New Business Project: Blockchain Technology for Secure Data Handling

This report presents a business idea centered around leveraging blockchain technology for efficient and secure data handling, aiming to mitigate risks associated with third-party attacks prevalent in traditional data management systems. The uniqueness of this business idea lies in its ability to enhance data security, provide transparent transaction histories, and minimize fraud, making it particularly beneficial for sectors like banking, automotive, food, and pharmaceuticals. The target demographic includes consumers aged 30-40 who are likely to utilize financial services underpinned by blockchain. The implementation requires resources such as cryptographic keys and peer-to-peer networks, with an estimated investment budget ranging from Euro 960.90 to Euro 4794.50, covering development and promotional activities. The feasibility of the idea hinges on selecting the right blockchain platform, fostering a supportive environment, adhering to legal requirements, and ensuring accessibility for users, making it a viable solution for modern data management challenges.

INTRODUCTION
 New business project and professional practice assists the
individual to work on project and apply their knowledge and
understanding to deliver the better outcome of project (Xie and
et.al 2019).
 Block chain technology refer to the immutable ledger which
facilitates the approach for recording the transactions and to
monitor the assets within the business network.
 Block chain helps in managing the data as it enables the firms to
digitize their existing records for maintaining them with the
secure and enhanced infrastructure.
 Following presentation is based on data handling and data sorting
through block chain technology.

BUSINESS IDEA
 Business idea is to take use of block chain
technology for managing and handling the data
that can help in reducing the risks of third party
attacks (Idrees and et.al 2021).
 Traditional methods were not able to handle and
sort the data as well there were potential risk of
cyber-attacks.

UNIQUENESS ABOUT BUSINESS IDEA
 This product idea is unique in every aspect as it helps in
increasing the security where the data is protected and
securely managed.
 With this firm can easily view their transaction history and
they can proceed to minimise and discard the possibilities of
any fraud (Weking and et.al 2020).
 Business strategy is the set of clear instructions and goals
which the businesses follows in their particular market
segment.
 This business idea is profitable for the banking sector with
this they can easily settle their transaction and can easily
monitors it.
 It is beneficial for automotive, food and pharmaceutical
sector as well for providing better healthcare, accounting,
security and public services.

TARGET CUSTOMER AND REASON FOR
THEIR SELECTION
 Demographic segment can be the major target consumer who
can benefited from the block chain based services, although
consumer that are age of between 30 and 40 are more likely
to avail ten finance services (Schinckus, 2020).
Resource and production
 For using the block chain and deploying it requires a source
of resources as cryptographic keys, peer to peer network that
consists of the shared ledger.
 Block chain engineer and other equipment’s. for developing
the block chain project for data handling it requires the sort of
capital for investment budget for this is Euro 960.90 to Euro
4794.50, it will also cover the cost for the promotion and
other essential activities to make the idea achievable.

TO ANALYSE THE BUSINESS IDEA AS
WHAT EXTENT IT IS WORKING AND
ACHIEVABLE
 For making this idea working, it also requires to select the
proper block chain platform and to create and ambiance which
supports the Block chain technology. it is also important to
examine the rules for the engagement and to navigate
uncertainty (Javaid and et.al 2021).
 For deploying the technology, it is important to do the legal
activities for avoiding any miserable situations.
 In this information remains unchanged and secured from any
cyber-attack additionally it helps in making it accessible for the
user.
 This business idea is achievable as it consists of all the
attributes and other aspects which is able to fulfil the
requirement of clients and other stakeholders.

REFERENCES
 Idrees, S.M. and et.al 2021. Security aspects of blockchain technology intended for
industrial applications. Electronics, 10(8), p.951.
 Javaid, M. and et.al 2021. Blockchain technology applications for Industry 4.0: A
literature-based review. Blockchain: Research and Applications, p.100027.
 Schinckus, C., 2020. The good, the bad and the ugly: An overview of the sustainability
of blockchain technology. Energy Research & Social Science, 69, p.101614.
 Singh, M. and Kim, S., 2018. Branch based blockchain technology in intelligent
vehicle. Computer Networks, 145, pp.219-231.
 Weking, J. and et.al 2020. The impact of blockchain technology on business models–a
taxonomy and archetypal patterns. Electronic Markets, 30(2), pp.285-305.