Blockchain applications go far beyond cryptocurrencies and bitcoins. With its ability to create more transparency and fairness while saving businesses time and money, technology is impacting a variety of industries in ways ranging from how contracts are enforced to making government work more efficiently.
We’ve rounded up the top 20 blockchain application development ideas for your business. But, before proceeding further, let’s understand what exactly Blockchain technology is.
What Is Blockchain Technology?
A chain of blocks is distributed data shared between the nodes of a computer network. Blockchain, as a database, does the job of electronically storing information in digital form. Blockchain technology is popularly known for its fundamental role in cryptocurrency systems, such as Bitcoin, to maintain a secure and decentralized record of transactions.
The best part of the blockchain is that it ensures transparency and security of data records and builds trust without the need for a trusted third party.
Interesting Statics of Blockchain 2023
- By 2029, the blockchain industry will be worth $163.83 billion, growing at a CAGR of 56.3%.
- By 2024, global spending for blockchain solutions will amount to $19 billion.
- As per the reports, 16% of Americans have invested in cryptocurrency.
- By 2023, the global market for blockchain technology in the healthcare industry is expected to reach $231.0 million, representing a growth rate of 63% over the next six years.
- Global tracing processing fees could be reduced by $17 billion to $24 billion annually by moving securities onto blockchains.
- As per Statista, by 2024, global expenditures for blockchain solutions will amount to $19 billion.
What Is Blockchain Technology Used For?
What differentiates blockchain from a typical database is the way the data is structured. With blockchain, information is collected in groups, called blocks that contain sets of information. These blocks have storage capacity and once filled, they are closed and then linked to the previously filled blocks, creating a chain of data, which is known as a blockchain. New information following the newly added block is compiled into a newly formed block which is then added to the chain when it fills up.
In a database, data is structured in tables, while a blockchain structures its data in blocks that are then put together. This type of data structure creates an irreversible data timeline when implemented in a decentralized manner. As the block fills, it is etched in stone, from where it becomes an essential part of this timeline. Each block in this chain has been given an exact timestamp when they were added to the chain.
Top 20 Blockchain Application Development Ideas For Businesses
Here, in this section, we will disclose the top blockchain app development ideas for your business. Let’s take a quick look:
01- Gaming Apps
Just like microtransactions, gaming apps that accept cryptocurrency can create a new revenue stream for you. Just like in any other field, companies are investing in blockchain-based services to improve the user experience with their gaming applications
It is the second most famous blockchain business idea after cryptocurrency. The improvement of online games among children and adolescents is the new trend today. Blockchain in the gaming industry is powered by non-fungible tokens (NFTs). These NFTs are unique and represent player ownership as well as immutability.
03- eCommerce Apps
Cryptocurrencies have just started to gain more attention among retailers. But the technology still has a long way to go from the general acceptance of digital currencies to buying anything you want.
Many cryptocurrency users want to use digital money for their daily purchases. Which qualifies e-commerce stores and apps as another example of blockchain business.
You can set up an eCommerce store that receives cryptocurrency. And after that, all you need to do is set up your online eCommerce store and start providing services.
04- Cross-border Payment Applications
The variety of extensive blockchain business ideas also has a notable mention of cross-border payments. There are 70 million or more merchant nodes that need better financial solutions for their regular cross-border payments.
Your company can provide solutions to your merchants and give them better access to make their daily payments.
05- Play-to-Earn App
Currently, in the world of NFT, the development of play-to-win games has become a popular enterprise that has taken the world by storm. This trading option is an incentive-based gaming mechanism based on NFTs and cryptos.
The Play to earn mechanism has provided companies with strong profits. In addition, it allows players to have their actions. This mechanism has been supported by all companies and gamers as money-making game development based on all game genres like racing, simulation, action, sports, etc. has become common on blockchains.
Some entrepreneurs looking to attract the attention of the new-age gaming community should seriously consider creating P2E NFT games.
06- P2P Lending App
Borrowing money from a bank never seems exciting as there are so many documents to fill out and then the interest rate is very high. The use of Blockchain in P2P lending is growing rapidly and now borrowers and lenders are connected across the globe via blockchain and that too without having to give their share to banks.
Blockchain allows to access peer-to-peer money transfers using the same concept as a credit union transfer. This means that people can take money from one or more international sources through one platform without the need for complicated back-and-forth communications or expensive foreign exchange fees.
They simply have to select the preferred loan from the market and then initiate it from the wallets. In the case of borrowers, they can repay the loans in a low-interest environment. Like Lendoit, which is 100% decentralized and disrupts the mainstream credit industry.
07- Rent Cloud Storage P2P – Peer-to-peer
Since blockchain storage reduces the strain on individual servers by spreading information around the world, individual servers can host “pieces” of information. A blockchain storage rental company connects users to a Peer to Peer network that allows them to rent a specified amount of their cloud storage space.
P2P storage connects users who have storage areas to rent or who only need a small amount of storage space to use. This allows tenants to set their prices while the rental business takes the interaction.
08- Sell Decentralized Cloud Storage
Cloud storage is a significant advance over conventional hardware-bound storage. The data is still held on a centralized server that may crash or become unavailable.
Blockchain-based decentralized cloud storage disperses data across the globe to verify and protect it. This relieves the load on individual servers and ensures that only the customer can access customer information.
09- Finance Management Applications
Some banks want to adopt blockchain technology to organize their finances in a more transparent way than ever before. The ING groups have become the first to do so. Your company can help banks or groups like ING to do this.
You can further partner with the financial institution to create authenticated digital assets while ensuring compliance with global standards against fraud such as money laundering.
10- Dapps – A Blockchain Application Development Idea
Dapps can keep track of data on the blockchain and have become one of the most successful blockchain business opportunities. In a decentralized data model, it helps in identification, creating a well-formed architecture, and transactions. Dapps offer an easy, cross-border financial transfer platform that operates without third-party intervention.
Dapps are not a new concept, but it is one of the most popular concepts associated with blockchain. Therefore, your company can generate immense benefits by participating in the creation of Dapps. Decentralized programs like Chainlink, Gaming Connection, and Blank are the perfect examples of Dapps serving different needs.
11- Cybersecurity Apps
Your cybersecurity blockchain project can aim to improve current security standards for both end users and businesses trying to protect their crucial data from unauthorized use. You could also provide services for dealing with cyberattacks. It will help organizations with critical infrastructure, technology, crypto exchanges, and more.
Cybersecurity applications completely eliminate human intervention by automating everything. Your apps can be targeted to protect against certain cybersecurity attacks such as phishing, keylogging, password reuse attacks, and more. Cybersecurity applications can solve the most common concerns of companies and users.
12- Stock-Market App
Imagine when companies or investors can issue, register, and trade shares on a blockchain-based application. Won’t this be a great blockchain app idea for businesses, startups, and companies?
Blockchain technology can positively impact the future of the stock market in a number of ways. Currently, many operations go through a settlement process that takes days due to the involvement of intermediaries, such as exchanges, clearing houses, and regulatory processes.
But in the case of blockchain networks, settlement times are reduced from days to minutes and offer improved transactions with reduced errors. This stock market blockchain application idea makes it easy to trade a new digital asset.
13- Crypto Wallet Applications
Crypto wallet apps are another one of the best ideas from the blockchain company. Wallets create a secure space for investors to manage their cryptocurrencies like Ether, Bitcoin, and other altcoins.
Wallet not only provides secure storage for coins but all your crypto holdings are protected. Investors can rely on such portfolios for salary management of their cryptocurrency.
14- Post Trade and Foreign Exchange
Foreign exchange is a type of business that is complex in capturing, reconciling, and settling. There is an Axoni platform that uses Blockchain technology to provide fully synchronized integration with external market data providers. This makes the market as a whole more efficient.
15- Supply-chain Management App
The supply chain management app is one of the most widely adopted blockchain startup ideas that offers real-time analytics systems that efficiently manage the flow of goods and services, including all the processes that turn raw materials into products through the supply chain network.
Blockchain-based supply chain management applications will help streamline workflow and steer processes in the right direction. It includes the active transitivity of a company’s supply chain activities to increase customer value and obtain competitive benefits in the marketplace.
16- Outsource IT Work
Traditional IT outsourcing involves a great deal of setup, preparation, and relationship management to ensure expectations are met. By using collaborators through a verified blockchain network, companies have a detailed record of work history that can be verified instantly.
This setup is similar to other IT outsourcing companies but allows companies to take a closer look at the IT centers they outsource to. This additional information eliminates misaligned goals and ensures both parties are on the same page.
17- Insurance Portfolio App
Many products focus on building a portfolio of insurance for patients with life-threatening diseases. Healthcare companies continue to focus on the potential use of blockchain in insurance.
Vitana is one of those projects. This project serves as a great example for your business. The healthcare industry focuses on transparency and there are so many healthcare products like this that you can take as business ideas.
18- Transport And Logistics App
Blockchain technology in transportation offers immediate and scalable solutions for transition, order tracking, and authentication. With the help of blockchain, the supply chain of used truck and truck components could be easily tracked on a digital ledger, thus serving as a sort of CARFAX on steroids for the commercial trucking market.
Also, blockchain-based transport logistics and idealist applications will be more efficient. A decentralized public record system that records all changes in real-time will help logistics companies to be more efficient through a public record system that stores the movements of each shipping container and reduces administrative errors.
Among all the technologies, Blockchain technology is considered to be the most beneficial technology used in transportation and logistics industry applications.
19- Tract Real-time Shipments
Blockchain used to be difficult to keep track of a shipment’s exact location between shipping facilities. Nodes in blockchain networks ping your shipment on a regular basis to get real-time updates on where it is. Businesses that track shipments using blockchain keep an eye on this data and let customers track their shipments whenever they want.
20- Make a Metaverse
The Metaverse has been the subject of mass attraction for a long time, with fiction depicting them as ideal worlds where everything will work perfectly. But for now, Metaverse development is more focused on bringing international people together through virtual avatars without the need for big expenses or travel. Creating possible small-time socializing activities is what the development of the Metaverse has now enabled.
Companies based on such virtual worlds are poised to make a fortune over time. Additionally, companies have looked at novel applications where metaverses can be used to enhance capabilities, such as work and learning spaces.
21- Make Legal Smart-Contracts
The process of buying a commercial office is a long process. Here the money and the deeds are given to a trusted third party like a bank or a lawyer. Once that third party is satisfied that both parties to the deal have met the requirements of the contract, the money and agreements are passed on accordingly.
Now a smart contract that is created using blockchain technology can do the job without the need for a third party. Here, the deeds and money are delivered directly to the program in digital form, and along with it, the agreement.
We Would Love to Transform Your Idea Into a Reality – Quytech
Quytech is one of the fastest emerging and leading companies in terms of Blockchain development companies that are working on different tangents of emerging web 3.0 technology, products, and marketing. They believe that the gap between ideation and execution can be closed by incorporating new-age information technology such as Blockchain, IoT, and AI custom development, which they offer through their services.
As the best Blockchain app development company, their custom software development experience includes custom mobile app development, game development, AR/VR app development, Metaverse development, Blockchain app development, etc. Blockchain tools technology, they think outside the box to provide perfect solutions to their many satisfied customers across the globe across multiple industries.
Therefore, we hope that the top blockchain application ideas mentioned above are the best ones to suit your business. If you find any other blockchain business ideas that we forgot to mention, feel free to let us know, so we will definitely add them to our list of 20 best blockchain app development ideas for business.
To transform blockchain application ideas into reality, you may need to hire blockchain app developers as they have complete experience and knowledge in the field which will help make your business unique and ahead of the competition. So, you can check out the list of the top 3 blockchain development companies and choose one of them for your project.