Despite the favorite conviction that blockchain technology is only 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 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 means no central data store or administrative functionality. Exactly why is it a benefit for an enterprise? Decentralization alongside transparency, gives each participant a way to view all recorded data, ensure its security and track important information.
Listed below are areas blockchain has entered and has proven that this technology is worth relying on.
Supply chain management, for example, is a major yet vulnerable the main workflow of numerous 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. Most importantly, each authorized member of the supply chain can track the item from producer to the consumer 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 today a food item’s provenance may 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, for instance, they can scan the QR code and get all the data about the item: from the farm location to the inspection certificates.
Healthcare is 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 once, 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 concerned 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 is also possible to perform crypto payments.
The next area is clearly related to cryptocurrency transactions. DeFi, short for decentralized finance, doesn’t only include simple assets transfer, but in addition identifies more complicated 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 opportunity to turn to P2P lending services and digital banking.
Social networking has potential to be suffering from blockchain as well. Along having 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.