Despite the popular belief that blockchain technology is only intended for cryptocurrency transactions and bitcoin earnings, blockchain continues to enter many areas of life: social media, games, healthcare, real estate and more. The technology aims to improve work efficiency, reduce business costs and improve the customer experience.
Blockchain can be explained as a digitized database and belongs to the digital book (DLT) technology, which does not involve central data storage or administrative functionality. Why is this an advantage for the company? Decentralization, together with transparency, enables each individual participant to review all recorded data, ensure their security and keep track of important information.
Here are areas where blockchain has already entered and proven that this technology is worth relying on.
Supply chain management, for example, is a key but vulnerable part of many companies’ workflows. The parties involved in the process often do not interact directly and still apply paper methods to collect and store information. Blockchain offers complete elimination of document circulation: the flow of documents becomes automated, and digital certification is used. More importantly, any authorized member of the supply chain can trace the product from manufacturer to consumer and prevent the spread of counterfeits.
Several US retail giants, which have faced outbreaks of foodborne illness and additional food seizures, have implemented blockchain technology in their food supply chains. It took a minimum of about 7 days before a product was tracked, and these days the origin of a food can be identified in a matter of seconds.
In this way, blockchain solutions have made the seizure process faster, more efficient and cost-saving. Meanwhile, customers have also experienced the acceptance of blockchain in their hypermarkets. For example, in Walmart’s Chinese stores, they can scan the QR code and get all the product information: from the location of the farm to the verification certificates.
Healthcare is the area in which blockchain-based solutions have established themselves as an extremely secure and transparent way of keeping electronic health records (EHR). Both doctors and patients are given permission to access the records and use them when necessary. At the same time, blockchain solutions are fueled by smart contracts that protect the confidentiality of EHR data. Data on healthcare products and clinical trials are encrypted, insurance can be taken out and stored. Another use case is prescription drugs and control of the equipment supply chain.
E-commerce increasingly requires blockchain technology. Again, the supply chain is a key aspect here: monitoring goods and managing supplies are often challenging 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 problem can be solved with the development of a blockchain. Even slight changes in the transaction are obvious to 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 to decentralized financing, does not simply involve the transfer of assets, but also applies to more complex cases of financial use. The implementation of a blockchain contributes to the exclusion of intermediaries and therefore reduces costs. All transactions are encrypted and immutable, multi-stage authentication mechanisms make the system difficult to access for unauthorized members. Among the latest innovations is the opportunity to turn to P2P lending services and digital banking.
Social media can also be affected by the blockchain. Along with its global popularity and ability to connect people around the world, social media is still vulnerable to account hacking, identity expiration and copyright infringement. To address these issues, blockchain offers copyright protection, digital identity verification, and impartial licensing.
Real estate, e-government, the gaming industry and many others have joined the wave of blockchain acceptance. Once your business chooses to innovate, delegate the technology implementation to one of the corporate blockchain companies, which will develop for you a future DLT for enterprises. With blockchain, your business will change the rules of the game in your area.