Top 7 blockchain applications for your business

Mobile app developers are increasing blockchain technology deployment in business apps to provide seamless supply chain management, simplify business processes, and streamline processes.

Blockchain technology provides a secure and anonymous transaction method.

Considering the growing concern over consumer privacy, global supply chains, and a vast pool of sensitive data, innovative technology with the potential to solve all of these problems could be the innovation of the decade. If you think of your business’s biggest challenge, blockchain is probably a solution.

Certainly, there are still naysayers who argue that certain blockchain applications are only theoretical. According to Deloitte research, however, the world’s leading business leaders are asking how blockchain will disrupt their various industries instead of whether it will work in the first place.

Blockchain adoption remains a challenge, but according to a Deloitte report, 86% of leaders are confident it will reach mainstream status. Blockchain technology has a number of applications that can solve your company’s most pressing issues right now.

We have made a list of 7 Blockchain apps that could come in handy if you have a business. Read on!

Supply Chain Management App

Benefits:

• Controlling orders
• Managing inventory
• Analyses and forecasts
• Monitoring return on investment
• Mobility powered by the cloud
• Securing and scaling
• Details of logistics & shipping

The supply chain management app is an emerging Blockchain app idea that focuses on delivering real-time analytic systems that efficiently handle services and goods flows and involves all methods that convert raw ingredients into final outputs.

Streamlining the workflow and directing processes in the right way becomes easier with blockchain supply chain management apps. Transparency in supply chain management can raise customer value and provide businesses with competitive advantages.

By 2025, Supply Chain Management Software is forecast to reach $22,082.52m in market volume and to grow at a CAGR of 6.53% between 2021 and 2025.

Digital Identity-based Apps

Benefits:

• Identification is simple 
• Obtaining duplicate ID proof is easy
• Logic of non-custodial placement
• Identities as sovereigns
• Management of web identities

Basically, a Digital Identity is a piece of information on an entity created on a computer system that displays external information. It provides people with an easier, faster, and more reliable means than photocopies of the original certificates on various venues such as businesses, websites, and bars when verifying their identity.

Digital identity-based applications like Bluink, globaliD, and Yoti have become very popular in recent years.

The digital identity solutions market generated $13.7 billion in revenue in 2019 and is predicted to reach $30.5 billion by 2024, growing 17.3% annually.

Stock Market App

Benefits:

• Integrating & trusting
• Transparency & fairness improved
• Clearing & settlement are easy
• Automating post-trade events
• Legally transfer ownership with ease

There are several ways in which blockchain technology can impact the future of the stock market. Several businesses today spend days approving contracts because of the involvement of intermediaries, such as exchanges, clearinghouses, and governmental agencies.

However, when using Blockchain networks, compensation times are shortened to minutes rather than days, and communication errors are reduced. Apps that promote trading on a unique digital asset are part of the stock market blockchain idea.

Thus, the CEX.IO cryptocurrency platform offers multiple products to customers. For example, it has a unique mobile application, allowing you to buy, sell, exchange, and trade crypto on the go.

DApps

Benefits:

• Open-source software
• Use of internal currency
• Decentralized consensus mechanism

In contrast to computer programs that run on a single computer, DApps run on a network of computers. You can build a Blockchain app that stores data in a decentralized database using this sort of Blockchain app idea.

DApps are widely used by businesses, both small and large, to track goods and cross-border financial transactions without involving any third parties, such as banks.

In 2018, there were over 2.3k DApps being used by 42k users. Creating decentralized apps can be quite challenging, so you may want to consider hiring Blockchain developers from a top Blockchain application development firm. Thus, you will be able to elaborate on reliable, secure, and dynamic decentralized apps.

Smart contracts

Benefits:

• Clear communication
• Integrity
• Quickness
• Effectiveness

Even though the term “smart contract” has been used since 1993, it really became a hot topic after the release of the Ethereum Project in 2013, which is a decentralized platform that runs smart contracts without downtime, censorship, fraud, or third-party interference.

Smart contracts are self-executing contracts in which the terms of the agreement between buyer and seller are written directly into lines of code. The decentralized, distributed blockchain network includes the code and the contracts contained therein. Transactions can be tracked and are irreversible, since code controls their execution.

Intelligent contracts allow dispersed, anonymous parties to transact and agree without the need for a central authority, legal system, or external enforcement mechanism.

Personal finance management app for blockchain

Benefits:

• Enhanced security and safety
• Quick settlement 
• Counterparty risks are reduced
• Maximizing capital efficiency
• Transparency & traceability

Financial blockchain apps are an ideal way to expand into the market and add value to your business without doing much.

Due to the focus of consumers on their wages, these applications can assist firms in reaching a wider audience. In addition to this, these apps function as a crucial tool for users to easily sort their incomes and investments and track the activity in real-time to better manage their finances in a more efficient way.

Digital identity authentication app

Benefits:

• Security
• Fast ID check
• Transparency

Small businesses place a high priority on security. There’s a good reason for that. About 43 percent of cyberattacks are directed at small businesses. This can all be changed, however, with blockchain technology.

A blockchain is a secure and efficient way of tracking and managing digital identities. There are blockchain-based authentication systems requiring digital signatures instead of password-based authentication systems stored on insecure systems. 

Public key cryptography provides irrefutable identities thanks to these signatures. You can only verify a person’s identity by using the private key.

At some point, people will be able to use blockchain to verify their identity for passports, permits, birth certificates, and ID cards.