Entrepreneurial Opportunities for Blockchains Outside Fintech

January 18, 2019
Blockchain technology

 

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, the blockchain technology was quickly adopted by the banking, financial institutions etc. We shall look for the not so commonly known applications that the technology is being used for and 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 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.

Fintech courses India based consultancy and learning can help you encase the entrepreneur in you. These courses offer a good grasp of fundamentals, concepts, theoretical knowledge, practical skills and certifications that could help enhance your resume and career. They also offer boot camps, short term workshops, and basic knowledge of technical skills oriented for Fintech industries placements. Certification helps. But, you need to be an excellent communicator and work diligently to acquire the best analytical, technical and business skills crucial to your job role. Another advantage in such courses is of mentoring by certified and experienced industry aces that helps garner the latest best practices, techniques, skills, and practice on the latest trending technologies in the field of investment banking, financial courses and more.

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