Business Opportunities with Blockchain Technology
Blockchain technology is going to change the world in near future. More than half of corporate world is planning to transition to blockchain business application as soon as possible.
There will emerge huge opportunities for investors and entrepreneurs from this technology. Let’s study some business opportunities for blockchain technology.
Depository Trust, Clearing Houses and Broking firms
NSDL and CDSL are two big depository trusts in India. They handle all Demat accounts related services of Indian customers of depository services. We have many large and small broking firms in India. Simply, volume of various financial markets of India is increasing day by day. Because of investor awareness programmes of SEBI and other institutions, investors are attracted toward various investment instruments. Hence, we can say that there will be more hike in number of investors and traders in share and debt markets. BSE and NSE have so big trading volume. Brokerage firms and depository service must have to shift toward blockchain to handle such huge volume of transactions swiftly and accurately.
Banking and Financial Institutions
Banking sector which opposed Bitcoin is now feeling that blockchain is a new friend.
Blockchain helps banking system to settle transactions faster and safer. Banks have understood that it is better to adopt blockchain than fighting against it. When all banking systems adopt blockchain, they require companies/professionals that provide blockchain solutions to small and large banking institutions.
Connected Car is dream project of automobile industry. The industry is working to add more than 37 million connected cars in world traffic within next few years. Blockchain will be a boon for automotive industry having dream of connected car. Blockchain will help this concept of connected car in many different ways. Third party development firms will have room for innovation, development and management in blockchain solutions for this industry.
- Blockchain solutions provider will offer shared ledgers to overcome supply chain issues of this sector.
- Once the manufacturing process will come under blockchain technology, there would be heavy demand of technology partners.
- Connected vehicles have three lines of communications.
V2V- Vehicle to vehicle
V2i – Vehicle to Infrastructure
V2X – Vehicle to Everything
Safety of driver and passengers depends on fast and secure communication system which can be provided by blockchain technology because cloud based shared ledger platforms of this technology can facilitate the encryption, transportation, distribution and storage of vast data which are generated by connected cars per moments.
Data of each patient must be recorded, processed and stored with great accuracy. The data must be available as soon as possible when it is required again. The data of every patients can be saved and processed using blockchain because blockchain is able to create a block for every new update of current patient or new patient. This data can be shared among various hospitals and medicine manufacturers. Nationalized health care data will help patients, doctors and government also.
Smart contract is a contract which allows some digital process to be only when all conditions of contract are satisfied. How can Smart contract be adopted? Let’s get answers by following examples.
- Manufacturing is such a process which need every step to be completed before starting next steps like receiving data, inspection of data, assembly process etc. if smart contract is built into manufacturing program management software application, we can expect strict controls on quality.
- Supply chain management will be benefited the most from smart contracts because the smart contract allows the movement of good/materials only after fulfilling certain conditions.
We have studied some business opportunities of blockchain technology. The list is inclusive. There are many more industries which will have business opportunities from block chain technology.