Blockchain technology is becoming highly popular and revolutionizing different businesses. With the emergence of new cryptocurrencies, blockchain technology is showing its presence almost everywhere. The waves of cryptocurrencies have reached all the nooks and corners of the world that you will have at least one crypto investor in your contact list. However, several people are still unaware of how blockchain technology can be used in other industries.
Blockchain technology is a decentralized network that consists of nodes to connect various transactions. All these transactions will be linked in a ledger or chain, which is verified automatically by the nodes. The process is tamper-proof and complex. There are countless nodes to verify transactions. Therefore, blockchain transactions cannot be altered or faked. Thus, technology is a safe foundation that is ideal to build a business.
Here are some ideas that will help you to start a blockchain business.
- Grow and monitor customer loyalty
Brand loyalty has become highly competitive with several new options for the customers. Brands are looking for innovative ways to connect to their loyal customers. The companies that use blockchain-based customer loyalty make use of Artificial Intelligence (AI) to find out spending patterns and customers with high value. Foodservice, retail, as well as other industries use an incentive to employ these companies to make maximum profits.
- Exchange Loyalty Rewards
Smart customers are well aware of manipulating loyalty programs. Therefore, companies are not always successful in connecting with their loyal customers. Blockchain can be the solution here. It will help companies to easily target their potential customers. Several loyalty reward management programs by brands offer buy-in and allow customers to trade the rewards with each other. You can implement this business to carry out peer-to-peer transactions using reward programs from various companies and industries. The rewards can be traded until the blockchain can authenticate the validity.
- Online Advertising Space Trade
Artificial Intelligence has become popular in the advertising sector by predicting the preferences of customers. Without a good advertising space, it will be difficult for the companies to act according to those preferences. Blockchain companies that make use of AI to find the top advertising space quickly make the transaction to buy the space. To make it more effective, blockchain can be combined with AI for the trading of advertising space between several clients at a product launch or any other unexpected need.
- Single-Source Advertising
Many companies won’t be equipped with the budget to focus on a broad advertising net. Therefore, they will be targeting a smaller audience. These companies can make use of Single-Source advertising to avoid those disturbing banner ads along with focusing on a particular target audience.
- Luxury goods verification
Blockchain has a fixed nature which makes it ideal for verifying art, luxury goods, etc. Operating a blockchain authentication business uses the data provided by the manufacturer to record the time, date, as well as the serial number of the production. It can be helpful for the customers to know the legitimacy of their goods.