Blockchain technology is immensely powerful and has gained widespread popularity in no time. History is evident in how the blockchain has changed the meaning of digital currency. Blockchain technology is unquestionably a game-changer.
It’s time to think about how the transformation is taking place for existing businesses. Most successful business platforms are already shifting to blockchain technology. Now, it is the time when any business can utilize the power of blockchain, an untapped frontier sought by many tech giants.
Among the advantages of blockchain, it can truly transform any business with the pace of technological changes. The rise of Web 3.0, the rapid transformation of existing businesses over blockchain, and evolving innovative technologies put the blockchain in the mainframe. If your business is still on a traditional platform or you’re self-motivated to start your own blockchain business, this guide will surely help you!
Comprehensive Factors
- The white house has mentioned that the digital assets market has grown significantly recently. Digital assets now have a market valuation of $3 trillion due to the purchases of millions of individuals worldwide, including 16% of adult Americans.
- According to Statista, Blockchain-related expenditures on a global scale were $6.6 billion in 2021 and may increase to $19 billion by 2024.
- Warrington College of Business stated that tokenized real estate is a bigger conversation topic than any existing market. According to Security Token Market STM, the market value of tokenized real estate is $25.75 million.
- New York Universities reported that cryptocurrency platforms have spent $2.4 billion on sports marketing over the last 18 months. Furthermore, by 2026, blockchain-related businesses are anticipated to spend $5 billion on sports sponsorship.
Blockchain Is A Next-Gen Technology
Blockchain technology sounds young and new, of course! But blockchain technology has many perks that can revolutionize how businesses have been doing in the past. Blockchain-powered decentralized autonomous organizations (DAOs) have shocked the world as the first internet-native technology for businesses.
Blockchain is a technology that bridges the traditional method of doing business and foreseeing future business platforms. The world is transforming rapidly into digitalization and switching to a potentially demanding technology is called a smart move. Blockchain technology is fully digitized, verifiable, not centralized, and the best part is – immutable.
The major advantage of blockchain is to provide complete security, reliability, and great exposure to the users. It can transform many industries, including retail, healthcare, education, entertainment, hospitality, real estate, and many more. The blockchain can be adjustable in any industry, seeking a digitized platform to maximize their business profit. Yes, blockchain is the one way to do that!
Features Of Blockchain Business
Blockchain is a technology that shares the data and transactions made within a system or business. A Business can turn out to be more exciting if it generates an immutable ledger, is on a decentralized platform, and all the transactions are fully secure and shared between the system. Let’s examine blockchain features from a business perspective:
Digitization
Blockchain uses cloud and internet-based services for processing, which generally involves blockchain frameworks. It works completely on its digital platform to send/receive data and process transactions most securely and transparently.
Decentralized
Decentralization is the center of attraction for any blockchain platform because blockchain doesn’t work on a centralized-based platform or allow one central node to handle all the processing. Instead, a blockchain can be accessed from anywhere for an authorized device. It means that not one server or computer can solely run the blockchain network, but it would rather work on the contribution of different computers and devices.
So, blockchain technology does not rely on the central control of one organization or a setup. The blockchain may instead be viewed from anywhere by any duly authorized equipment and people. This indicates that several computers are involved in the effective operation of the blockchain.
Immutable Records
Blockchain relies on an immutable ledger, which means any record written on the blockchain, upon verification, cannot be changed. So, if a record is added to a blockchain network immediately, it will be fixed. It will be considered separate blocks if a change needs to be made. It allows the audit of a blockchain ledger for all the data and transactions.
Ledger
A blockchain-powered ledger is where all the records, data, and transactions are stored. It works similarly to the database system approach, except the in-built feature completely varies from blockchain to database system. If a piece of new blockchain information is added to the ledger system, all the connected devices will be informed the same. This is a good approach for effective transparency in the system.
Blockchain Platform Cost Factors
- Complexity Of The Application
- Recognition Of The Platform
- Complexity Of The Design
- Back-End & Application Interface
- Development Model
Blockchain Development Company Cost
Don’t live in a shadow when all your queries get a common answer, “It depends!”
It doesn’t sound helpful if startup owners are focused on the budget. A vague answer cannot benefit a budget planner, of course!
Let’s get a straightforward answer for the factors that determine or acknowledge you for the cost of building blockchain software. A company would collect all the information required to develop a blockchain software project. Once it is aware of the project requirements, it makes things easy to tell you the precise and accurate amount needed to develop your blockchain software solutions.
Suppose somebody wants to develop a simple application that doesn’t require backend data. It costs you much less than a complex solution. Similarly, the blockchain development process may need heavy financial transaction processes, and the involvement of the external system can cost you a higher amount.
And finally, it measures the number of developers involved and the technology stack used. Considering these factors can range your blockchain software solution as below:
The development cost can range between $80,000 to $200,000.
The development cost is also slightly down depending upon the consumed hours to develop such a platform. The software price can range in 6 figures if you’re after a multi-platform application. A Blockchain Development Company can provide a precise solution for your blockchain development needs.
Ideally Suited Blockchain Industries For You
Healthcare Industries
It is one of the most suitable industries for introducing a blockchain. The blockchain can help entrepreneurs, startups, and industries to develop a blockchain-based healthcare industry.
The blockchain can be beneficial for storing patients’ records, treatment histories, diagnostic solutions, and personal data in its block. It will keep all the medical records, and remember here all data will be shared in the chain of blocks and can only be modified, edited, or changed with a majority of agreements.
Supply-Chain Industries
Collecting information on various parts, materials, and products can be very effective if blockchain is introduced in the supply chain industries. The procedure would become fully transparent for shipment, delivery, and lodging services. The blockchain would make all the details, records, agreements, and contracts traverse between the blockchain nodes that can be easily accessible from any device.
Educational Industries
If blockchain came into existence, it would offer students to have control over their records, and they could build a well-crafted resume they want to instantly. This will also benefit the institutions as they can transfer the institutional data to other educational institutes. A report by the University of Rome revealed that verifying the diplomas costs nearly $20k annually for each university.
Real Estate Industries
Old traditional real estate business is completely based on paper and face-to-face interactions between the buyer and seller. The introduction of blockchain into real estate can exclusively bring it through the digital channels where the transaction will be made on the blocks.
Blockchain can now play a key role in transforming real estate. Real estate businesses are investing in metaverse platform development to widen their business reach and offer unmatched experiences to customers. Potential buyers can leverage these virtual platforms to view properties, and nearby locations, and talk to sellers with the security of blockchain. Transactions will be conducted online, and smart contracts for a safer version of a business will verify entries of transactions.
Entertainment Industries
The blockchain-powered entertainment industry can do wonders. Let’s understand this through various examples.
- Immutable advertising allows agencies and media to track and attribute ad metrics authentically.
- The blockchain will use smart contracts to approve the payment so that no intermediary will be entertained. So, each user will receive exactly what they’ve received.
- All entertainment transactions will be processed automatically and safeguarded by blockchain protection.
Retail industries
The retail blockchain is considered a disruptive technology that stores all the records cryptographically in the retail industry. Blockchain in retail is gaining popularity because it reduces time management, data management, and storage functionality. This saves a lot of time and effort in the retail industry. Faster payment processing, providing secure patent gateways, and a transparent mechanism are the key features of the blockchain in the retail sector.
Conclusion
Blockchain technology is making revolutionary changes in all sectors, and soon this will be discovered in all aspects of life. Introducing blockchain in daily life will make things easier, safer, and far better. Blockchain will change the entire scenario of how the transaction is processed and how the data and records are stored.
Blockchain is capable of developing an immutable record for all transactions. This will encourage the digital ledger to get away with the hack, any unnecessary uses, and fraudulent activities in the system because the blockchain-based systems won’t entertain such activities.
Thus, blockchain technology will affect several industries, including entertainment, healthcare, education, retail, manufacturing, and many more. Some top industries working hard to adopt blockchain technologies are Google, Nestle, Microsoft, Walmart, American Express, and Intel. Approximately $400 trillion is all set to be transformed by the blockchain.
