Despite the popular conviction that blockchain technology is just designed to execute cryptocurrency transactions and earn bitcoins, blockchain continues its entry into many aspects of life: social networking, gaming, healthcare, property, and others. The technology intends to boost work efficiency, cut costs for businesses and improve customer experience.
Blockchain can be explained as a digitalized database and it belongs to digital ledger technology (DLT), which suggests no central data store or administrative functionality. How come it a plus for an enterprise? Decentralization along with transparency, gives every single participant a way to view all recorded data, ensure its security and track important information.
Listed here are areas blockchain has already entered and has proven that technology may be worth relying on.
Supply chain management, as an example, is just a major yet vulnerable area of the workflow of numerous companies. Parties participating blockchain along the way often don’t interact together directly and still apply paper-based ways of information collection and storage. Blockchain offers complete elimination of paperwork: documents flow becomes automated, digital certification is employed as well. More to the point, each authorized person in the supply chain can track the product from the manufacturer 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 these days a food item’s provenance can be identified for some seconds.
Thus, blockchain solutions made the process of recall faster, better, and cost-saving. Meanwhile, customers have experienced blockchain adoption within their hypermarkets. In Walmart’s Chinese stores, like, they are able to scan the QR code and get all the data about the product: from the farm location to the inspection certificates.
Healthcare could 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 access the records and use them when necessary. In the same time frame, blockchain solutions are powered by smart contracts which enable EHR data privacy protection. Healthcare device data and clinical research are encrypted, insurance can 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 worried about data security and transparency but this problem can be addressed with blockchain development. Even slight changes in transaction are obvious on a blockchain, and tracking who made a mistake is no hassle anymore. It can also be possible to execute crypto payments.
The next area is really linked to cryptocurrency transactions. DeFi, short for decentralized finance, doesn’t only include simple assets transfer, but additionally identifies more technical financial use cases. The implementation of blockchain plays a part in intermediary exclusion and, consequently, reduces costs. All transactions are encrypted and immutable, multi-step authentication mechanisms make the device hard to access for unauthorized members. Among recent novelties is the ability to show to P2P lending services and digital banking.
Social networking has potential to be suffering from blockchain as well. Along using its global popularity and the ability to connect people around the world, social networking 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.