The global blockchain market is predicted to grow from $3.0 billion in 2020 to $39.7 billion by 2025, with a CAGR of 67.3% during 2020-2025. The growing need for secured mobile applications, simplifying business operations, and smooth supply chain management applications are surging the deployment of blockchain technology in business applications.
Blockchain in simple words is a technology that offers secured and anonymous transactions. It creates true peer-to-peer secure transactions and has two main jobs-
- Securing the data
- Virtually recording transaction value.
For better understanding let’s discuss this with an example-
Earlier, the internet used to deal with intangibles, like for sending or receiving the mail or reading and distributing the articles, but nowadays, this modern internet works with assets, your valuable items that can be touched and protected. So, these assets are kept in an encoded form on a network-to-network chain i.e. Blockchain.
Blockchain has created a buzz since its introduction in 2009, the hype around blockchain has allured a plethora of industries to invest in various applications designed in the blockchain. Businesses across the globe are rooting in this ever-evolving technologies shift to transform their current business model into more transparent, secured, and reliable. `
Companies like SAP, IBM, Samsung, and Maersk have already explored a decentralized ledger system via blockchain technology.
So, today, in this blog, I am going to discuss the top 7 blockchain app ideas that will boost your business growth in 2021-
Ok! Then what are we waiting for! Let’s get started!
The Top 7 Blockchain App Ideas Bolstering the Business Growth in 2020
1) Decentralized Apps
DApps are digital programs and applications that run on a blockchain or peer-to-peer network of computers instead of a single computer. A DApp stores data in a decentralized database and leverages decentralized computing resources to work. It is one of the trendiest blockchain app ideas in the market.
Based on the blockchain platform, DApps are widely adopted by small and large businesses to trace and track goods as they move across the world and enable cross-border financial transactions without involving any middleman like a clearinghouse or the central bank.
Chainlink, PokerKing, LBank, and Crypto Kitties are some of the popular DApps in the market.
According to the Suicide Ventures report, in 2018, the number of active dApps reached 2.3k supported by 42k unique active users.
How does Blockchain work in DApps?
Well, DApps are quite tough to build applications and need high expertise thus you may require to hire a blockchain development company for reliable, secure, and efficient decentralized apps.
The benefits of blockchain-based DApps are:
- Open source code
- No central point of failure
- Usage of internal currency
- Decentralized consensus mechanism
2) Supply chain management app
The supply chain management app is one of the most adopted blockchain startup ideas that offer real-time analytical systems that efficiently manage the flow of goods and services, including all processes that convert raw materials into final products via the supply chain network.
Blockchain-based supply chain management apps will help in streamlining the workflow and steering processes in the right direction. It includes the active transitivity of a business’s supply chain activities to boost customer value and earn competitive benefits in the marketplace.
Farming, refining, manufacturing, designing, packaging, and transportation are some of the activities involved in supply chain activities.
According to statista.com, In 2019, the global supply chain management software market generated a revenue of $15.0 billion. Here is the graph of supply chain management software market revenue from 2008 to 2019 globally.
How does Blockchain work in Supply Chain Management?
The benefits of blockchain-based supply chain management apps-
- Order management
- Inventory management
- Logistics and shipping details
- Analytics & forecasting
- Return management
- Security and scalability
- Cloud-based mobility
3) Digital Identity-based Apps
Digital Identity in simple words is information on an entity built on computer systems that represent an external agent. The digital identity app offers a simpler, faster, and safer means to people to prove their identity on different venues, such as websites, businesses, and bars, without producing original documents’ photocopies.
A blockchain digital identity app ensures more secure storage of data by offering interoperable, unified, and tamper-proof infrastructure with the key advantages to users, enterprises, and IoT management systems.
Bluink, Yoti, globaliD are some of the digital-identity based apps in the market.
“According to marketsandmarket.com, the global digital identity solutions market has generated a revenue of $13.7 billion in 2019 and it is predicted to reach at $30.5 billion by 2024, at a CAGR of 17.3% from 2019 to 2024”.
How does Blockchain work in Digital Identity?
The main benefits of blockchain-based digital identity apps-
- Ease of having duplicate ID proof
- Self sovereign identity
- Simple and smooth identification
- Non-custodial logic solution
- Decentralized web identity management
4) Transportation & Logistics Apps
Blockchain technology in transportation offers immediate, scalable solutions for order tracking, transition, and authentication. With the help of blockchain, the supply chain for truck components and used trucks could be easily tracked on a digital ledger thus serving as a sort of “CARFAX” on steroids for the commercial transportation market.
Furthermore, blockchain-based transportation & logistics apps will be more efficient. A decentralized public ledger system that records all the changes in real-time will help logistic companies to become more efficient through a public ledger system that stores the motions of each shipping container and reduces clerical errors.
Among all technologies, Blockchain technology is witnessed as the most benefited technology used in transportation & logistics industry app-
How does blockchain work in Transportation and logistics?
The main benefits of blockchain-based transportation and logistics app-
- Easy coordination of documents
- Reduced transportation cost
- Extra care towards sensitive pharmaceuticals
- Easy approval and clearance due to smart contracts
- Secured, authenticate, and updated data
- Blockchain enables refrigerated containers
5) Governments voting Apps
A major issue is faced by governments in developing countries is the voting process. Maintaining a high standard of privacy and eliminating tampering of voting could be a cakewalk but with the help of blockchain-based government apps, it can be easily resolved.
A blockchain-based digital government app offers protection of data, streamlined processes, reduced fraud, waste and better accountability. These apps eliminate a single point of failure and keep the sensitive data of citizens and the government safe.
Parties can exchange information and interact with people on a global and transparent level. According to a report by McKinsey and Company report of 2013, open data-freely accessible government sourced data which was available on the internet for everybody can make the world richer by $2.6 trillion.
How does Blockchain work in Government operations?
The benefits of blockchain-based government apps-
- Reduced redundancy,
- Streamline processes
- Increased security and safety
- Decreased audit burden
- Better data integrity
- Improved efficiency & cost reduction
6) Personal finance management app
Blockchain-based personal finance management app is one of the finest financial blockchain app ideas to deploy into the market to add value to the business effortlessly.
Nowadays, consumers are more focused on their earnings and savings, thus these applications can help businesses gain traction in the market impelling both startups and investors to look ahead to develop and use a personal finance app.
Further, these applications are working as a significant app in which users can easily categorize their incomes and expenses and track the activity in real-time to get a complete and better understanding of how to manage their finance effectively and smartly.
With blockchain technology, these apps will also offer them an easy connection with all banks and credit card accounts to automatically update the data along with payment reminders.
Also Read: HOW BLOCKCHAIN HAS EVOLVED FINTECH?
How does blockchain work in a personal finance management app?
Benefits of blockchain in personal finance management app-
- Instant settlement
- Improved capital optimization
- Better transparency and traceability
- Enhanced security & safety
- Reduced counterparty risks
- Decreased error handlings and reconciliation
7) Stock Market App
Imagine what happens when companies or investors can issue, register, and trade shares on a blockchain-based app. Will it be not a great blockchain app idea for small businesses, start-ups, and enterprises? I guess it is a wonderful idea.
Blockchain technology can positively impact the future of the stock market in various ways. In present times, many trades pass through a settlement process that takes days, due to the involvement of intermediaries, such as clearinghouses, exchanges, and regulatory processes.
But in the case of blockchain networks, settlement times get dropped to minutes from days and offer improved and reduced error transactions. This stock market blockchain app idea is facilitating trading in a new digital asset.
How does the Blockchain work in the stock market?
The benefits of blockchain in the stock market are-
- Better interoperability & trust
- Improved transparency & fairness
- Easy clearing & settlement process
- Automation of post-trade events
- Simple legal ownership transfer
- Mechanism for risk containment
Thus, there are various blockchain business ideas or what we can say blockchain app ideas available in the market which you can deploy to kick start your business and stay ahead of the curve, but choosing the best would not only help you to grow but also help empower you to expand your business across the globe.
So, I hope I have shortlisted the top blockchain app ideas that will suit best for your start-up, enterprises or small business. If you find any other blockchain business idea which I forget to mention please feel free to add them in our top 7 blockchain app idealist.
To transform blockchain app ideas into reality, you may need to hire a blockchain development company as they have full expertise and knowledge in the field which will help your business to be unique and ahead of the competition in the market.