduces new ways of performing payments, managing portfolios, and gaining earnings. Blockchain-based solutions include digital payments, trading, insurance, opportunities to participate in cryptocurrency arbitrage, and many others. Although all FinTech projects are unique in its complexity, among popular features are multi-factor authentication mechanisms, analytics, and tracking of financial data.
Gaming. Gamers and developers would be happy to find out that games designed on the blockchain give a chance to make a profit using in-game tokens and cryptocurrency. These assets are transferable for cash outside of the virtual world. Furthermore, cheating becomes impossible, too: contributors to the system cryptographically verify all in-game actions.
There are other ways to earn off blockchain technology, and one of them is cryptocurrency arbitrage. It is similar to fiat or sports arbitrage, but here you get revenue while buying and selling cryptocurrency units. You profit from the difference in the price of the same asset on different crypto exchanges. It is practically impossible to succeed in it manually, therefore many traders apply to crypto trading bots that allow to monitor cryptocurrency rates and grab the most beneficial deals.
If your company intends to deep dive into blockchain technology, integrate it with your workflows, or only learn about it, the best start would be to turn to a blockchain developer. A reliable blockchain development firm will provide comprehensive research, consult about the feasibility of technology implementation, and make sure that the offered solution accords your business goals.