Top 7 Blockchain App Ideas Bolstering the Business Growth in 2020
The global blockchain market is predicted to grow from $3.0 billion in 2020 to $39.7 billion by 2025, with a CAGR of 67.3% during 2020-2025 . The growing need for secured mobile applications, simplifying business operations, and smooth supply chain management applications are surging the deployment of blockchain technology in business applications.
Blockchain in simple words is a technology that offers secured and anonymous transactions. It creates true peer-to-peer secure transactions and has two main jobs-
Securing the data
Virtually recording transaction value.
For better understanding let’s discuss this with an example-
Earlier, the internet used to deal with intangibles, like for sending or receiving the mail or reading and distributing the articles, but nowadays, this modern internet works with assets, your valuable items that can be touched and protected. So, these assets are kept in an encoded form on a network-to-network chain i.e. Blockchain.
Blockchain has created a buzz since its introduction in 2009, the hype around blockchain has allured a plethora of industries to invest in various applications designed in the blockchain. Businesses across the globe are rooting in this ever-evolving technologies shift to transform their current business model into more transparent, secured, and reliable. `
Companies like SAP , IBM , Samsung , and Maersk have already explored a decentralized ledger system via blockchain technology.
So, today, in this blog, I am going to discuss the top 7 blockchain app ideas that will boost your business growth in 2021-
Ok! Then what are we waiting for! Let’s get started!
The Top 7 Blockchain App Ideas Bolstering the Business Growth in 2020
1) Decentralized Apps
DApps are digital programs and applications that run on a blockchain or peer-to-peer network of computers instead of a single computer. A DApp stores data in a decentralized database and leverages decentralized computing resources to work. It is one of the trendiest blockchain app ideas in the market.
Based on the blockchain platform, DApps are widely adopted by small and large businesses to trace and track goods as they move across the world and enable cross-border financial transactions without involving any middleman like a clearing house or the central bank.
Chainlink , PokerKing , LBank , and Crypto Kitties are some of the popular DApps in the market.
According to the Suicide Ventures report, in 2018, the number of active dApps reached 2.3k supported by 42k unique active users.
How does Blockchain work in DApps?
The benefits of blockchain-based DApps are:
Open source code
No central point of failure
Usage of internal currency