8 Ways to Use the Internet Computer Protocol (ICP) for Business in 2024

Blockchain has been slowly seeping into the world of traditional business, it can be hard to understand where or what to implement to gain the most out of it. The Internet Computer Protocol (ICP) is one such blockchain providing world use cases for businesses.

In this article, we will dive into eight compelling use cases of the Internet Computer Protocol in business, showcasing its potential across industries as varied as logistics, real estate, artificial intelligence, document storage, gaming, governance, treasury management, and website hosting. Each example will highlight how ICP's unique capabilities can solve real-world challenges, streamline processes, and create value in ways previously unimaginable.

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1. ICP in Logistics and Food Supply Chain

The logistics and food supply chain sector can greatly benefit from the Internet Computer Protocol (ICP). By utilizing ICP, companies can create a decentralized and transparent system for tracking the movement of goods from production to consumption. They can have a public dashboard, hosted on ICP, where everyone, from supplier, to buyer, authorities and even end-consumer can see all information related to a product. That information can be a QR code on the product itself.

ICP can hold original documents, timestamps, approval workflows, all in an open and robust way that only decentralized systems can provide. This can help reduce fraud, improve efficiency, and ensure the freshness and quality of food products. One such company implementing blockchain into logistics is TruMarket. Using blockchain, they are bringing transparency and traceability to the logistics industry.

The integration of ICP can also facilitate smart contracts for automatic payments and settlements, further streamlining the supply chain process.

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2. Enhancing Real Estate with ICP

The real estate sector, particularly in the realm of Real World Assets (RWA), can leverage ICP to enhance transparency and reduce transaction costs. Platforms like RentSpace are exploring the use of ICP for tokenizing property assets, enabling fractional ownership, and simplifying the process of buying, selling, and renting properties.

The blockchain's immutability ensures the security of property records, while smart contracts can automate various aspects of property management and transactions.

This allows for property owners to spread their investment risk, it also allows for service contractors, like cleaning and real estate agents to be onboarded and holding reputation in an open way. Providing more competition and better prices for the end user, the renter.

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3. Using ICP in Artificial Intelligence (AI)

ICP's ability to host complex applications on the blockchain opens up new possibilities for AI development. For instance, AI models can be deployed on the Internet Computer to generate images or perform other tasks directly on the blockchain or through APIs, like OpenAI, as demonstrated in this example. This not only enhances the security and privacy of AI operations but also allows for decentralized AI services that can be accessed from anywhere in the world.

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4.Document Management and Storage with ICP

Document management and storage are other areas in which ICP can significantly impact. With solutions like DocuTrack, businesses can store and manage their documents on a secure, decentralized platform. This ensures the integrity and confidentiality of important documents while also facilitating easy access and sharing among authorized users.

Another notable aspect of DocuTrack is its potential to facilitate compliance with regulatory requirements such as the General Data Protection Regulation (GDPR). DocuTrack helps organizations protect sensitive information and maintain compliance with data protection regulations by providing a decentralized and encrypted platform for document sharing.

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5. ICP in Gaming

The gaming industry can benefit from ICP's seamless integration capabilities and the ability to run games directly in a browser. By utilizing asset canisters on the front end and integrating with engines like Unity, Unreal Engine (WebGL), or Three.js, developers can create immersive gaming experiences that are easily accessible and do not require hefty downloads. The blockchain aspect of ICP also allows for transparent and secure in-game transactions and asset ownership. ICP also allows for community voting, like approving game changes, and for the game to outlive its original developers.

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6. ICP in Governance

Sectors that require a high degree of transparency and accountability, such as public administration or corporate governance, can use ICP to support their governance structures. The decentralized nature of the Internet Computer ensures that all actions are recorded transparently and cannot be altered, thereby enhancing trust and integrity in governance processes.

The Internet Computer also offers an ideal solution for decentralized autonomous organizations (DAOs) seeking a more powerful solution that can not only integrate with other blockchains, but also run API calls (with HTTP Outcalls) and run scheduled actions (with Timers), in a cost-effective and efficient way.

By leveraging the Internet Computer's unique capabilities, DAOs can implement on-chain voting mechanisms that are both affordable and capable of enforcing voting outcomes.

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7. Manage Treasuries with ICP

Across all sectors, treasury management can be improved using ICP. The protocol's ability to track funds and execute smart contracts allows for efficient and transparent management of financial resources. Additionally, ICP's multi-chain capabilities can serve as an aggregator for lending and borrowing, providing a unified platform for financial operations.

ICP's decentralized nature offers a level of security and resilience that traditional financial systems struggle to match. The distributed architecture of the blockchain minimizes the risk of centralized points of failure, ensuring that treasury operations can continue smoothly even in the face of disruptions.

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8. ICP in Website Hosting

Finally, ICP is an excellent choice for website hosting thanks to its cost-effectiveness and scalability. With the cost of a front-end canister being approximately $5 per year, hosting a website on the Internet Computer becomes highly affordable. Moreover, the decentralized nature of ICP ensures that websites are resilient to downtime and censorship, providing a reliable platform for online presence.

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Want to Re-imagine your Business with ICP? Join ICP Hub PT!

The Internet Computer Protocol (ICP) is gearing up to make a big impact on how businesses operate across various industries. Whether it's improving the transparency of supply chains, making real estate transactions easier, or hosting websites more reliably, ICP offers practical solutions that could change the game. This technology isn't just about high-tech innovation; it's about making real, everyday business operations smoother and more efficient.

Getting started in implementing blockchain into your business can be hard, luckily, the ICP Hub Portugal, situated in the heart of Lisbon, is the key to setting up. Tasked with fostering ICP adoption in the region and housing a community of developers and entrepreneurs, focused on driving real business efficiency using ICP, ICP Hub Portugal supports businesses and projects utilizing the blockchain with marketing, building support and capital raising. To get started on ICP, join the telegram channel today!

As ICP continues to develop, we expect to see even more creative ways businesses can use it. These advancements will likely solidify ICP’s role as a major player in the future of the internet and blockchain technologies. What makes ICP stand out is its commitment to security, transparency, and user-friendliness—qualities that every business can benefit from.

Looking forward, ICP is set to reshape not just how we do business but also how we interact with the digital world. It's an exciting time to explore what ICP can do for you.

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About the Internet Computer

The Internet Computer Protocol (ICP) is powered by its novel “Chain-Key Cryptography”, an advancement that allows it several advantages, such as increased speed, advanced smart contracts, and the ability to compute to scale without issue. It is thanks to these capabilities that Web3 services can run entirely on-chain and compete with traditional IT or Cloud services. Supporting the ICP mission are more than 200 world-renowned scientists and engineers specializing in cryptography, distributed systems, execution environments, programming languages, and more.