Blockchain is a distributed digital registry. The Business Journal will tell you what blockchain-based business ideas are successful in the world today. Blockchain is protected from unauthorized access, its records cannot be edited or deleted. Blockchain’s decentralized and peer-to-peer nature makes it impossible for individual participants to control the registry or destabilize the entire system. These and some other features of blockchain make it the most secure, transparent, and confidential platform for implementing various business applications.
Because blockchain is a distributed and peer-to-peer technology, its key benefits and applications can be found in virtually every business sector. You can successfully use blockchain in your business, but you need to understand the technology and have blockchain experts on staff.
Over 20 blockchain business creation ideas in 2022:
Many people think blockchain is limited to cryptocurrencies such as bitcoin, but the field of blockchain is much broader. According to analysts, blockchain technology is revolutionizing the way business is done around the world today. And it is safe to say that blockchain will be around for years to come, with new applications opening unprecedented opportunities for businesses and users.
Practical blockchain-based solutions have already proven effective in IT, finance and investment, healthcare, online commerce and advertising. Let’s look at some business ideas from successful foreign blockchain projects.
What areas of business successfully use blockchain
Blockchain technology can be useful in many business segments. If routine business processes include the elements listed below, technology adoption will have a positive impact on a company’s growth. 1:
1. a transactional network is being used (or planned) to transfer data – for example, information from checkout counters in large retail chains.
2. Consensus of participants is needed to confirm transactions.
3. Regular internal and external audits are conducted. 4.
4. there is a need to resolve disputes related to inaccuracies in counterparty accounting systems.
5. A traceability system is in use (or planned) for the source of the data (item, object, document).
6. It is necessary to guarantee the invariability and security of the transaction report.
Additional opportunities for business on blockchain in 2022:
- Secure exchange of medical data;
- NFT marketplaces;
- Music royalty tracking;
- Real-time supply chain tracking;
- Cross-border payments;
- Real-time Internet of Things operating systems;
- Online identity security;
- Tracking and anti-money laundering systems;
- Supply chain and logistics monitoring, etc.
A blockchain network can work both within a company and between all participants in the supply chain. There is no need to develop such a solution from scratch. You can create your own network based on a cloud blockchain service – for example, Hyperledger, IBM Bluemix or Docker Hub.
IDO (cryptocrowdfunding) startup platform
Because blockchain is a democratic, decentralized space where everyone has a say, cryptocurrency startup platforms have become extremely popular among users. One economically bulletproof business idea in the 2022 blockchain market is the IDO startup platform, which startups can use to connect with users and attract crowdfunding for their projects.
IDO stands for Initial DEX Offering, a platform where every new crypto project can go public and be funded by retail investors. With IDO, people with limited budgets get access to funding for early-stage projects that was previously only available to large investment funds and venture capitalists.
The success of IDO over the past few years has been tremendous because of the ROI they bring to users; for example, the average ROI of DAYMaker users is over 400% per year, while Speedify has provided its investors with a 390%+ ROI. GameFi’s ROI is also close to 300%, and Polkastarter users boast a ROI of 230%+. It’s a really simple and interesting idea in the crypto industry and the creation of IDO platforms is booming right now.
Blockchain-based e-commerce applications
Cryptocurrencies are just starting to get attention among retailers. And blockchain technology still has a long way to go from universal acceptance of digital coins to in-store shopping for anything you want. Many cryptocurrency users want to use digital money for their everyday purchases. This qualifies e-commerce stores and applications as another business example of blockchain.
Blockchain and online commerce have a lot of promise in the near future. One great business idea, create an e-commerce store that accepts various cryptocurrencies for payment.
List of online casinos with cryptocurrency in Canada
There are many potential opportunities for businesses to leverage blockchain technology in the online gambling industry. Here are 20 ideas for how Canadian Online Casinos List could use blockchain:
- Use blockchain to create a top-rated website for online casinos. This could be done by creating a decentralized ratings system that is transparent and incorruptible.
- Use blockchain to develop a new cryptocurrency specifically for use at online casinos. This could make it easier for players to transact and could also help to attract new players.
- Use blockchain to create a loyalty program for online casino customers. This could involve tracking player activity on the blockchain and awarding points that can be redeemed for rewards.
- Use blockchain to develop a fair and transparent random number generator (RNG) for online casino games. This would ensure that all games are truly random and provide a higher level of trust for players.
- Use blockchain to streamline the process of requesting and verifying identity documents from online casino players. This could help to reduce fraud and improve KYC/AML compliance.
- Use blockchain to create an immutable record of all online casino transactions. This would provide an auditable trail that could be used for fraud prevention or dispute resolution.
- Use blockchain to develop a new system for managing online casino bonuses and promotions. This could help to eliminate abuse and ensure that all players have a fair chance at winning prizes.
- Use blockchain to create an international database of self-excluded gamblers. This would help casinos comply with KYC/AML requirements and prevent problem gambling behaviour.
- Use blockchain technology to facilitate responsible gaming features such as deposit limits and cooldown periods. This would help players gamble responsibly and avoid developing gambling addiction problems;
- Implement know-your-customer (KYC) procedures on the blockchain to verify the identity of online casino customers;
- Use the blockchain to store customer service records, including player complaints and support queries;
- Build a decentralized peer-to-peer (P2P) network using the Ethereum protocol to power online casino games;
- Create a DAO (decentralized autonomous organization) on the Ethereum network to manage an online casino business model;
- Develop an ERC20 token on the Ethereum network specifically for use at Canadian online casinos;
- Conduct an ICO (initial coin offering) to raise funds for developing an innovative new Canadian online casino platform;
- Build a smart contract on the Ethereum network that automatically pays out winnings from online casino games;
- Integrate with existing payment processing platforms such as Interac or PayPal to accept cryptocurrency deposits from Canadian players;
- Connect with one of Canada’s established Bitcoin exchanges such as Coinsquare or Bitbuy to allow CAD deposits and withdrawals;
- Partner with a Bitcoin ATM provider such as LocalBitcoins or LibertyX to offer Bitcoin deposit services at physical locations across Canada;
- Collaborate with other companies in the Canadian gambling industry such as lotteries, racetracks, or land-based casinos to explore opportunities for integrating Withdrawing money from your account should be quick, easy, painless – basically, everything that depositing wasn’t., seamless gambling experiences using blockchain technology.”
Cryptocurrency payment solution for e-commerce
The global e-commerce sector is growing by leaps and bounds today, and the size of the e-commerce market in 2021, which was $4.9 trillion, is expected to grow to $7.4 trillion by 2025. Ignoring such a lucrative industry is too shortsighted for crypto enthusiasts. Thus, you can build a profitable business in the e-commerce marketplace by giving millions of active shoppers the opportunity to pay for their goods with crypto assets.
The conservative method that many marketplaces and online e-commerce stores used was to transfer directly to the seller’s crypto wallet. But this could be too risky or burdensome for many buyers. Thus, it’s time to automate and simplify crypto e-commerce payments through third-party payment systems. There aren’t many options today; BitPay, Coinbase Commerce and CoinPayments are the most popular. This means that this market niche is not yet crowded, and you can enter it by providing a convenient solution for crypto payments.
Blockchain-based customer loyalty platforms
Experienced shoppers know how to manipulate brand loyalty programs – for example, they open a credit card during a grace period or during a promotion with a higher cashback, and then close the account immediately after receiving the bonus. This means that companies don’t always manage to attract the most active and loyal users.
Blockchain-based loyalty platforms provide an easy and reliable way to share access to any company’s loyalty programs. For example, services like Loyal provide a platform for instant validation and transfer of bonus access from one consumer to another.
Blockchain could be a revolutionary step for both retail and e-commerce, as it allows these industries to create their own loyalty programs.
Blockchain technologies use AI to accurately maintain accounting records, create happy faces and identify upscale and loyal customers. They also ensure that customers’ wallets are filled with reward cards and other loyalty products. It also provides instant exchange for various loyalty point currencies on a single platform.
However, it is worth considering that blockchain-based rewards programs are expensive, so not all businesses can afford to implement them.
Monitoring customer preferences and building loyalty
Building a loyal customer base isn’t easy these days – customers have instant access to alternatives. Analyzing the preferences of your target audience is one of your main marketing tools.
Blockchain-based solutions use artificial intelligence to continuously analyze CA spending patterns, and to attract paying customers with specific incentives. Platforms like Momentum are used by retailers and delivery services.
Selling advertising space via blockchain
Blockchain-based ad space selling services use AI to instantly book and then exchange ad slots between customers, as the blockchain-based ad platform Thrive does.
A blockchain company that uses AI to determine the best ad space instantly records a transaction to buy that space. Moreover, AI can work in blockchain to swap ad space between customers in the event of a new product launch or unforeseen need.
Another trend in advertising space sales is the selection and redemption of space for ads in news and posts on specific topics. An example of such a service for targeting advertising is the Squawk-It project.
Blockchain-based smart contracts for life insurance
The insurance industry is vast and faces many challenges because of its huge volumes and risks. Blockchain technology can deal with the uncertainty in this industry and help gain people’s trust. Studies show that the U.S. life insurance industry lost $50 billion in the first quarter of 2020.
Smart contracts are blockchain-based events triggered on the Ethereum platform, which is a set of codes and data. They are triggered automatically if predefined rules are followed. A recent study of the global smart contracts market indicates that the global market will reach about $300 million by the end of 2023.
The pros of using blockchain for smart contracts for insurance:
- Blockchain-based technology can help revive insurers’ trust by removing administrative barriers.
- The innovative business idea of blockchain for the insurance sector is the automated execution of processes that can help pre-determine insurance amounts, thereby preventing exploitation on both sides.
Cons of using smart contracts for insurance:
- Creating a robust smart contract insurance solution is not an easy task;
- The technological complexity requires staff to have a deep understanding of the operation and understanding.
Confirming the authenticity of luxury goods and art
The immutable nature of the digital registry makes blockchain an ideal tool for the verification of luxury goods, art and antiques. Users of the Provenance service can use blockchain to prove (and verify) the source of any collectible item registered in the app.
The Aura Blockchain Consortium was created to allow customers to verify the originality of branded products . Because this technology compares the product ID to the customer ID to verify the authenticity of the product, customers can instantly distinguish the first copy (duplicate) from the original.
The benefits of using blockchain to authenticate luxury goods:
- Blockchain technology ensures brand authenticity and increases customer trust;
- Cost reduction is also an important benefit.
There are also disadvantages to using it:
- First of all, it’s an expensive technology, and not all brands can afford it.
Blockchain browsers
Have you ever thought that blockchain could also transform content management, server responses and user interaction? Not only can it transform traditional content management methods, but it can also improve them to meet automation criteria.
Browsers form the backbone of content management. The idea of a safe, fast and secure browser built on blockchain will open up great opportunities for e-business and user and content security.
Logistics and supply chain management on blockchain
There are several promising business ideas on blockchain that can be implemented for all processes within logistics and supply chain management. Logistics ideas on blockchain include acquiring raw materials from stakeholders, processing them, and delivering them to their destination. The entire supply chain process is transparent to all participants in the business process thanks to blockchain technology.
The benefits of using blockchain for supply chain management:
- Reducing errors, product delays and preventing fraud is possible with blockchain technology;
- Trust is preserved because visibility of the supply chain among networks through their secure distributed registry is possible;
- The technology also offers simplified registration of new suppliers, which records supplier data, making them immutable and therefore trustworthy to other partners.
Cons of using blockchain for logistics:
- Confidential supply chain information needs permission blockchain (invisible to the public), which is less secure.
- The transaction process in blockchain is slow because it is authenticated on different computers and servers. The cost increases if the volume of transactions in the supply chain is huge.
Real-time parcel and shipment tracking
Previously, the route of a parcel, package or company shipment could only be tracked between post offices. Now blockchain provides the ability to automatically obtain real-time parcel coordinates.
With blockchain technology, the location of a shipment can be instantly verified. Blockchain business ideas work wonders in tracking shipments, thereby reducing time and costs.
The main benefits of using the technology are:
- Fast turnaround times, impromptu communication and instantaneous tracking of shipments and parcels helps customers/suppliers track their deliveries;
- The technology provides cost savings and strong encryption protection for tracking shipments.
Blockchain-based investment platform
In 2020, the crypto trading and investment market was only $800 million, but it’s projected to grow to $5.2 trillion by 2028 – and that’s in just eight years. As you can see, the growth rate of this market is breathtaking, exceeding 29% per year. Every year, millions of retail investors join the crypto market to claim a fair share of the fast-growing industry.
You can also take advantage of its rapid growth by creating a smart, innovative investment and trading platform for crypto assets. The range of possibilities in this area is enormous; apply artificial intelligence and machine learning algorithms to trading algorithms, train investors and traders, and provide brokerage services.
Protecting users values with digital identifiers
Digital identity is one of the best business ideas on blockchain and here’s why. Digital IDs are proof that you are showing yourself (who you are) when accessing online products or services. These identifiers are individual codes attached to products or services that ensure that they belong to you.
The benefits of using blockchain for digital identity:
- One of the most interesting business ideas of blockchain is to create and assign digital identifiers to services and products across industries;
- People can justify ownership of a product based on these unique codes;
- These codes are immutable and provide better security than traditional security systems.
Disadvantages of using blockchain for digital identity:
- Because transparency is a positive property of blockchain, privacy cannot be maintained.
Unique ID for valuable items
The fact that an item belongs to a specific owner can be proven with a unique ID registered in a blockchain system like VTT.
Decentralized cloud storage
Blockchain-based cloud repositories like Synovate store the information entrusted to them on decentralized servers, which reduces the burden on hardware and ensures data security.
Decentralized cloud storage provides a useful and profitable service for subleasing unused disk space. Storj users, for example, can rent a small amount of space from the main rate owner without overpaying for the service.
The blockchain business idea of providing decentralized cloud storage has many advantages, but it also has its disadvantages.
Pros of using blockchain for decentralized cloud storage:
- Low cost and load balancing are the best advantages of decentralized cloud storage;
- Blockchain in centralized storage provides better security because files are partitioned and hosted on different nodes. Even if one node is compromised, the rest will remain unaffected;
- These clouds are more secure and help get data out instantly;
- Blockchain also provides increased privacy and data security.
Minuses of using blockchain for decentralized cloud storage:
- This option is less feasible for mainstream data storage compared to centralized storage;
- The trust factor is less because blockchain uses peer-to-peer technology, in which lost data remains unaccounted for;
- Creating a blockchain-based centralized repository is challenging.
Outsourcing IT services
The traditional IT outsourcing process involves tedious procedures for recording work done, checks and approvals. TP&P provides the ability to maintain a register of completed work, reconciliation of which is instantaneous.
Blockchain-based freelance exchange
Telos is a good example of a blockchain-based freelance exchange in operation. It connects freelancers and potential employers, uses a digital registry and smart contracts, and guarantees automatic payment after successful completion of an order.
Distributed web hosting on blockchain
Websites are hosted on the servers of hosting companies, which can occasionally experience technical failures, which can cause visitors to have problems accessing the resource. Decentralized hosting companies like Zeronet solve this problem by using an unlimited number of untraceable virtual servers.
Blockchain Bridges
Although the blockchain world is gradually moving toward interconnectivity, it is still far from reality. Today’s blockchains are technically incompatible and do not support the direct exchange of data to make smart contracts with each other. Thus, to execute a smart contract based on data outside the network, it needs to get that data from the outside environment and “translate” it into its code via a bridge.
Blockchain bridges are a step toward the single-chain crypto universe, so people’s demand for them is steadily growing. You can choose this idea and develop a frictionless cross-jane bridge to start a profitable blockchain business. However, we all need to take security seriously. The hacking and theft of $323 million because of a Wormhole vulnerability in February 2022 taught crypto players a bitter lesson.
Providing IT services in blockchain
Not all companies have the IT expertise to develop a blockchain solution from the ground up. Creating a company that specializes in developing and implementing blockchain technology across business segments (like SettleMent) is one of the most promising trends in IT.
Digital Summaries
The personal data entered into such a resume cannot be changed or deleted. EKO/EchoLink service guarantees that access to personal information (work experience, copies of diplomas and certificates, references from employers) will be open only to the HR manager of the company.
Operations with cryptocurrency
Blockchain was created a priori as a system of secure cryptocurrency transactions. It makes sense that the technology offers unlimited opportunities for the development of a new generation of financial business. The most obvious way to start a cryptocurrency business is to open an exchange for exchange. Popular exchanges like Bisq guarantee instant, confidential exchanges, and platforms like Payment 21 provide enterprise solutions for payment systems.
Integrating cryptocurrency into traditional payment systems is a major financial trend. Ripple, for example, is involved in international cryptocurrency payments. Special software and hardware wallets are used to store cryptocurrency. Launching your own wallet, like Trezor, can also become a profitable business.
The growth of the leading cryptocurrencies arouses interest among investors, but many potential customers do not fully understand the specifics of the market – they need help from specialists. For example, one of the first services providing advice on crypto investments was Safe Trading platform.
As cryptocurrencies become more widespread, the number of related cryptoservices increases as well. For example, cryptocurrency lending platforms (Coindesk), crowdfunding platforms (Fundsurfer), and personal cryptoinheritance platforms (MyWish) appeared.
Secure blockchain access to medical records
Two key factors in patient medical records in the healthcare industry are security and confidentiality. It is an integral part of the doctor-patient relationship. These physical records can be lost or tampered with if they are not converted into digital documents.
The pros of using blockchain for secure access to medical records:
- This technology promises to securely store patient data (medical records) in hospitals and share it only with authorized personnel;
- It also helps in the secure exchange of patient data in hospitals, laboratories, and pharmacies;
- Blockchain helps protect EHRs (electronic health records), thereby ensuring their accuracy.
Cons of using blockchain in medical records:
- Patient data protected in blockchain is immutable, so unauthorized changes to patient information cannot be recorded (any changes to existing records are not possible);
- Storing big data, such as CT scans and MRI reports, in blockchain is challenging;
- Doctor-patient confidentiality involves a secure way to store medical records in patient histories. Case in point: Guardtime’s blockchain service provides not only confidentiality, but also absolute security of records – unlike traditional medical histories, which are often lost or made available to third parties.
Confirming the authenticity of medicines
According to WHO, 1/10 of all drugs in developing countries are counterfeit or do not meet the necessary standards of production, storage and delivery. A service like Block Verify can help confirm the authenticity of medications.
Play to earn – P2E-games
The market for P2E gaming is growing rapidly. In the summer of 2021, the number of crypto wallets registered for P2E gaming grew 600%, which means that the market will continue to grow at a huge pace. Last year, crypto gaming app Axie Infinity earned $400 million and its daily trading volume exceeded $32.8 million per day, even higher than the Ethereum Foundation.
The market is on the rise, so you might as well join it with exciting gaming, attractive in-game tokens and a P2E scope for avid gamers. Otherwise, you can tone down the assets of your existing game to speed up your entry and lower your entry costs.
Hotel reservation management services on blockchain
Blockchain business ideas for the hotel industry can help solve many of the problems that arise from complexities and errors in room reservations.
Pros of using blockchain for hotel reservations:
- Blockchain-based technology ensures the accuracy and verification of customer reservations in real time;
- This, in turn, eliminates the possibility of errors in the booking process and other cancellations, thereby ensuring satisfaction on both sides (hotel – customer).
Cons of using the technology:
- Implementing this technology is challenging, and the immutability of the data makes it difficult to cancel reservations;
- It undermines the accuracy and flexibility of reservation data when cancelling and adjusting hotel reservations and requires human intervention.
A variety of reservation services
Blockchain applications for booking anything from hotel rooms to parking spaces guarantee protection against human error. Rezchain and Parkgene allow owners to rent and users to book reliably. However, it is worth considering the complexities and disadvantages of using blockchain in these types of businesses.
Blockchain application for cryptocurrency loans
In traditional finance, it can be difficult to get credit because of the lack of previous records and the lack of an officially verified stable source of income. However, blockchain uses more advanced and intelligent algorithms to predict a person’s ability to pay. Thus, people who previously had no access to banking services have easier access to crypto-loans.
Demand for cryptocurrency lending is growing: today (January 2022) there are more than $49 billion TVL on the world’s leading lending platforms. In early 2022, there were more than four million unique addresses using DeFi applications, a 40-fold increase from 2020.
So the market needs this and the idea of building a borrowing or lending platform to provide these services to customers is really in demand. Explore and get inspiration from the philosophy and look and feel of successful Zopa, Prosper or Lending Club platforms to develop your unique marketplace app even better.
Blockchain-based digital wallet for self-driving cars
Autonomous transportation is becoming a reality, and with it comes the need for parking fees for self-driving cars. And as an example, the Car Wallet service has already solved this problem.
The number of unmanned vehicles is growing, and one of the main problems that needs to be solved is how unmanned cars will pay for parking when the vehicle is automatically parked.
The blockchain business idea of a digital wallet works as follows – when a vehicle leaves the parking space, an exact amount of cryptocurrency is deducted from the digital wallet.
Minuses of using a digital wallet for unmanned vehicles: some problems for this business idea are the lack of research and practical experience, scalability and areas of learning.
Carsharing Services
Apps like Arcade City and Eva run on blockchain; they provide passengers with the ability to find private drivers outside of carsharing new networks, and for drivers to receive payment in any currency they prefer, including crypto.
Crypto Vending Machines
Vending machines that accept bitcoins have been around for several years. Cryptocurrency vending machines eliminate the need for users to carry cards or cash. A new generation of vending machines from Aeguana accepts cryptocurrency contactless.
Payment Gateway (SaaS services)
The market capitalization of the global leader in subscription-based payment services, Stripe, exceeded $95 billion by the end of 2021. This figure shows that SaaS businesses are looking for flexible and affordable payment solutions like Stripe, and the cryptocurrency world is no exception.
One of the best ideas for blockchain startups in 2022 is a subscription-based crypto payment service. A SaaS service that provides fast API integration and secure and seamless crypto payment processing.
Micro Subscription to blockchain
Subscription-based sales have proliferated across all business segments. Raiden’s blockchain-based micro subscription service is new in an oversaturated market. It allows, for example, to pay for watching one episode of a TV series instead of paying for a full subscription to a channel.
Conclusion of the article on the best business ideas on blockchain technology
If you are looking for a business idea that will be in high demand in the near future, consider blockchain technology. Canada is leading the way in terms of development and implementation of this new technology, so there is no better place to get started. We have provided a list of the best businesses ideas on blockchain technology in Canada, but don’t stop there. Be sure to read our reviews on the website before making your final decision. With so many great options available, we are confident you will find the perfect business to fit your needs and goals.
