Also referred to as Distributed Ledger Technology or DLT, blockchain technology is one of the emerging technologies that is taking the business world by storm. The technology draws its strength from the fact that it makes the history of any digital asset transaction unalterable and transparent.
Blockchain uses decentralized and cryptographic hashing whereby all the participants can have a transparent view of all the transactions, historical records and maintain the integration of the overall system.
This in-built capability of Blockchain technology makes it relevant for millions of use cases in a wide range of industries, and its global market size is expected to hit the 163 bn USD mark by 2027.
Further, 45% of business organizations worldwide are using blockchain technology for secure information exchange, apart from Bitcoin, asset tracking & management, Ethereum, etc.
As blockchain is garnering global attention in all industries, and more and more people are looking for ways to leverage the technology, exploring the most bankable project ideas has become a must.
Below, we are discussing the top 20 Blockchain project ideas for 2022.
However, before we move on to discussing them, let us have a quick walkthrough of the technology.
Blockchain Technology: A Quick Overview
A blockchain is a database storing encrypted data blocks and chains them together to create a “single source-of-truth” for the data in a chronological manner.
In a blockchain, all the digital assets are distributed to all the participants, instead of copying or transferring them to multiple parties. This facilitates the creation of an immutable asset record.
Further, the assets are decentralized, which means that all the participants enjoy full transparency and real-time access.
All the changes are recorded in a transparent ledger that maintains the integrity of the system and creates public trust in the asset.
Core strengths of Blockchain:
- Inherent security measures
- Public ledger with full transparency
Next, take a thorough read and find out the best Blockchain project ideas that are futuristic as well.
20 Most Promising Blockchain Project Ideas
1. Trusted Crowdfunding
While crowdfunding disrupted the global financial ecosystem as it allowed the investors to fund the startups without any bureaucracy, the entire market segment has a huge potential for blockchain.
Recent stats suggest that the global crowdfunding market will reach the $114 bn USD mark in 2021, and the industry is all set to grow with a 16% CAGR by 2025.
However, crowdfunding suffers from many limitations, such as:
- Failed projects incur reputational losses for both the investors and the businesses
- Theft of ideas during crowdfunding events in case of non-patented projects
- Poor reward or return planning would mean that too much of your business goes to the investors
- High fees, scam business ideas, DIY marketing and advertising efforts consuming the money, and fine print rules and regulations
What can Blockchain do?
- Blockchain can make crowdfunding more reliable, transparent, decentralized, convenient, and cost-efficient for all stakeholders. This will make the entire system more trustworthy as well.
- The blockchain-based crowdfunding platform will use its cryptocurrency as a medium of transaction and exchange and everyone on the crowdfunding network will get notified about the project.
- The investors will buy the specific crypto-currency to claim their share in a project and can withdraw from it at any time by selling that currency. They can also transfer their investment into another project easily.
Additionally, Blockchain can further improve crowdfunding via Smart Contracts, immediate provision, and high availability.
2. Transfer Money Internationally
The digital remittance industry, which is also called cross-border money is gaining an international audience and popularity.
However, it can suffer from serious drawbacks, such as:
- Reliance on a third-party service provider as no two banks or financial institutions (sender and receiver) can agree on a transaction based on their ledger.
- The third-party service charges both the sender and receiving bank, even if both the sender and receiver are using the same bank.
- As the messages sent to different financial institutions have modified fields, such as sender account numbers, etc, security and data protection is questionable.
Take a look at the following visual that shows a chain of international payments relying on a third party (SWIFT):
What can Blockchain do?
Blockchain is a universal ledger over a distributed network and everybody in the network has access to it. Thus, every person has a complete copy of the entire ledger and the modifications to them are easily visible to each one of them.
So, direct transfers can occur without any fear of manipulation or data theft even in the cases of cross-border money transfers.
Hence, the banks can have a bilateral view of immutable transaction records and operate without relying on any other party. This means that all the transactions are highly secure.
As per recent studies, the transaction value in the international money transfer or the digital remittances segment will grow with a CAGR of 11.7% and hit the US$166,373m mark by 2025.
Hence, it can be another Blockchain project for beginners as well as legacy players in the segment.
3. Increase High Uptime for Banks
As the digital money and payments industries are gaining popularity, central banks are grappling with the management of risks, security pitfalls, and service up-time. Server downtime is an extremely common occurrence in the banking sector and every hour of network downtime costs about USD 10000, which is a massive amount for a business organization of any scale.
Further, the larger the ecosystem a bank has, the higher the costs it will incur because of server downtime.
Some common reasons for downtime are:
- Power outages
- Hardware
- Human errors
- Natural disasters
On the other hand, Bitcoin is a massive system running on blockchain that is yet to see even a one-second downtime as of now.
Hence, banks and financial institutions are looking to leverage blockchain to increase the high uptime.
What can Blockchain do?
- Lower the communication load by reducing the time required for verification and transaction resolution
- Effectively overcoming human errors
Hence, aiming at increasing the high uptime of banking services is another bankable Blockchain project idea for 2022.
4. Reduce Insurance Fraud
As per the recent FBI estimates, the total cost of annual insurance fraud is more than 40 bn USD, excluding health insurance. Also, the average US family incurs an insurance fraud cost ranging between $400 and $700 per year.
From fraudulent claims to wrong data and scams to asset thefts – there are many ways people commit insurance fraud.
However, with the emergence of innovative technologies, such as AI, ML, Big Data, and Data Analytics, the fraud detection industry is gaining traction and this is emerging as a valid and profitable Blockchain project idea.
Further, the global insurance fraud detection market is set to grow at a CAGR of 25.6% and hit the 10749 bn USD mark by 2026.
What can Blockchain do?
- Blockchain can facilitate risk prevention and fraud detection by storing all the insurance data and claim records on an immutable ledger that is accessible to all stakeholders. With a single source of truth for all the persons in the system, fraud detection becomes easier.
- Smart Contracts for property insurance and casualty insurance management.
- Using blockchain, medical records can be secured cryptographically and shared between health providers, thereby increasing interoperability in the health ecosystem.
- Automatic claim filing in case of life insurance.
5. Predicting Stock Market
Stock markets are currently a fragmented market system with serious trust, interoperability, and transparency issues. Further, the brokers, traders, stock exchange, and regulators have to go through a cumbersome process to start operating on new accounts, such as operational trade clearance, regulatory processes, etc.
Hence, stock market optimization is one of the significant upcoming blockchain projects in various parts of the world.
What can Blockchain do?
- The technology can make the stock exchanges more optimal via decentralization and automation.
- It can also reduce costs incurred by the customers in terms of broker commission and make transaction settlements faster and more reliable.
- Some other application areas include the elimination of third-party regulators and using smart contracts for transaction registration.
Further, blockchain technology can be used to predict the prices and trends for various stocks as well. This will also optimize the overall trading and stock market operation.
6. Reducing Electricity Bills
As per the global market insights, Blockchain technology in the energy sector is projected to increase to 18 bn USD in 2025.
Some major use cases of the technology in the domestic energy consumption ecosystem are showcased in the following visual:
What can Blockchain do?
- Blockchain can discover the prices offered by various companies, and offer a better margin to the customers by showing which plans suit them the best.
- The energy companies can also increase their profits by getting better know-how of their customer pools and their requirements.
Some other sectors where the technology can be of immense importance are logistics, reporting, power consumption monitoring, and optimizing the power usage in various scenarios.
7. Detecting Fake Medicines
The global sales of counterfeit drugs range from 163 bn USD to 217 bn USD and lead to a loss of 205 bn USD every year in sales incurred by the drug manufacturers. Also, these manufacturers have to spend large sums of money to take anti-counterfeiting measures that are only marginally effective.
Hence, the FDA is working towards developing an “interoperable system” with all the manufacturers, wholesale distributors, packagers, and third-party logistics providers.
Hence, it is one of the best use cases with huge potential for developing mini-projects on the blockchain.
What can blockchain do?
Take a look at the following visual that shows how blockchain can help curb the fake medicine problem:
Using blockchain, all the stakeholders can rest assured that the drug is genuine, and comes from a verified and authorized source.
8. Registry of Land Ownership
Land registration is a time, effort, and resource-consuming process, especially in countries where land titling is still partially or entirely manual. From documentation to tracing the land ownership and from payment to transaction record management – many pitfalls affect the security of data, people, and assets including money.
Hence, land ownership management is one of the crucial Blockchain project ideas that involve several critical public infrastructure institutions.
What can Blockchain do?
- Blockchain can act as a single source of truth for all the stakeholders involved in the land titling process, such as banks, public offices, owners, etc.
- All the data records related to land ownership, payment records, transfers, and passing of ownership rights from one generation to another, can be managed easily without any fraud.
- The process can become less cumbersome and more organized with little or no wiggle room for intermediaries to make profits from people seeking land titling, etc.
A visual representation of various data records involved in titling is shown below:
9. Electronic Voting System
Online voting systems are gaining momentum across the globe, but suffer from many challenges, such as:
- A single vulnerability leading to large-scale vote manipulation
- The legitimacy of electronic voting systems
- Accurate, safe, and convenient voting system that is transparent and robust
What can Blockchain do?
- Blockchain technology offers decentralized nodes for casting votes digitally without any security pitfalls because of its robust and infallible end-to-end verification.
- Blockchain is a distributed ledger with in-built non-repudiation and security characteristics that make it immune to manipulation.
For a better understanding, you can take a quick look at the following image:
10. Patient Data Management System
Patient data is vulnerable to theft, compromise, and even unethical and unauthorized selling, and there have been many cases where insurance companies and medical institutions have unethically used this data.
Also, there have been cases of identity theft and using data of dead patients to impersonate someone or for illegal activities, such as loan fraud, insurance fraud, and illegal identity usage.
What can blockchain do?
- Blockchain can store the entire data in the decentralized ledger that can be accessed, monitored, and tracked by all the stakeholders.
- The patient data can be accessed and managed by data analysts, healthcare policymakers, and pharmacists without leaving any wiggle room for fraudulent activities and unauthorized access.
The major data points where Blockchain is of extreme importance are shown below:
11. Empty Room Allotment in Hotels
Travel plans can be made and canceled at a moment’s notice. Having a decentralized ledger with all the information ready at all times, allows the hotels to cancel, book, and effortlessly manage the stays.
What can blockchain do?
- Tracking and conveying the room availability status to the visitors, and hotel management transparently.
- Improving the brand reputation by offering a transparent booking and cancellation system.
- Ensuring minimum losses incurred because of last-minute cancellations.
12. Purchasing Advertising Space
Advertising in the digital age has become a fiercely competitive game where businesses are charging extreme costs for better ad placements and data is becoming crucial for ad conversions.
Further, SMEs with owners having little or no exposure to the digital management aspects of advertising are facing hard times in getting the best value out of every buck they invest in ads.
What can blockchain do?
- Blockchain ad companies offer transparent data views to all the stakeholders to ensure better ad management.
- The SMEs can opt for blockchain advertisement agencies that use smart contracts for better ad buying, instead of traditional companies with price hegemony.
- Businesses can also buy conditional space, whereby the ads are shown only if the target parameters are fulfilled.
13. KYC Verification
Traditionally, KYC suffers from many challenges, such as resource wastage on false positives, risks, and security pitfalls because of poor data management and lack of detailed alerts.
Manual recording keeping and data entering, human errors, and lack of configurability in compliance are some other issues ailing the KYC system.
What can blockchain do?
- Blockchain facilitates a holistic approach towards KYC management, monitoring, and verification.
- All the stakeholders have a real-time view of the KYC data and no one can change or delete the KYC data.
- With incorruptible data storage and management, all businesses and industries using KYC for transaction management and authentication can rest assured of personal identity, thereby increasing reliability in many other sectors.
Hence, KYC is yet another major use case for Blockchain project ideas.
14. Document Storage System
Document storage systems are becoming a norm in all the major sectors, be it private or government setup. However, maintaining the integrity of data in these systems is of extreme importance, as any data breach can lead to massive issues.
Also, if the government has a centralized document storage system, a vast majority of processes, registrations, and document-specific processes can become effortless and hassle-free.
Hence, the document management and storage system is another crucial item on our Blockchain project list for 2022 that is profitable and highly relevant.
What can blockchain do?
- The document repository is visible to all the parties and can be accessed by any of them for use at any time, without compromising the integrity of the entire system.
- The government or any other regulatory agency can access the documents with the required permissions from the document owner.
- Make document storage and management paperless, secure, quick, and foolproof.
15. Transparent & Authentic Charity Application
Charities are vulnerable to fraud and data misuse. The donors are not always sure whether the help reaches the needy people or not.
What can blockchain do?
- The recipient’s and charity organizations’ data can be stored on the blockchain and the community can access the same to help those in need, directly and safely.
- Blockchain makes transactions transparent and reliable.
- Middle-men profits and frauds are curbed.
16. Transferring Digital Wills
Wills, power of attorneys, signing authorities, and other such crucial documents have massive value and can bring many businesses and families down on their knees with a breach.
While the traditional wills are vulnerable to thefts and manipulations by the managers, will participants and other people, using blockchain for transferring and managing them settles the bill effectively!
What can blockchain do?
- Blockchain will have a decentralized record of will, assets, people, and all the stakeholders.
- Whenever a change is done by the original owner of the assets, the same is visible to all the other parties, including the law office (lawyer, etc).
- No fraud can be committed and no change can be made until the original owner agrees.
Hence, digital will creation and management is one of the bankable upcoming blockchain projects.
17. Digital Identity
The traditional identity systems, such as ID cards, numbers, and documents, are fragmented, exclusive, and vulnerable to misuse and identity theft. They are mostly insecure as well.
Digital identities, or self-sovereign identities, on the other hand, are more secure, less vulnerable to thefts, and inclusive, where law enforcement bodies and government offices have the view and management roles as well.
What can Blockchain do?
- The technology can enable more secure storage and management of digital identities by offering unified, and tamper-proof infrastructure.
- The entire system will be more interoperable and offer value-added key benefits to enterprises, government and public offices, and users.
The following image shows how a blockchain-based digital identity management system works and looks like:
18. Rent a Vehicle
Car rentals are becoming increasingly popular these days and car rental apps are offering more and more features to deliver transparency and robust services to the customers. Customers are using car rentals not only for the local commute but for a longer duration, such as monthly rentals and yearly rentals, to suit their lifestyle requirements.
However, the companies, as well as the customers, can reap more benefits by leveraging blockchain for car rental management.
What can blockchain do?
- Blockchain makes the entire process transparent, with real-time information on the vehicle, driver, and the other assets involved.
- Cryptographically secured algorithms can make the entire system, data, and transactions more secure and breach-resistant.
- Customers can get more value out of their money and businesses can offer more personalized and streamlined offerings.
Take a look at the following image showing the other benefits of blockchain-based car rental, which is one of the profitable Blockchain projects for beginners:
19. Exact Shipment Location Data
Traditional port and shipping management is fragmented and suffers from many challenges, of which port authorities, public transportation, consolidation centers, and customs are the major stress zones.
Having a blockchain-based port and shipment management system will allow all the stakeholders, including the public and private offices mentioned above, to have a direct and secure view of data.
From shipment coordinates to checkpoints and tracking to delivery management – every stakeholder has a clear view of all the information pointers that enhance the reliability and robustness of the entire system.
What can blockchain do?
Blockchain facilitates a decentralized and highly inclusive view of all the port and shipment-related data to make the entire system more streamlined and insightful, as shown in the following visual:
Source
20. Asset Management
There are many association and partnership-based groupings, such as conglomerates, family businesses, and global enterprises, where assets and data are in huge quantities and require close monitoring and management.
While manual and traditional asset management systems might fall prey to data breaches and security compromises, the blockchain can curb all fraud and misuse.
What can blockchain do?
- Apart from offering a real-time view of data, assets, and asset allotment data to all the stakeholders, blockchain will ensure that the entire system stays transparent and well-governed.
- Using smart contracts, the assets can be managed and monitored without compromising the security and integrity of the system.
Blockchain: The Propeller of the Fourth Industrial Revolution and Much More
As the world is moving towards the fourth industrial revolution, blockchain emerges not only as an enabling solution but also as a key driver for many pursuits. With built-in security, transparency, and a decentralized structure for better management of assets, information, and data, blockchain is one of the most promising tech trends for 2022.
So, while the world is gearing up to use the technology in various profitable ways, join the revolution by choosing a reliable partner!
Parangat.com offers highly reliable, scalable, and expert blockchain development and consulting services that will help you transform your blockchain project ideas into profitable businesses. With a team of brilliant experts and a rich experience spanning over decades, we have helped numerous businesses from multiple industries create successful blockchain systems.
To get started, please get in touch with our team, today!
