Despite the common belief that blockchain technology is only intended for transactions with cryptocurrency and bitcoin earnings, the blockchain continues to enter many areas of life: social networks, games, healthcare, real estate and others. The technology aims to increase work efficiency, reduce business costs and improve the customer experience.
Blockchain can be explained as a digital database, and it belongs to the digital book technology (DLT), which provides for the absence of a central data warehouse and administrative functions. Why is this an advantage for the enterprise? Decentralization along with transparency enables each participant to view all recorded data, ensure their security and track important information.
Here the blockchain industries have already entered and proved that this technology is to be relied upon.
For example, supply chain management is a major but vulnerable part of many companies ’workflows. The parties involved in the process often do not interact with each other directly and still use paper methods of collecting and storing information. Blockchain offers complete elimination of documents: the flow of documents becomes automated, digital certification is used. More importantly, each authorized member of the supply chain can track the product from manufacturer to consumer and prevent the spread of counterfeits.
Several U.S. retail giants, faced with outbreaks of foodborne illness and food recalls, have introduced blockchain technology into their food chains. Previously, tracking a single product took a minimum of 7 days, and these days the origin of the product can be determined in seconds.
Thus, blockchain solutions have made the recall process faster, more efficient and more cost-effective. Meanwhile, customers have also felt the acceptance of the blockchain in their hypermarkets. For example, in Walmart Chinese stores, they can scan a QR code and get all the information about the product: from the location of the farm to the certificates of inspection.
Healthcare is an area where blockchain-based solutions have proven to be a very secure and transparent way to maintain electronic health cards (EHR). Both doctors and patients are given permission to access the records and use them as needed. At the same time, blockchain solutions are backed by smart contracts that protect EHR data. Medical device data and clinical trials are encrypted, insurance can also be issued and stored. Another use case is prescription drugs and control of equipment supply chains.
E-commerce is increasingly requiring blockchain technology. Again, the supply chain is crucial here: product monitoring and supply management are often complex tasks, but the blockchain helps businesses manage their inventories more efficiently. Consumers who trust their money and data to e-commerce organizations are concerned about data security and transparency, but this issue can be addressed by developing a blockchain. Even small changes in the transaction are obvious on the blockchain, and tracking who made a mistake is no longer a problem. It is also possible to make crypto-payments.
The next area is actually related to cryptocurrency transactions. DeFi, abbreviated from decentralized financing, includes not only a simple transfer of assets, but also refers to more complex cases of financial use. The introduction of a blockchain helps to eliminate intermediaries and, consequently, reduces costs. All transactions are encrypted and unchanged, multi-stage authentication mechanisms make the system inaccessible to unauthorized participants. Among the latest innovations – the ability to turn to P2P lending services and digital banking.
Blockchain can also affect social networks. Along with its global popularity and ability to connect people around the world, social networks remain vulnerable to account hacking, identity leakage and copyright infringement. To address these issues, the blockchain offers copyright protection, digital identity verification, and unbiased licensing.
Real estate, e-government, the gaming industry and many more have joined the wave of blockchain adoption. Once your business chooses to innovate, delegate the technology to one of the corporate blockchain companies that will develop for you the future of the DLT enterprise. With a blockchain your business will change the rules of the game in your industry.