Do you know legalizing cryptocurrencies in nations like El Salvador and Ukraine potentially opens up humongous new prospects for commercial expansion in the blockchain industry? In this blockchain applications blog, we discussed more industry leaders with the most active participation in the blockchain industry, the benefits you can reap from it, and how it can add exponential value to your business.
Blockchain applications for your business: Market overview
From 2022 to 2030, the market for blockchain technology is projected to increase at a compound annual rate (CAGR) of 85.9 percent, from a market size of USD 5.92 billion in 2021. The expansion of venture capital investment for blockchain technology startups is responsible for the market expansion. For instance, the blockchain technology supplier Circle Internet Financial Ltd. revealed in May 2021 that it had secured USD 440 million in investment from institutional and strategic investors. This money was utilized by the business to grow both internally and outside.IBM Corporation, Microsoft Corporation, Linux Foundation, and R3 are some major companies active in the blockchain technology sector. In addition, BTL Group, Chain Inc., Deloitte, Circle Internet Financial Limited, Global Arena Holding, Inc. (GAHI), Post-Trade Distributed Ledger, Ripple, and Eric Industries are a few other significant market participants.
Therefore, to better understand such blockchain-integrated businesses, let’s explore how blockchain technology may be used in the field to simplify and secure processes in light of its advantages.
1. Management of the Supply Chain
Supply chains, which are often complex networks that can cover the whole world, are the organizational and logistical systems that move products from manufacturers, extractors, or farmers to consumers. Additionally, as the purchase and commodities and finished commodities have expanded globally, it has become much more difficult to maintain a careful eye on supply chains.
2. Regulators being incorporated more seamlessly
Regulators are everywhere in the insurance, lending, and governmental sectors. Unfortunately, cooperating with financial regulators is now difficult. An owner’s worst nightmare is audits and procedures forcing a company to cease operations and sift through rooms’ worth of documents to satisfy regulatory agents. Thankfully, the Blockchain offers the possibility of a better solution.
3. Better record keeping and sharing
This category focuses mainly on public systems. However, even in a divergent way, the corporate sector is impacted by these record-keeping and law enforcement systems.
Have you ever truly attempted to obtain information by visiting your local records office? From marriage licenses to criminal records and business filings, physical record-keeping systems take up space, are challenging to manage and traverse, and typically serve little value beyond formality. It would be simple to obtain records if a process could be digitalized and protected using blockchain technology. Municipalities and businesses could also save money by avoiding the need for physical space, personnel, and outdated technologies.
4. Financial administration
This sector has the most promise for incorporating Blockchain, perhaps. Regulatory supervision, voting, and record keeping are only a few of the uses of the Blockchain in finances that apply to the financial services industry. However, there are other possibilities as well.
As a form of investment and speculative currency, cryptocurrencies have already demonstrated their potential to impact the financial sector. However, the Blockchain, the technology that underpins cryptocurrencies, has the potential to protect user data more effectively, speed up transactions (especially those that cross borders), and create an unchangeable ledger that is better suited to thwarting fraud and other wrongdoing (looking at you, Wells Fargo).
Further Read: How to Build a Blockchain App: All-in-One Business Guide
Popular companies using blockchain for their business
IBM supports companies with the process integration of Blockchain. The business has collaborated with banks throughout Canada to establish triple-blind data security procedures, retail chains like Kroger to integrate Blockchain within their food handling procedures, and Northern Trust to employ DLT in private equity agreements. IBM is one of the most well-known businesses to give blockchain priority in its future professional practice.
Blockchain adoption is being aided by Microsoft’s Azure platform among businesses from a range of industries. Microsoft developed the first blockchain-based maritime insurance platform with the accounting powerhouse EY and the shipping behemoth Maersk. Additionally, the business built DLT to settle disagreements around hotel and travel reservations, and it has even integrated Azure into its own Xbox systems to pay game publishers’ royalties effectively.
The e-commerce behemoth Overstock, the first significant publicly listed shop to accept cryptocurrencies, is now entirely refocusing on the Blockchain. The business established a subsidiary named Medici Ventures in 2014, specializing in blockchain-related investments in several industries, including banking and government. tZERO, a subsidiary of Overstock, has collected more than $134 million for its initial coin offering. CEO Mark Byrne is surrendering the e-commerce component of his company to concentrate on DLT since the company is so focused on Blockchain.
Due to their use of Blockchain over the past several years, Kodak enjoys somewhat of a revival. Ledger technology is used by the company’s blockchain platform KODAKOne to safeguard the rights to photographs and movies. In addition, Kodak is shifting its focus toward cutting-edge technology and uses Blockchain to authenticate original identification and stop infringement and piracy. KODAKCoins are another form of coin used by the 130-year-old business for licensing and buying photos.
5. SBI Holdings
SBI Holdings has been the most significant shareholder in Blockchain over the past five years, with eight direct investments. To introduce blockchain transactions between Japan and South Korea, the business teamed up with Ripple of San Francisco. To better comprehend the nuances of Blockchain and cryptocurrencies, it also invested in a Japanese cryptocurrency trading platform and most recently bought a share in a cryptocurrency mining business.
Benefits of blockchain applications for enterprises
Blockchain technology, which was first developed for the Bitcoin cryptocurrency, is increasingly being considered by app developers since it has enormous potential for programs that need data storage or ledger-like features. Almost any software that needs to store and retrieve massive amounts of data safely in a dependable manner may benefit from using Blockchain. But what specific advantages come from employing blockchain technology? The benefits include increased security and dependability as well as lower development and maintenance expenses.
1. It is secure
Security is the first advantage of blockchain technology. Because blockchain technology uses some of the most cutting-edge encryption currently available, the security it provides is the finest. It’s a type of technology that was created with the highest level of security and encryption possible, making it secure by nature.
2. It is reliable
Because Blockchain was built to be safe, stable, and with a top standard of Byzantine fault tolerance, it is trustworthy and tamper-proof. These qualities are sought-after yet difficult to find in a mobile app.
This type of tech was created employing blocks with data stored in many places, greatly improving dependability. Additionally, as was already said, Blockchain’s distributed, interconnected structure renders it impervious to unwanted data change. Furthermore, the decentralized nature of the servers that make up the Blockchain’s hardware significantly improves dependability. That’s because it’s extremely rare that a single disaster would affect several data centers spread across various places.
3. It’s simple to understand the platform
One of Blockchain’s numerous benefits is that it is quite simple compared to other programs that carry out comparable tasks. Other software is typically more difficult to create, use, and integrate into your platform for mobile apps. This increasing complexity has a significant impact on development expenditures as well as maintenance-related costs. Therefore, Blockchain is very attractive as a cost-cutting strategy for anyone looking to construct an app due to these features.
4. It is rapidly enhancing
Blockchain technology is developing quickly due to the rising popularity of cryptocurrencies like Bitcoin and LiteCoin. This means that your chosen technology will likely undergo big changes and enhancements and remain relevant for a long time.
Anyone may read and modify the source code for the technology used to create Blockchain since it is freely available and open-source. Furthermore, you won’t rely only on your in-house dev team because open-source technology enables engineers to share advancements and upgrades with others. This implies that you may reduce development charges while taking advantage of the most recent blockchain advantages, advancements, and upgrades.
Can blockchain applications add more value to your business?
By cutting out the middlemen, such as suppliers and third-party providers, who previously performed the functionality that Blockchain can handle, blockchain aids organizations in reducing costs. Businesses may profit from Blockchain’s distinctive features by increasing trust, security, transparency, and other factors. Blockchain can assist in lowering overhead expenses and difficulties for businesses or people when transferring assets by employing mathematics in place of middlemen.
Moreover, Blockchain might offer an easily available, thorough, and incorruptible record of each transaction throughout even the biggest and most intricate global supply chains. Blockchain technology may successfully reduce the worry of distrust in supply chain transactions.
Blockchain applications: Costings and more
For blockchain app development cost, there is no definitive estimate for developing a blockchain solution because it heavily depends on the needs of the Blockchain. You may want to start by creating an MVP for your blockchain solution, which may vary between $5000 to a full blow of $100,000. Different sectors have different needs depending on the application, the stakeholders, and the ultimate goals.
Knowing the criteria specific to your sector is advised before contacting a Blockchain development company like Markovate. Different difficulty levels may be appropriate for various uses.
You can think about working with a Blockchain development company that can assist you in realizing the possibilities of your Blockchain app concept. You may also investigate fresh app concepts by speaking with an application development business that designs, develops, and manages Blockchain app initiatives. So before diving in deeper, be sure of the blockchain app development costs.
Blockchain apps for local, small, medium & large businesses
Small and medium-sized businesses (SMEs) constitute the foundation of the economies of many nations. With much more than 50% of the world’s population employed by such businesses, they play a critical role in the economic and social growth of the whole world.
Numerous problems may be solved with Blockchain, according to this technology. For example, the funding and trade finance issues could be resolved by this technology. Although using Blockchain for organizations dealing with money makes sense, it can also address many of their inefficiencies issues. For example, smart contracts and safe data exchange may optimize supply chains and increase customer satisfaction through automated services.
Blockchain may completely alter how SMEs look for trade financing when they want to develop internationally. Transparency and consensus methods that take the place of several instances of inspection and checking make trade finance solutions more effective.
Obtaining supply chain financing may be a challenge that blockchain technology helps to address. Today, a larger portion of the market is developing open account solutions. But finance is sometimes only provided a few levels deep since it is challenging to determine how deep the supply chain is. Blockchain technology makes this finance degree possible since it is more data-flexible than current digital systems.
How much time does the whole process of creation take?
The requirements of the application determine how long a blockchain project will take. PoC is used to kick off the project and normally takes 2-3 weeks. It requires 4-5 weeks to create a minimal viable product with the barest of functionalities when the Proof of Concept is finished.
Markovate’s experience with blockchain applications
At Markovate, we let our work and experience voice the expertise we own in blockchain applications and the industry. Blockchain-based solutions are successfully implemented using our architectural and mobile app development techniques. We offer everything you require, including cloud infrastructure, APIs, and smart contracts.
1. Which is the best for building blockchain apps, Solidity or Python?
Python is a top-notch programming language for Blockchain projects. It is adaptable, highly useful, and safe. Even though C++ is the primary programming language used in Blockchain, it is also modern, trustworthy, and safe. However, few data scientists and engineers opt to design their blockchains in alternate languages.
2. How can blockchain applications help in the growth of your small business?
By eliminating intermediaries, using a blockchain to transmit money would be advantageous for local and international transfers. Small firms will benefit from cheaper expenses and quicker access to money if this development of payments is effective.
3. How can I find a blockchain app development company?
Get a clear vision for your blockchain project before you do anything else. At Markovate, our passion and integrity are blended with an unshakable dedication to maximizing client satisfaction. Our Blockchain app development services are something to look out for!
4. Can blockchain applications end piracy?
Theoretically, distributed ledger technology (DLT) and blockchain Internet might assist stop pirates from disguising their illegal online piracy operations. Businesses already use blockchain technology to combat piracy through digital watermarking and content surveillance.
5. What is the biggest blockchain company?
IBM, a cloud platform and cognitive solutions provider founded in 1911 is the biggest organization in the world to adopt Blockchain. More than 220 companies have benefited from IBM’s assistance in creating blockchain-based apps and data governance solutions.