Last updated on June 17th, 2022 at 10:42 am
Entrepreneurial Opportunities for Blockchains Outside Fintech
Blockchain technology revolutionized the banking world and financial transactions. It is rightly the buzzword in modern technology and touted as the backbone of the evolving fintech industry. However, blockchain technology was quickly adopted by banking, financial institutions etc. We shall look for the not-so-commonly known applications that the technology is being used for and is sure to transform. Such potential for transparency, security, and innovative access and storage has made it the brightest star in the technological world. And this throws up some very interesting entrepreneurial opportunities that are worth exploring and adopting.
Business Opportunities
The blockchain adaptations to technology are rising by the minute! Some of them are
Banking Sector
Now that the field is cleared of doubts with Wall Street and major banks cashing in on blockchain technology, there is tremendous potential for financial solutions offered to banks, financial and NBFCs, as well as individual clients.
Smart Contracts:
Some areas where smart contracts are secure, scalable and flexibly used are
- Automation of distributions of Royalty in the movies, publishing and entertainment industry.
- Maintaining and accessing medical records through smart contracts.
- Scheduling and running of public transportation based on rules which are pre-programmed.
- Transfer and management of property records.
- Loan processing can be automated.
Connected Car
- Task automation in supply-chain management
- The facilitating, transport, encryption, distribution, storage and more of the Big Data of connected cars
- Cloud servers, hosting, OEM services, and service providers of these services
- Location tracking, maintenance, vehicle location, and automated operation of vehicles
- Cybersecurity for V2I and V2V data
Food Safety
Blockchain business opportunities in the food industry are many for predicting and detecting failures in compliance, risk management, and reporting applications
Healthcare
Record maintenance, surgical records, and results, security of health records are some areas that have scope.
Internet of Things (IoT)
The Internet of Things technology has taken over nearly all fields. Blockchain technology can make the service of IoT more secure, safe and fast. Ex: Solar energy cooperatives, trust and verification services, smart city IoT processes, law enforcement tracking solutions and many more.
Passports and Visas
The advantages of a blockchain-based passport or visa can reduce wait times, implement alerts immediately, reduce check-in formalities and verification, and track information across a very large database. Opportunities exist in the digitization of passports and visas.
Wills and Marriage Certificates
Issue and recording of marriages, wills, property documents and the issue of documentation will present opportunities here.
Insurance Sector:
Opportunities will be in
- Simple processing.
- Time efficiency.
- Improved efficiency and risk management mean reduced premiums.
- Detection of Fraud
- Records and disbursements with a record of history.
Food Safety
Blockchain business opportunities in the food industry are many for predicting and detecting failures in compliance, risk management, and reporting applications.
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