Although blockchain technology is thought to be designed only for making cryptocurrency transactions and earning bitcoins, blockchain continues to permeate many areas of life: social media, gaming, healthcare, real estate, and more. Technology aims to improve work efficiency, reduce business costs and improve customer experience.
Blockchain can be described as a digitized database and refers to digital ledger technology (DLT), which does not involve a central data warehouse or administrative functionality. Why is it an advantage for a company? Decentralization combined with transparency allows all participants to see all recorded data, ensuring security and tracking important information.
Here are the areas where blockchain has already entered and proven that this technology is worth trusting.
Supply chain management, for example, is an important but vulnerable part of the workflow of many companies. The parties involved in the process often do not interact directly with each other and still apply paper-based information collection and storage methods. Blockchain offers a complete removal of paperwork: the flow of documents is automated, digital certificates are also used. More importantly, each authorized member of the supply chain can trace the product from manufacturer to consumer and prevent counterfeit distribution.
A number of American retail giants, which encountered more foodborne illness outbreaks and food recalls, have implemented blockchain technology in their food supply chains. Previously, it took at least 7 days to trace a product, and today the origin of a food item can be identified in a matter of seconds.
Thus, blockchain solutions made the recall process faster, more efficient and cost-saving. Meanwhile, customers have also experienced blockchain adoption 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 farm to the inspection certificates.
Healthcare is where blockchain-based solutions have established themselves as a highly secure and transparent way to maintain electronic health records (EHRs). Both doctors and patients receive permission to access and use records when needed. At the same time, blockchain solutions are powered by smart contracts that allow EHR data privacy protection. Health device data and clinical research are encrypted, insurance can also be made and stored. Another use case is drug prescription and equipment supply chain control.
E-commerce is increasingly demanding blockchain technology. Again, the supply chain is a crucial aspect here: tracking goods and managing supplies are often difficult tasks, but blockchain helps companies manage their inventory more efficiently. Consumers who trust e-commerce organizations with their money and data are concerned about data security and transparency, but this problem can be solved with blockchain development. Even small changes in transactions are evident in a blockchain, and tracking who made a mistake is no longer a problem. It is also possible to make crypto payments.
The next area is related to cryptocurrency transactions. DeFi, short for decentralized finance, does not include simple asset transfers, but also refers to more complex financial use cases. The implementation of blockchain helps in the exclusion of middlemen and thereby reduces costs. All transactions are encrypted and immutable, multi-step authentication mechanisms make it difficult for unauthorized members to access the system. Recent innovations include access to P2P lending services and digital banking.
Social media can also be impacted by blockchain. Despite its worldwide popularity and ability to connect people around the world, social networks are still vulnerable to account hacking, identity theft and copyright infringement. To address these issues, blockchain offers copyright protection, digital identity verification, and unbiased licensing.
Real estate, eGovernance, gaming industries and many others have joined the wave of blockchain adoption. When your company chooses to innovate, delegate the implementation of the technology to one of the blockchain companies that will develop a future enterprise DLT for you. With blockchain, your business will change the rules of the game in your field.