Despite the popular belief that blockchain technology is designed solely to perform cryptocurrency transactions and earn bitcoins, blockchain continues to penetrate many areas of life: social media, gaming, healthcare, Real estate and others. The technology is intended to increase work efficiency, reduce costs for businesses and improve the customer experience.
Blockchain can be defined as a digitized database and is related to Digital Ledger Technology (DLT), indicating that there is no central data store or administrative functionality. Why is this an advantage for an enterprise? In addition to transparency, decentralization gives each participant the opportunity to view all recorded data, ensure its security, and track important information.
These are areas where blockchain has already entered and proven that this technology is worth relying on.
For example, supply chain management is one of the weakest parts of many companies’ workflows. Parties involved in this process often do not communicate directly with each other and still apply paper-based methods of collecting and storing information. Blockchain offers a complete end to paperwork: the flow of documents is automated, digital certification is employed as well. More importantly, every authorized member of the supply chain can detect the product from the manufacturer to the consumer and prevent counterfeit distribution.
Numerous American retail giants who have experienced foodborne illness and more food allergies have implemented blockchain technology in their food supply chain. Previously, it took at least 7 days to detect any product, and these days the progress of food can be detected by a few seconds.
In this way, blockchain solutions make the retrieval process faster, more efficient and cost-effective. Meanwhile, consumers have also experimented with blockchain in their hypermarkets. In Walmart’s Chinese stores, for example, they can scan the QR code and get all the information about the product: from the location of the form to the inspection certificate.
Healthcare is an area where blockchain-based solutions have established themselves as the most secure and transparent way to keep an electronic health record (EHR). Both physicians and patients are allowed access to the records and use them when necessary. At the same time, blockchain solutions are powered by smart contracts that enable the protection of the privacy of EHR data. Healthcare tool data and clinical research are encrypted, and insurance can be processed and stored. Another issue of use is the supply chain of prescription drugs and supplies.
E-commerce requires increasingly blockchain technology. Again, the supply chain is an important aspect here: overseeing goods and managing supplies are often difficult tasks, but blockchain helps businesses handle inventory 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 with blockchain development. Even minor changes in transactions are evident on the blockchain, and keeping track of who made the mistake is no longer an issue. Crypto payments are also possible.
The next area is actually related to cryptocurrency transactions. Definitive, which is short for non-financial finance, involves not only the transfer of simple assets, but also the complexities of financial use. The implementation of blockchain helps to eliminate arbitration and as a result reduces costs. Encrypted and immovable, multi-step authentication of all transactions makes the system difficult for unauthorized members to access. Recent novels provide an opportunity to gravitate towards P2P lending services and digital banking.
Blockchain is also likely to be affected on social media. Along with its global popularity and ability to connect people around the world, social media is still at risk of account hacking, identity leaks and copyright infringement. To address these issues, Blockchain offers authors protection, digital identity verification and neutral licensing.
Real estate, eGovernance, gaming industries and many others have joined the wave of blockchain adoption. Once your business has a choice of innovation, entrust the implementation of technology to one. Enterprise Blockchain companies that will develop Proof Enterprise DLT for you in the future. With Blockchain, your business will change the rules of the game in your field.