Despite the popular conviction that blockchain technology is only designed to enable cryptocurrency transactions and obtain bitcoins, the blockchain continues to penetrate it in many areas of life: social media, gaming, healthcare, real estate, and etc. The technology aims to improve work efficiency, reduce costs for businesses and improve the customer experience.
Blockchain can be defined as a digitalized database and it belongs to digital ledger technology (DLT), which means there is no central data store or management tool. Why is this an advantage for a business? Decentralization coupled with transparency, gives every participant the opportunity to see all recorded data, ensure its security and track important information.
These are areas that have already been blocked and this technology has been proven to be reliable.
For example, chain management is a key but weak part of the workflow of many companies. The parties involved in the process often do not interact directly with each other and even use paper-based methods to collect and store information. Blockchain offers complete elimination of paperwork: the flow of documents is made automatic, digital certification is also used. More importantly, every authorized member of the supply chain can track the product from the manufacturer to the consumer and prevent counterfeit distribution.
Many American retail giants have encountered food -initiated illnesses and are increasingly remembering food, implementing blockchain technology in their food supply chains. In the past, tracking a product took a seven-day minimum, and nowadays the identification of a food item can be detected in seconds.
Thus, blockchain solutions make the recall process faster, more efficient, and save cost. Meanwhile, customers are also experiencing blockchain adoption in their hypermarkets. For example, in China Walmart stores, 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 the field where blockchain-based solutions are establishing themselves as a more secure and transparent way to store electronic health records (EHR). Both physicians and patients received permission to access the records and use them as needed. At the same time, blockchain solutions are driven by smart contracts that are able to protect the privacy of EHR data. Encrypted health and clinical research device data, assurance can be enforced and stored as well. Another case in point is withholding prescription medications.
E-commerce is increasingly in need of blockchain technology. Again, the supply chain is an important aspect here: monitoring items and managing supplies are always challenging tasks but the blockchain helps businesses manage their inventory more effectively. Consumers who rely on their money and data in e-commerce unions are concerned about data security and transparency but this issue can be addressed in blockchain development. Even small transaction changes are obvious 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 actually has to do with cryptocurrency transactions. DeFi, short for decentralized finance, not only includes the simple transfer of assets, but also addresses more complex financial use cases. The implementation of the blockchain contributes to the non-intermediary and, as a result, reduces costs. All transactions are encrypted and non-transferable, a multi-step authentication mechanism that makes the system difficult to access for unauthorized members. Among today’s novelties is the opportunity to resort to P2P lending services and digital banking.
Social media has the potential to be affected by the blockchain as well. With its global popularity and the ability to connect with people around the world, social media is still dangerous for account hacking, identity leaks and copyright infringement. To address those issues, the blockchain offers author rights protection, digital verification and non -discriminatory licensing.
Homes and houses, eGovernance, gaming industry and others have joined the wave of blockchain adoption. Once your business has chosen innovation, entrust the implementation of the technology to one of the business blockchain companies that will develop a DLT future business policy for you. With blockchain, your business can change the rules of the game in your field.