The knack of embracing new trends quickly and the urge to bring something extraordinary out of the box solutions is what differentiates start-ups from traditional businesses.
There may be certain concerns for any start-up enterprise before adopting Blockchain and the question that revolves around their mind could be how to successfully implement it?
In fact, there are many start-ups and entrepreneurship that are leading trendsetters in their respective areas and their numbers are growing with every passing day and this is not being limited to any one country but a worldwide norm.
Generally, we have been used to hear that Blockchain is used in the financial sector due to its close connection with cryptocurrencies. Even if we leave the financial sector aside then there are many places where it can be applied in novel ways.
So, let’s have a look over those novel ways in which start-ups can leverage the immense potential of Blockchain technology in their businesses –
How Blockchain can be used by start-ups in various sectors through novel ways
How start-ups can use Blockchain in Manufacturing
One of the novel ways to leverage the potential of Blockchain is to implement it in the manufacturing sector. With the efficiency in which Blockchain processes transactions, companies are already looking to blockchain to solve other problems. Blockchain having improved tracking capabilities in supply chains can turn a manual, multi-day process into an automated function that takes only seconds.
Leading technology companies like Bosch and Cisco Systems and numerous start-ups are developing an open-sourced standard for integrating blockchain and the IoT, which will unleash the Blockchain’s potential in manufacturing.
From sourcing raw materials to delivering the final product, Blockchain can increase transparency and trust at every stage of the industrial value chain and is also it is influencing manufacturing today in the following ways –
- Supply-chain monitoring for greater transparency
- Materials provenance and counterfeit detection
- Engineering design for long-duration, high-complexity products
- Identity management
- Asset tracking
- Quality assurance
- Regulatory compliance
How start-ups can use Blockchain in Retail
In the retail sector, Blockchain can help in achieving digital transformation using emerging technologies to find new ways to drive revenue and create innovative business models and for retailer’s digital transformation is all is about thinking beyond marginal improvements. Digital transformation is about data intelligence, agility, customer centricity, new value propositions, and innovation, but also about reducing costs, enhancing efficiencies, and streamlining processes.
One thing needs to be mentioned that, whenever retailers planning to go for digital transformation in retail, must re-consider every aspect of their business, from sourcing to inventory management, employee management, and training, and customer experience management. Customer retention and satisfaction can be done using digital transformation by offering customers the services and products they need.
How start-ups can use Blockchain in Real estate
Start-ups dealing with real estate can look forward to Blockchain for streamlining their process and Blockchain ensures that storing real estate document information remains to originality and credibility. Approvals and confirmation can be stored with the timestamp for future references and it can happen easily over Blockchain network since all the parties are on the network.
These security features offered by Blockchain conveniently eliminates the role of any mismatches/errors. Blockchains that are privately permissioned have their verifying authority, which validates each transaction, so only the legitimate transactions are processed and become part of the Blockchain.
A start-up can reap the following benefits in the real estate sector and alleviate some of the existing challenges present by adopting Blockchain technology, some of them are –
- Improve property search process
- Expedite pre-lease due diligence
- Initial ease in leasing and subsequent property and cash flow management
- Enable smarter decision-making
- Transparent and relatively cheaper property title management
- Efficient processing of financing and payments more easily
How start-ups can use Blockchain in Industrial IoT
Blockchain-based IoT devices can open up countless opportunities for businesses to run their operations smartly, as the potential of both these wonderful technologies can be combined together to revolutionize things more rapidly.
Blockchain ensures that data that is stored on it like biometrics, facial recognition, or voice recognition cannot be manipulated. As of now, automotive industries are already using IoT-enabled sensors to develop fully automated vehicles, but connecting such IoT-enabled vehicles with the decentralized network enables multiple users to exchange crucial information easily and quickly.
IoT sensors are being used by supply chain and logistics firms, which can track GPS, temperature, motion, vehicle information and can provide detailed information about the shipments. If such sensor information is then stored over the Blockchain network, which is easily accessible in real-time to all participants listed in the smart contracts. Ultimately, participants can easily cross border transactions and prepare for transhipments globally, thereby creating robust supply chains with the help of Blockchain.
How start-ups can use Blockchain in Healthcare
A Blockchain-based healthcare start-up can revolutionize the existing health care industry which is one of the complicated cases in today’s times. As the systems which are been put in use by our health care industry are error-prone and outdated when providing security and efficiency comes.
At present the entire health care system can be completely overhauled by means of Blockchain, also many healthcare and blockchain companies are working in tandem to improve healthcare for both professionals and patients alike. The decentralization of patient data, tracking of pharmaceuticals supplies, and improving payment options.
A Blockchain-based healthcare start-up can transform the healthcare sector in various ways such as
- Patient data management
- Electronic Health Records (EHR)
- Tracking of clinical trials
- Reinforcing security of medical transactions
A streamlined and well-arranged medical record of patients can help the patient as well as healthcare industry staff in the long run. To address this problem, a Medical Records ledger can be made which be based upon the Ethereum blockchain. It can be made for storing all of a patient’s information in one place, where doctors, as well as other stakeholders along with patients, can view it. Ultimately it can pave the way for quick treatment.
Managing Electronic Health Records (EHR) is another challenging task as EHR of different health care service providers can be different and this turns out to be very time-consuming. So, with the help of Blockchain and Application Program Interfaces (API), a patient will have control over his data and it will require his consent to transfer records from one doctor to another.
The potential of Blockchain can also be harnessed with IoT that can be put into use to track trials in the health care sector with the aid of sensors. With Blockchain it will enable the better traceability of ingredients in drugs and a better understanding of patient well-being conditions.
Well for a start-up enterprise, there is tremendous scope to leverage the potential of Blockchain over different sectors in novel ways and these were just some of the striking examples where Blockchain can play a major role. In fact, any start-up whose product revolves around decentralization can easily reap advantages that Blockchain offers, and apart from that, it would set them into a part of elite their community.
Therefore, it would be real rousing to watch how Blockchain becomes a game-changer for those start-ups who adopt them into their projects in the forthcoming days.