10 ways to make money in 2023

Blockchain in business gives marketers the opportunity to keep track of customer information in real time

Blockchain in business: After the introduction of Bitcoin in 2009, blockchain was no longer theoretical for use in the real world. New trends and developments are constantly hitting the business world in recent years. Since then, organizations have been testing how they can make blockchain work for them too. Big name companies, government agencies and nonprofits are using blockchain to improve existing processes and enable new ones business models. Blockchain technology brings several benefits to businesses and introduces new ways to innovate existing business models while reducing costs, and more.

Several predictions have already been made about its potential:

• By the end of 2024, annual global data consumption on blockchain solutions will reach $19 billion, according to a prediction made by IDC.

• According to Gartner, blockchain technology will generate an annual business value of around 3.1 trillion USD by 2030. This clearly shows that blockchain-based systems will control 10-20% of the global financial infrastructure by the same year.

• According to Statista, revenue from blockchain technology will skyrocket in the coming years, surpassing $39 billion by 2025.

• According to a report by MARKETSANDMARKETS, blockchain is expected to emerge as the “blockchain of things”. The high adoption of blockchain-based Internet of Things (IoT) is estimated to increase the demand and generate a market of USD 2409 million by 2026.

Here are the top 10 ways to make money using Blockchain in Business:

1.Smart contracts

Smart contracts are programs with code that, when certain conditions are met, cause certain actions to be performed. This automated execution process ensures that everyone keeps their end of the bargain. Many smart contracts are enforceable in court like conventional contracts, so if a party cannot fulfill its obligations, there may be legal consequences.

2.Simple payment

Blockchain payment systems facilitate fast, secure, affordable and transparent payment processing services without the need for the involvement of financial institutions. This efficiency eliminates waiting periods for money transfers and processing fees from third parties. By removing the involvement of third parties and associated documents such as invoices and invoices, blockchain has also eased the cash flow in start-ups and establishments.

3.Supply Chain Management

Supply chain management is the management of the flow of goods and services and includes all processes that transform raw materials into final products. It involves active streamlining of the company’s supply-side activities in order to maximize customer value and achieve a competitive advantage in the market.

4.Better employment

Blockchain technology revolutionizing how recruitment agencies and employers view and evaluate potential candidates. Namely, with the level of security blockchain provides to users, it can be trusted to maintain the integrity of data, such as employment background or academic credentials. This means recruitment agencies and employers can trust that the data is being shared, and job candidates can share this information without fear of it being tampered with once verified.

5.Effective marketing campaigns

Focusing on blockchain in the corporate economy, the technology also enhances marketing campaigns. Blockchain business models allow marketers to keep track of customer information and customer behavior in real-time, helping them create effective campaigns and achieve higher ROI. One such example is Brave, which has built a browser that blocks ads. Although not new, it serves ads to its users which it sells to companies via its Basic Attention Tokens (BAT).

6.Robust security

Blockchain technology produces a structure of data with inherent security qualities. It is based on principles of cryptography, decentralization and consensus, which ensure trust in transactions.

7.Customer participation

There are many examples of blockchain technologies being used in a variety of industries with different applications. It is now used outside the finance and banking industry for voluntary contributions, voice networks, HR processes and more. Along with other technologies that benefit businesses, there are many possible customer interaction applications for blockchain.

8.Improved speed and high efficiency

Blockchain increases the trust, security, transparency and traceability of data shared across a business network – delivering cost savings with new efficiencies. Blockchain for business uses a shared and immutable ledger that can only be accessed by members with permission.

9.Financial management

Blockchain can streamline banking and lending services, reduce counterparty risk and reduce issuance and settlement times. It allows: Authenticated documentation and KYC/AML data, reduces operational risk and enables real-time verification of financial documents. There is no need to pay for any provider costs as blockchain has no legacy centralized actor. Additionally, less interaction is required when validating a transaction, further removing the need to spend money or time doing basic things. This is why Blockchain is important to business.

10.Timestamp documents

Timestamping is the process of wrapping metadata or other information into a block of an ongoing blockchain, which creates an immutable or immutable record associated with anything that comes after it in the chain. Think of it as satisfying a notary public function.