Despite the most popular conviction that blockchain technology is just designed to perform cryptocurrency transactions and earn bitcoins, blockchain continues its entry into many regions of life: social networking, gaming, healthcare, real estate, and others. The technology intends to boost 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 means no central data store or administrative functionality. Exactly why is it a plus for an enterprise? Decentralization along with transparency, gives each participant a chance 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, as an example, is just a major yet vulnerable part of the workflow of many companies. Parties participating blockchain in the process often don’t interact with one another 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 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 in their food supply chains. Before, tracking one product took around 7 days minimum, and today a food item’s provenance may be identified for a few seconds.
Thus, blockchain solutions made the procedure of recall faster, more effective, and cost-saving. Meanwhile, customers have also experienced blockchain adoption in their hypermarkets. In Walmart’s Chinese stores, for instance, they are able to 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 highly 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, 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 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 issue may be addressed with blockchain development. Even slight changes in transaction are obvious on a blockchain, and tracking who made a mistake is no problem anymore. It can also be possible to perform 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 describes 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 access for unauthorized members. Among recent novelties is the chance to turn to P2P lending services and digital banking.
Social networking has potential to be affected by blockchain as well. Along with its global popularity and the capacity 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.