Despite the belief that blockchain technology is designed only to make cryptocurrency transactions and win bitcoin, blockchain continues to exist in many areas of its life: social media, gaming, healthcare, real estate, and more. The technology aims to improve work efficiency, reduce business costs and improve the customer experience.
Blockchain can be described as a digitized database and refers to digital book technology (DLT), which does not imply central data storage or administrative functionality. Why is it an advantage for a company? Decentralization, along with transparency, allows each participant to view all recorded data, ensure security, and track important information.
Here are the areas that blockchain has already entered and has proven that it is worth relying on this technology.
Supply chain management, for example, is the weakest part of the workflow for many companies. The parties involved in the process often do not directly influence each other and still apply paper-based methods of collecting and storing information. Blockchain offers the complete elimination of paperwork: the flow of documents is automated, digital certification is also used. More importantly, each authorized member of the supply chain can track the product from the manufacturer to the consumer and avoid counterfeit distribution.
Some U.S. food giants that are reminiscent of food-borne disease outbreaks and more food have implemented blockchain technology in food supply chains. Previously, the tracking of a product was at least about 7 days, and these days the origin of the food can be identified in seconds.
In this way, blockchain solutions achieved a faster, more efficient and cost-saving process of recall. Meanwhile, customers have also had the adoption of the blockchain in their hypermarkets. Walmart stores in China, for example, can scan the QR code and get all the information about the product: from the farm location to inspection certificates.
Healthcare is a very safe and transparent way to store electronic health records (EHR) based on blockchain solutions. Both physicians and patients are allowed to access the records and use them when necessary. At the same time, blockchain solutions are provided through smart contracts that allow the protection of EHR data privacy. Health device data and clinical research are encrypted, insurance can also be run and stored. Another use case is prescription drug and equipment supply chain control.
E-commerce is increasingly demanding blockchain technology. Again, the supply chain is a key aspect here: controlling goods and managing supplies are often difficult tasks, but the blockchain helps businesses manage inventory more efficiently. Consumers who trust their money and data with e-commerce organizations are concerned about data security and transparency, but this problem can be solved with the development of the blockchain. Small changes in the transaction are also 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 actually related to cryptocurrency transactions. DeFi, a summary of decentralized financing, refers not only to simple transfer of assets, but also to more complex cases of financial use. Implementing the blockchain results in the exclusion of intermediaries and, as a result, reduces costs. All transactions are encrypted and immutable, making multi-step authentication mechanisms difficult for unauthorized members to access the system. Recent innovations include access to P2P lending services and digital banking.
Social media has the potential to be affected by blockchain. Along with worldwide popularity and the ability to connect people around the world, social media is still hurting account hacking, identity theft, and copyright infringement. To address these issues, blockchain provides copyright protection, digital identity verification, and unlicensed licensing.
Real estate, eGovernment, the gaming industry and many more have joined the wave of blockchain adoption. When your business chooses innovation, delegate the implementation of the technology to one of the blockchain companies that will develop a DLT proof of the future. With Blockchain, your business will change the rules of the game in your area.