Despite the popular conviction that blockchain technology is designed to do cryptocurrency transactions and earn bitcoins, blockchain continues its entry into many areas of life: social networking, gaming, healthcare, real estate, and others. The technology intends to enhance work efficiency, cut costs for businesses and improve customer experience.
Blockchain may be explained as a digitalized database and it belongs to digital ledger technology (DLT), which suggests no central data store or administrative functionality. Exactly why is it an edge for an enterprise? Decentralization along side transparency, gives each participant an opportunity to view all recorded data, ensure its security and track important information.
Listed below are areas blockchain has recently entered and has proven that this technology may be worth relying on.
Supply chain management, for instance, is just a major yet vulnerable area of the workflow of several companies. Parties participating blockchain along the way often don’t interact with each other directly and still apply paper-based methods of information collection and storage. Blockchain offers complete elimination of paperwork: documents flow becomes automated, digital certification is employed as well. More importantly, each authorized person in the supply chain can track the item from the manufacturer to the consumer and prevent counterfeit distribution.
Several American retail giants that encountered foodborne illnesses outbreaks and further food recalls, have implemented blockchain technology in their food supply chains. Before, tracking one product took around 7 days minimum, and these days a food item’s provenance may be identified for some seconds.
Thus, blockchain solutions made the procedure of recall faster, more effective, and cost-saving. Meanwhile, customers have experienced blockchain adoption in their hypermarkets. In Walmart’s Chinese stores, for instance, they could scan the QR code and get all the information about the item: from the farm location to the inspection certificates.
Healthcare is the field where blockchain-based solutions have established themselves as a very secure and transparent means of keeping electronic health records (EHR). Both doctors and patients receive authorization to get into the records and utilize 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 may 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 in many cases are challenging tasks but blockchain helps businesses manage their inventory more efficiently. Consumers who trust their money and data to e-commerce organizations are involved about data security and transparency but this matter may 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 is also possible to do crypto payments.
Another area is clearly related to cryptocurrency transactions. DeFi, short for decentralized finance, doesn’t only include simple assets transfer, but in addition describes more complex financial use cases. The implementation of blockchain plays a role in intermediary exclusion and, consequently, reduces costs. All transactions are encrypted and immutable, multi-step authentication mechanisms make the device hard to get into for unauthorized members. Among recent novelties is the opportunity to turn to P2P lending services and digital banking.
Social media marketing has potential to be afflicted with blockchain as well. Along with its global popularity and the capability to connect people around the globe, social networking is still at risk of account hacking, identity leakage and copyright infringement. To tackle those issues, blockchain offers author rights protection, digital identity verification and unbiased licensing.