Despite the popular conviction that blockchain technology is designed to execute cryptocurrency transactions and earn bitcoins, blockchain continues its entry into many areas of life: social media, gaming, healthcare, property, and others. The technology intends to improve work efficiency, cut costs for businesses and improve customer experience.
Blockchain could be explained as a digitalized database and it belongs to digital ledger technology (DLT), which implies no central data store or administrative functionality. How come it a benefit for an enterprise? Decentralization along side transparency, gives each participant a way to view all recorded data, ensure its security and track important information.
Listed here are areas blockchain has entered and has proven that technology is worth relying on.
Supply chain management, for instance, is just a major yet vulnerable area of the workflow of numerous companies. Parties participating blockchain in the process often don’t interact with one another directly and still apply paper-based types of information collection and storage. Blockchain offers complete elimination of paperwork: documents flow becomes automated, digital certification is employed as well. Most importantly, each authorized person in the supply chain can track the item from the maker to the buyer and prevent counterfeit distribution.
Several American retail giants that encountered foodborne illnesses outbreaks and further food recalls, have implemented blockchain technology within their food supply chains. Before, tracking one product took around 7 days minimum, and today a food item’s provenance could be identified for a few seconds.
Thus, blockchain solutions made the method of recall faster, more effective, and cost-saving. Meanwhile, customers have experienced blockchain adoption within their hypermarkets. In Walmart’s Chinese stores, for example, they could scan the QR code and get all the information about the item: from the farm location to the inspection certificates.
Healthcare may be the field where blockchain-based solutions have established themselves as a very secure and transparent method of keeping electronic health records (EHR). Both doctors and patients receive authorization to get into the records and use them when necessary. In the same time, blockchain solutions are powered by smart contracts which enable EHR data privacy protection. Healthcare device data and clinical research are encrypted, insurance could be executed and stored, too. Another use case is prescription medicines and equipment supply chain control.
E-commerce increasingly requires blockchain technology. Again, supply chain is an essential aspect here: monitoring goods and managing supplies tend to be challenging tasks but blockchain helps businesses manage their inventory more efficiently. Consumers who trust their money and data to e-commerce organizations are concerned about data security and transparency but this issue could be addressed with blockchain development. Even slight changes in transaction are obvious on a blockchain, and tracking who made an error is no hassle anymore. It can be possible to execute crypto payments.
Another area is clearly linked to cryptocurrency transactions. DeFi, short for decentralized finance, doesn’t only include simple assets transfer, but also refers to more complex financial use cases. The implementation of blockchain contributes to intermediary exclusion and, consequently, reduces costs. All transactions are encrypted and immutable, multi-step authentication mechanisms make the system hard to get into for unauthorized members. Among recent novelties is the ability to turn to P2P lending services and digital banking.
Social networking has potential to be afflicted with blockchain as well. Along using its global popularity and the ability to connect people all over the world, social media continues to be susceptible to account hacking, identity leakage and copyright infringement. To tackle those issues, blockchain offers author rights protection, digital identity verification and unbiased licensing.