Despite the popular belief that blockchain technology is designed only to conduct cryptocurrency transactions and earn bitcoin, blockchain continues its entry into many areas of life: social networks, games, healthcare, real estate and others. The technology aims to improve work efficiency, reduce costs for businesses and improve the user experience.
Blockchain can be explained as a digitized database and belongs to digital book technology (DLT), which does not involve a central data warehouse or administrative functionality. Why is this an advantage for the company? Decentralization with transparency gives each participant the opportunity to see all recorded data, ensure their security and monitor important information.
Here’s an area that blockchain has already entered and proven to be worth relying on this technology.
Supply chain management, for example, is a major 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 methods of collecting and storing information. Blockchain offers complete elimination of paperwork: the flow of documents becomes automated, and digital certification is applied. More importantly, any authorized member of the supply chain can monitor the product from producer to consumer and prevent the distribution of counterfeits.
Several U.S. retail giants who have encountered epidemics of foodborne illness and further food withdrawals have implemented blockchain technology in their food supply chains. Previously, the tracking of one product lasted at least 7 days, and these days the origin of the food can be identified in a few seconds.
Thus, blockchain solutions have made the recall process faster, more efficient and economical. Meanwhile, customers have also experienced the adoption of blockchain in their hypermarkets. In Walmart’s Chinese stores, for example, they can scan a QR code and get all the information about the product: from the location of the farm to the inspection certificate.
Healthcare is a field in which blockchain-based solutions have established themselves as a highly secure and transparent way of keeping electronic health records (EHR). Both physicians and patients are authorized to access records and use them when necessary. At the same time, blockchain solutions are driven by smart contracts that enable the protection of the privacy of EHR data. Health device data and clinical trials are encrypted, insurance can also be executed and stored. Another case of use is the control of the supply chain of prescription drugs and equipment.
E-commerce is increasingly demanding blockchain technology. Again, the supply chain is a key aspect here: tracking goods and managing inventory are often challenging tasks, but blockchain helps companies manage their inventory more efficiently. Consumers who entrust their money and data to e-commerce organizations are concerned about data security and transparency, but this problem can be solved 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, short for decentralized finance, not only involves the simple transfer of funds, but also refers to more complex cases of financial use. The implementation of the blockchain contributes to the exclusion of intermediaries and, consequently, reduces costs. All transactions are encrypted and immutable, multi-step authentication mechanisms make the system difficult to access for unauthorized members. Among the newspapers is the opportunity to turn to P2P lending and digital banking services.
Social media also has the potential to be influenced by blockchain. Along with its global popularity and ability to connect people around the world, social media is still vulnerable to account hacking, identity leaks, and copyright infringement. To address these issues, blockchain offers copyright protection, digital identity verification, and impartial licensing.
Real estate, eGovernment, the gaming industry and many others have joined the wave of blockchain adoption. Once your business chooses to innovate, delegate the technology implementation to one of the business blockchain companies that will develop a business-resistant DLT for you. With blockchain, your business will change the rules of the game in your area.