There is no doubt about the fact that blockchain development is going to be the future. This technology has evolved greatly in the past decade and is expected to reach a market cap of $39.7 billion by 2025. Whether it is simplifying the business process or formulating a supply chain management system, blockchain has become a one-stop solution for everything.
According to research, there are more than 37000 daily active blockchain app users. In addition, there are more than 2600 blockchain apps that are active in the market. The number may seem small as compared to other apps, but the blockchain app idea trend is fast catching up.
Businesses across the globe are rooting for blockchain as this technology has the potential to transform the market. It will make the current business models more secure, transparent, and reliable.
In this blog, we would have a detailed look at the upcoming blockchain app ideas that will make their impact in 2022. We would also take a look at the different sectors that these blockchain app ideas would impact. But before getting into the crux of blockchain app ideas, let us understand the basics of the technology.
Simplifying Blockchain technology?
Blockchain technology is known for its essential role in Bitcoin as it has the ability to maintain a decentralized transaction record. In Blockchain, the data is stored in small blocks in a digital format and spread among nodes of a computer network. The best part of Blockchain technology is that it ensures high security and transparency and generates trust among the users. Moreover, the data records remain secured as there is no need for any third-party inclusion.
What is the main purpose of Blockchain technology?
The basic structure of Blockchain technology is its USP which makes it different from a typical database. As mentioned earlier, here the information is stored in blocks. These series of blocks have their storage capacity which once filled are connected to other blocks. Thus, a chain is formed and the data stored is structured into tables.
Every block in the chain has a definite timestamp. Moreover, once the block memory is filled, it becomes an important part of the storage timeline.
Trending Blockchain app ideas that will make it big in 2022
After understanding the basics of Blockchain technology, it is time to look at the Blockchain app ideas. We have curated a list of app ideas that can be used in different sectors and integrated by businesses easily. Here we go!
1. Power Blockchain app ideas
Blockchain technology can help in reducing the bills, monitoring the overall power usage, and thus saving a lot of money. In addition, Blockchain is used in quick switching of suppliers as well. Along with reducing the bills, one of the better power Blockchain app ideas is to use it in solar power trading.
Nobody likes to charge a battery using electricity during peak hours. Thus, solar panels are fitted, which soak up the energy from the sun and then are used as a form of electricity. In the panel, the number of electrons generated is counted and then the total is written in Blockchain. Therefore, in this manner, the supply from the electrical energy company is skipped and solar power is traded.
Below are some benefits of the power of Blockchain app ideas:
- It can be highly used in regulatory reporting and compliance.
- The apps will assist end-to-end process and would help the energy sector companies to enhance their horizon.
- Because of digital ledger technology, all the data would be real-time, reliable, and safe.
- Blockchain-based energy apps have tremendous potential to improve the efficiency of the energy sector.
Leading Blockchain startups disrupting the energy space: MotionWerk, Lightency, FlexiDAO.
2. Digital identity-based Blockchain app ideas
The information about a person or data that is a built-in digital form on a computer system is digital identity. In today’s digitally connected world, the online identity is the simplest and fastest way to prove one's existence without bringing in the original documents.
Now with Blockchain, the digital identity becomes more secured, unified, interpretable, and a tamper-proof infrastructure. This Blockchain app idea is beneficial to business enterprises, IoT management systems, and of course the end-users.
Below are some of the most emphatic benefits of this Blockchain app idea:
- There is the ease of having a duplicate ID proof.
- Decentralized web identity management.
- Self-sovereign identity and non-custodial logic solution.
The importance of Blockchain in digital identity solutions is big. The market is predicted to reach a whopping number of $30.5 billion by 2024 and therefore it is necessary to make the digital identity-based apps stronger and secure.
Leading digital identity apps are Civic, uPort, and Bitnation.
3. Decentralized Blockchain-based apps
The decentralized apps in the Blockchain domain run on a business-to-business network. Moreover, the majority of the emerging fields such as cryptocurrency wallets and mining services are operating in this field.
In 2022, there are 36,909, 238 decentralized Blockchain-based app users in the world and therefore this Blockchain app idea is going to give maximum benefits to the enterprises.
Benefits of Blockchain-based decentralized apps (DApp):
- The transaction process is immutable and transparent. Therefore, the users can easily trust the data that is available.
- It is not easy to hack or steal data from a decentralized system.
- As the data is stored in small packages, there is no single point failure in the system. Therefore, these Blockchain app idea-based apps are resilient to attacks The entire operation of app development is cost effective and there is no need for a third party.
Leading examples of decentralized apps are Zeus Exchange, Cryptokami, Cognida, Cryptyk, and more.
4. Transportation and Logistics Blockchain-based apps
Whether it is order tracking, authentication, or transition, Blockchain offers superlative solutions in transportation and logistics. This Blockchain app idea is instrumental in simplifying the tracking of components that are used in trucks and other vehicles.
In addition, the Blockchain-based transportation and logistics apps will be more efficient in data management. It would have a decentralized digital ledger that would contain the information about logistics and is updated in real-time. The entire transportation process will become more efficient through this Blockchain-based public ledger system. Moreover, as the data would be in real-time, there would be less room for clerical errors.
Benefits of this Blockchain app idea in transportation and logistics:
- It reduces the transportation cost and makes document coordination streamlined.
- The data is authenticated, secured, and update in real-time.
- This Blockchain app idea enables refrigerated containers and takes care of sensitive pharmaceuticals.
- Easy approval and clearance process.
IBM, Samsung, Maersk, and more are the world’s leading supply chain management apps that have applied the Blockchain app idea and transformed their entire system.
5. Blockchain-based government voting apps
In a democracy, the process of voting is necessary. It ensures that the power of electing a government remains in the hands of the people and thus is an essential event for any state or central government.
But since voting happens to a larger extent, it is a tiring process that can be easily manipulated. Therefore, there is a need for voting apps that are based on Blockchain to rectify the entire process.
The Blockchain-based government voting apps are auditable and immutable and therefore can keep the data secured. Therefore, it will help in improving the transparency in the entire voting process and make it more trustable. Also, with improved transparency, the voters and the citizens too would have greater trust in the government’s process.
The data security offered by this Blockchain app idea is not possible to achieve with the traditional methods. Moreover, these apps would leave no loophole for any kind of fraud or manipulation.
Benefits of Blockchain-based government voting apps:
- These apps would render proper data integration.
- The voting platform would become more auditable and immutable.
- The users would be able to trust the anonymous ballots as the entire system becomes tamper-proof.
- The entire system is devoid of any kind of manipulation and renders better data integration.
The leading examples of government apps that have gone the Blockchain way are Voatz, Follow My Vote, and more.
6. Blockchain-based personal finance management app
Personal finance management is the need of the hour. As modern-day professionals are looking for multiple sources of income, and are investing their income in different sources such as stocks and crypto, they need finance management to add value to the entire process.
A personal finance management app powered by Blockchain is one of the finest Blockchain app ideas that would enhance your money management system. Therefore, whether it is a startup enterprise or an individual, personal finance management apps are superlative and would help you in making more informed decisions.
Now with Blockchain technology, it would become easier for these apps to form an easy connection with the banks and other accounts. Through the apps, the user can easily categorize their income and expenses on a real-time basis. Therefore, it would become simpler for them to track their financial activities and be proactive to manage them smartly.
Benefits of Blockchain-based personal finance management app:-
- It reduces the counterparty risks and enhances the overall security of the data.
- Better capital optimization for the users and instant settlement.
- Reduced reconciliations and error handlings.
- Improved traceability and transparency.
Leading Blockchain-based personal finance apps: Mint, AlbertAN.
7. Blockchain-based stock market application
There is no doubt about the fact that Blockchain-based apps can positively influence the future of the stock market. It can completely change the way it functions, making it more transparent, secure, and authentic. Through this Blockchain app idea, the business organizations can issue trade, issue, and register shares directly to the shareholders.
In present times, when a trade is done, the settlement process takes time due to the involvement of exchange houses, regulatory processes, and more. But with the implementation of the Blockchain app idea, the time of the settlement process would come to minutes from days. In addition, the transactions would be error-free and of improved quality. Therefore, the stock market Blockchain app idea would start a new trend and thus help in expanding the market’s overall horizon.
Benefits of Blockchain-based stock market application:-
- It enhances the overall mechanism and improves trust & interoperability.
- Automated post-trade events that reduce the chances of any loopholes or manipulation.
- Better fairness and transparency.
- The clearing and settlement process will not take much time.
- There would also be a mechanism for risk containment.
Leading Blockchain-based apps for the stock market: Gemini, Coinbase.
Blockchain technology is beneficial for individuals, startup enterprises, or even established firms. Therefore, it is necessary for entrepreneurs to explore the new Blockchain app ideas to escalate their business. One of the greatest qualities of Blockchain technology is that it can be used in any industry, irrespective of its size. Moreover, as it streamlines the data and keeps it secured, Blockchain is going to be a leading technology in 2022 and in times to come.
Moreover, it is necessary for business enterprises to hire the right Blockchain technology development partner to get the right results. We at Third Rock Techno are known for delivering the best-in-class Blockchain development services. We have a team of professional and experienced Blockchain developers that would go the extra mile to provide the best services to the clients.