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It seems like the world is experiencing a radical paradigm shift. It is gradually moving from the "internet" to the "blockchain." Soon we may see many industries operating their businesses on the blockchain using blockchain development services. In this blog, we explore a few crucial use cases and applications of blockchain across industries in 2019.
Most Influential Blockchain Use Cases in 2019
Cross-Border Payments with Blockchain
The world has shaped quickly. Along with it, the technology has expanded manifold. However, the issues related to cross-border remittances are still the same.
If you've ever tried to initiate an international money transfer, you may know how complex the process is.
But with the invention of blockchain technology and cryptocurrency, there is a fix to this complex problem developing a cross-border remittance app based on blockchain technology can be one of the perfect fintech blockchain use cases in 2019. It's a thriving sector where blockchain technology has shown immense potential.
Many blockchain platforms like Ripple and Stellar are providing faster cross-border payment solutions cost-effectively.
The market for cross-border payments is vast and can fit in many big players for each country.
A relatively new fintech idea or startup in the blockchain sphere can prove to be quite beneficial for every venture capital funding company in the world.
For instance, to start with, you can enable cross-border money transfers between 2 countries. Then, after perfecting the platform, you can expand to numerous countries and initiate required tie-ups.
Also, Explore | Exploring Stellar Blockchain in Cross-Border Payments
Supply Chain Management Development
Effective supply chain management is one of the most critical sections for any industry that uses even the smallest form of the supply chain.
The surprising fact is that even after so much revolution in many industries, especially in their business operations, the legacy industry has not seen any significant disruption in recent years.
The industry is in dire need of reformation. There are many areas within the supply chain where there's a need to increase transparency, accountability, and traceability.
The answers to all these questions lie in the "distributed ledger technology" the concept on which blockchain works. Using blockchain supply chain solution development, companies can address these issues effectively.
Using blockchain-based supply chain solutions, we can bring in a robust provenance in the supply chain. With it, we can trace any mistake within a process to its origin instantly and correct it accordingly. Indeed, a decentralized SCM system can make up for one of the best blockchain use cases in 2019.
Also, Check | NFT Integration for Remodelling Supply Chain Processes
Crowdfunding Platform Development
The entry of the blockchain has given birth to many new phenomena in recent years. Crowdfunding is another idea that has become quite common due to blockchain and cryptocurrency development. New projects and startups have started to resort to the public for investment instead of following the standard VC method of funding.
This is because a decentralized crypto-based crowdfunding platform offers many merits over the traditional one.
Running on a blockchain, you can execute a consensus method to assess which project will be appealing to the masses.
The same result can also help bring in the group effect to the entire funding mechanism. Thus, bolstering projects in reaching their funding aims quickly.
Also, a crypto-based payment solution can be used as an excellent revenue channel using which you can launch and disperse your crypto tokens.
So, decentralized crowdfunding can also be one of the high-ROI blockchain use cases in 2019.
Also, Check | Developing an Advanced Crowdfunding Platform with Blockchain
Decentralized E-commerce Marketplace
A decentralized multi-vendor e-commerce platform can become a disruptive idea to start the year in 2019.
E-commerce has always been at the core of the internet which has gone through numerous effective changes. However, it also has some issues like transparency, discriminative pricing, intermediaries, etc. which are stopping its widespread adoption.
Therefore, one of the most significant transformations in this sphere can have a decentralized model.
A decentralized e-commerce market can connect the vendors to the buyers along with removing the work of any middleman. Subsequently, products can be priced relatively low.
For attracting a myriad of the audience toward your marketplace, a robust provenance can be established on products. It will allow your customers to check the origin and the journey of the product they recently bought or are about to purchase.
In addition, you can also employ a cryptocurrency-based payment solution on your e-commerce platform. This way vendors can directly receive payment in their wallets sent by customers. To ensure the security and smooth flow of payments, you can also put a strict escrow smart contract in place.
It can be one of the most alluring blockchain use cases in 2019 for investing. It will not only allow running a decentralized e-commerce platform but will also enable payments in crypto tokens. Thus, democratizing the market and reducing the use of fiat currency, are the two factors that the whole world is trying to embrace.
Also, Read | E-commerce Development in the Metaverse
Cryptocurrency Exchange Business
It's the most profitable business of all in the blockchain landscape.
Why we are calling it " decentralized?" It's because you can get your cryptocurrency exchange platform developed and run it without much hassle (unlike centralized exchange).
By having crypto exchange software, you are no longer required to worry about money-draining server fees, as the whole exchange system will run on clients' browsers once loaded. Also, there's no need to worry about security as the cryptocurrencies get exchanged directly between customer's wallets. In a nutshell, nothing gets stored on your servers.
So, it's another vertical of the blockchain sphere that promises to become one of the top blockchain use cases in 2019.
Also, Explore | Customization Options in White-Label Crypto Exchanges
Blockchain-based Gaming Platform
Whenever a new technology begins disruption, it starts with the gaming space (AI, VR, IoT, etc.). Similarly, the blockchain is ready to enter the gaming for a radical change again.
It was the gaming sector that first launched virtual coins even before the cryptocurrency rage. The market and interest size for gaming in the digital space is growing parallel with the internet.
With a blockchain-based gaming system, one can develop streams like "crypto mining" on the users' computers when the game is being played.
You may also like | Game On! Mastering Web3 Game Development
Decentralized Video and Content-Sharing Platform
With the media tokens, the entire web content-sharing system is getting tokenized. From picture-sharing sites, and blogs to any media platforms, the tokenization idea is gaining significant traction.
Indeed, it's the perfect time to set out a YouTube-like video-sharing platform that will run on a blockchain. After the launch of the decentralized video-sharing system, the recurring infrastructure fees would be reduced.
Such a gaming ecosystem can be made using a blockchain platform like Steem. It will reward miners to lend their computing resources to store the videos. And, a part of the could be used to provide users with incentives to upload videos. Also, you can incentivize the viewers to make them come back again to the platform frequently.
Of all these blockchain use cases in 2019, a decentralized content-sharing platform could completely change your fortune.
Suggested Read | Blockchain-based Streaming Solutions Development
Decentralized File Storage Platform
Unquestionably, the DLTs are going to give the industry stiff competition.
A decentralized Dropbox platform is one of the innovative blockchain use cases in 2019.
With such a business model in place, you can expect a big miner's crowd ready for hosting files. Further, for the resources they share, you can reward them with cryptos.
You can gather many users to use your decentralized file storage system as the fee will be comparatively lower than other services due to the complete cut of server fees.
By providing industry-grade security and encryption arrangements, you can make your blockchain-based file storage system a big hit.
Also, Check | How to Use IPFS with Ethereum
Conclusion
Experts predict that blockchain is now not only a trend but the new internet.
The advantages presented by this distributed ledger technology are abundant. Most importantly, every business category in the world can utilize its perks.
Significantly, some of the most complex issues in the technology space can be fixed using blockchain-based solutions.
From security, effective governance, and accountability to collective wisdom, transparency, traceability, etc. the blockchain has an answer to everything. So, why not invest in one of these blockchain use cases in 2019?
If any of these blockchain use cases trigger a business query, and you're looking for detailed information, directly connect with skilled blockchain developers.
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