Blockchain is the future of data security. Almost all the industries that deal with data are adapting themselves to the blockchain culture.
To tell about blockchain, it is an encrypted network to protect your data from being hacked. They store the information in a block and hash it in a secured address. Further information regarding the same address will be stored in a separate block and adjoined in a chain-like format providing a chain of encrypted network sources. The user of the particular address can get access to the information any time from the network.
Top 5 Blockchain ideas for business in 2020:
1) Healthcare Industry:
The Healthcare industry is one such area where you can get a wider source of information than other industries. The database will contain data regarding the patient details, the prescription details, their health problems, and all other information regarding the tablets they intake, and so on. Such industry needs blockchain as they would get hacked and there are chances that the information may be misused. Aso, for hospital management and administration, Blockchain can help a lot due to its interoperability feature.
Another aspect of the blockchain is that the patient can use the previous medical records by accessing the information in the blockchain if he wants to refer to another doctor. Because it is a known fact that most of them would have a self-storage of the prescription and bills. The blockchain information about a particular patient can be accessed by the patient and the management with the prior permission of the patient.
Also, the blockchain can be used in the pharma industry for the regulation and flow of the medicines. Using the blockchain, you can get track of the logistics, Tracking the fake and outdated drugs in an efficient manner, and transact securely to and fro within minutes cutting the cost of traditional transactions.
2) Fundraising in SecurityTokens:
Fundraising in the Security Token Offering is one of the potential business areas where the blockchain is used in a high priority. Actually, the blockchain is used in the Initial coin offering tokens which were considered as traditional digital tokenization. Security Token Offering (STO) is one kind of the ICO, or it is considered to be the update of ICO token to improvise fundraising activities. But the difference is that the STO will not take part in trading or fundraising in the utility tokens. Security token creation involves multiple conditions and rules.
The fact is, all types of security tokens that are introduced in the market are blockchain-enabled and secured. Also, building a security token using the blockchain technology is cost-effective and easier than building a Whitelabel cryptocurrency exchange platform for business operations. But when it comes to liquidity, STO is the most preferred and liquid medium for exchange and hence its liquidity is higher. There is a rare chance of scamming in security token exchange as the medium deal with authorized dealers and traders.
3) Bitcoin and Cryptocurrency exchange business:
Bitcoin and the blockchain can be rightly considered as big brothers. They emerged into the market at the same time and boomed the entire world. Blockchain is an inbuilt security feature that can be found in the cryptocurrency exchange platforms and even in the cryptocurrency wallets. All popular cryptocurrency exchange platforms like Binance, Coinbase, Localbitcoins, etc, operate in the Blockchain encrypted platform and hence can assure security to the information and transactions that have been conducted in that forum.
We can see the emergence of new cryptocurrency exchange platforms like the popular ones and there is no doubt they are blockchain-enabled. They work in the principle of not only protecting the wallet but also the trading platform themselves as a huge chunk of user data is enabling the trading platform. Also, due to the interoperability feature of the blockchain, the complexity of the crypto exchange platform is easily solved and hence, it does not require any technical expertise to handle the platform.
4) Voting system:
There is no surprise that the voting system will be needing the blockchain services. The 2016 American elections and the Russian intervention in the elections are still in debate and cannot find a solution for that dark matter. So, it is best to prevent the mishap in the future than to cling on to the past problem. Enabling the voting system with the blockchain will be the best method to prevent any hassles in voting and management.
Blockchain in voting is one of the efficient methods in protecting the information from being misused. The voter registers the vote and it is stored in the block and all voters of that particular constituency will be stored as separate blocks and ledger based on the parties, This will be counted by the authorities who would be given access to count the voting which will be made easy by the blockchain themselves. So, the result would be declared at an earlier time than at present.
5) Advertising and Marketing:
Artificial intelligence had taken a greater place in the first half of 2010 but it can never cope up with the functional level of blockchain technology. The blockchain technology can rightly analyze the product necessity and the market variations and then shoot the prescribed ad on that platform for getting more reach. This can be done by Artificial intelligence also, but coming to the security parameter, they cannot cope up with the blockchain. But to be short, Artificial intelligence and the blockchain are interdependent in the advertising sector. The real estate sector is another such sector which uses blockchain technology on a wide scale. It revolves around the usage of data and hence they prefer blockchain to protect the information.
These sectors can be focussed for the blockchain ideas in the year 2020 as they are the sectors who thrive to implement the blockchain technology. Blockchain is a firewall and it cannot be decrypted easily like other cybersecurity parameters. Also, there are other sectors that use blockchain technology on a large scale, but these 5 sectors are prioritizing the usage mechanism.