Despite the favorite conviction that blockchain technology is only designed to perform cryptocurrency transactions and earn bitcoins, blockchain continues its entry into many areas of life: social media marketing, gaming, healthcare, real estate, 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 implies no central data store or administrative functionality. Exactly why is it an advantage for an enterprise? Decentralization alongside transparency, gives each participant a chance to view all recorded data, ensure its security and track important information.
Listed here are areas blockchain has already entered and has proven that this technology may be worth relying on.
Supply chain management, for instance, is really a major yet vulnerable part of the workflow of several companies. Parties participating blockchain along the way often don’t interact together 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. More 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 these days a food item’s provenance can be identified for some seconds.
Thus, blockchain solutions made the process of recall faster, more effective, and cost-saving. Meanwhile, customers have experienced blockchain adoption within their hypermarkets. In Walmart’s Chinese stores, like, they could scan the QR code and get all the data 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 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 a crucial 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 worried about data security and transparency but this dilemma can 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 is also possible to perform crypto payments.
The following area is really linked to cryptocurrency transactions. DeFi, short for decentralized finance, doesn’t only include simple assets transfer, but also identifies more technical 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 system hard to get into for unauthorized members. Among recent novelties is the opportunity to turn to P2P lending services and digital banking.
Social media has potential to be affected by blockchain as well. Along using its global popularity and the ability to connect people all over the world, social media marketing 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.