We have passed the time when blockchain was used only in the form of cryptocurrency. Today, it is being used in a broader domain and it’s going to dominate in the coming future. As per the latest reports, it is expected that corporations will spend around $20 Billion on blockchain technical services by 2024. Industries like Healthcare, Insurance, IT, Finance, etc. have started implementing blockchain technology in their respective field to centralize the whole system. Blockchain has emerged as one of the most powerful technology ever which holds the accountability to make every data secure & decentralized into encrypted form without the need for any 3rd party involvement. In other words, it is used to send data in small segments “BLOCKS” which holds the complete set of information.
Now, you see how and why it has become the most trustable technology in our digital world today. There are still lots of doors that are yet to be opened. This article will drive you to observe and explore more about the blockchain and will surely help you if you want to become a blockchain developer. We have shortlisted the best 7 project ideas on blockchain that you can try on your own and enhance your skills on blockchain technology along with its application over different industries.
1. Renting Disk Space
Who doesn’t want to use cloud storage today? But the problem is they all are running on different servers. Well, here the idea is pretty simple to connect the whole system in a single loop. Many of us are well aware of different cloud storage providers (Google, Microsoft, Amazon, etc.) who are already dominating the market. With the help of blockchain technology, the whole system can be decentralized and can easily implement in today’s digital world. Let’s check out the actual working model of this project:
- This project can be useful to create a decentralized system for unused data space
- This model can work on a subscription-based structure
- It can work by distributing encrypted files in small chunks and data can be retrieved by the user when required
2. Voting System
As we are moving forward, blockchain is becoming unparalleled. In the past few years, it has started taking a new shape in different industries. When we talk about “Voting”, the very first thing that comes to mind is transparency and trust factor, and to handle such complexity platforms like Voatz has been introduced to minimize unethical activities. In this app, a user needs to go through a verification process via their mobile app and once their identity is verified by the backend, all the required information cannot be traced back to their origin which means whenever they’re choosing their voting candidate, their data is encrypted & secured and they remain anonymous. However, this project will offer more significance by offering:
- It can be deployed in the future time to promote transparency.
- The working model of this project will be a plus point in terms of cost-cutting
- This project will enhance end-to-end verification
3. Insurance
It’s completely wrong to assume that blockchain is just limited to financial transactions only. Many blockchain use cases have been introduced to date among which one is Smart Contract.
When we talk about Insurance, the first thing that clicks mind is claim & fraud. Regardless of paperwork and verification processes, a huge amount of data is to be traced and taken care of carefully. It becomes tough & challenging to tackle many unavoidable claims that Insurance companies are fighting and to cope with this apps like Lemonade, Guardtime, Etherisc, etc have been introduced with blockchain technology. This project will provide the following features:
- By offering this project, the whole model can work on automation and will enable cost-efficiency
- This project model mainly requires 4 modules i.e. INSURER, INSURED, 3rd Party API & Auditor
- The proposed framework is a peer-to-peer insurance model with a very low expected value of risk
4. Ads Campaign
Since blockchain technology is being used today by fintech and IT firms then why not in running ad campaigns? Similar to google ads & Facebook ads, this technology is being triggered with a handful of ad agencies who are helping in managing websites traffic. They offer highly SEO-optimized copy with solid messages and clear leads for conversions which eventually helps in getting more users for a profitable business. It helps in targeting the right audience with the right approach that suits users’ behavior.
In recent years, agencies like Ad Dragon is among one the first decentralized ad campaign platform that offers the user to promote their website via the P2P (pier to pier) model. It works just like other ad campaigns where a user creates their account and start with sponsored posts, banners, PR, etc. and offer both CPM & CPC model. The motive is to enable more transparency in use cases models of blockchain and implementing such kind of method in your project can be cheery on the cake. This project will also offer the following features:
- It eliminates any fraudulent activity and smart contracts only pay if a click has occurred
- With the help of this project and adding AI algorithms, matching content views as per the user’s interest can be an easy task
- This model can increase the ROI by up to 30% as compared to the current system.
5. Vendor Management
Generally, companies use centralized vendor management tools to manage all the procedures right from verification to onboarding. Here, blockchain can be implemented to secure such highly sensitive information and decentralized the whole data without the involvement of any middle party. Implementing this can also build trust among users and records can be managed on a singular platform.
In such kind of management, a smart contract can be highly efficient to track and manage every microtransaction activity. Some other insights regarding this project are:
- It will maintain the quality adherence in the system & will reduce the return ratio.
- This project will enable 4 major pillars AUTOMATION, STANDARDIZATION, VALUE, REAL-TIME TRACK.
- This project will guarantee the privacy of all the transactions and user handling
6. Money Transfer
The objective of using blockchain is to keep all records encrypted and transparent simultaneously and transferring money is the best use case so far. Many companies have already started blockchain technology in their ecosystem to deduce the middle man’s extra commission and reduce the risk. One of the most prominent reasons for using blockchain technology is also DLT (distributed ledger technology). Being decentralized and transparent makes it easy to track every small transaction because any records that are available to view cannot be altered and are highly secure from every aspect. It is believed that this sector going to expand more and grow by USD 5 Trillion by 2024. Currently, companies like Everex, a Singapore-based firm is actively involved in this technology and use P2P transaction with the help of Ethereum based token “Stablecoins”.
Such stability and transparency are required to make a great move today. However, while working on this project, it will give you the insight for:
- The transactions involved in this cryptography will save all the data and thus the user does not require to save any records
- It can help in the settlement of funds way quicker than the present system even in cross border transactions
- The user will not be required to go through the verification process every time while they are initiating any payment, due to the decentralized system, all the records are safely recorded in blocks which ensures its authentication.
7. Timelock
Everyone is well aware of the fact that the market isn’t stable all the time and keeps fluctuating every single second. There are many crucial events when a user takes a wrong decision and ends up selling their stocks/crypto/funds. To cope with that there are certain dapps like Zilliqa that work like a charm. It enables users to block and put a lock on their wallets on these time-sensitive moments and helps them to keep secure. It works on smart contract use case which allows user to resume their transaction only after the dedicated time slot is passed. So, next time a user is about to sell out their stock just because of a market crash, think like an innovator and a problem solver on how to protect them against those sentiments.
The time locker can be used to open users’ funds after their dedicated time which can last up to 20-30 years too and can be used as the best resource for saving emergency funds. As a blockchain developer, this can be one of the best ways to create dapps that can be easily noticed by top blockchain using companies and will help you gain vast knowledge in this technology, Being a crypto developer, you must understand what this project can offer you:
- The addition of special features called Sharding enables them to make small chunks of database and boost its scalability.
- It uses Scilla, a smart contract language that enables Zilliqa to maintain transparency and data can not be manipulated in any way.
As the technology is emerging, sooner the blockchain is going to dominate the whole industry and with we’re moving forward many sectors are jumping in blockchain technology and looking for the best blockchain developers. With the help of these handfuls of live projects, you can easily start working on it and once you gain strong hands in coding, you’re good to go and enter blockchain technology.
