Despite the popular belief that blockchain technology is designed solely to perform cryptocurrency transactions and earn bitcoin, blockchain enters various areas of life: social media, gaming, healthcare, real estate and others. The technology seeks to enhance work efficiency, increase cost for business and improve customer experience.
Blockchain can be defined as a digitized database and belongs to the digital laser technology (DLT), which does not imply any central data store or administrative functionality. Why is this an advantage for any enterprise? In addition to transparency, decentralization allows each individual participant to view all recorded data, ensure its security, and track important information.
These regions have already entered the blockchain here and have proven that this technology is worth relying on
For example, supply chain management is a major but weak part of the workflow of many organizations. The parties involved in the process often do not communicate directly with each other and still apply paper-based methods of collecting and storing information. Blockchain offers complete elimination of paperwork: document flow is automated, digital certificates are also employed. More importantly, each authorized member of the supply chain can track the product from the manufacturer to the customer and prevent counterfeit delivery.
Several American retail giants that faced an outbreak of foodborne illness and more food recovery have applied blockchain technology to their food supply chains. Previously, tracking a product took a minimum of days and the introduction of a food item on these days could be marked for a few seconds.
Thus, blockchain solutions make the recovery process faster, more efficient, and cost-effective. Meanwhile, customers have gained the experience of adopting blockchain in their hypermarkets. For example, in Walmart’s Chinese stores they can scan the QR code and get all the information about the product: inspection certificates from the farm location.
Healthcare is an area where blockchain-based solutions have established themselves as a highly secure and transparent way of keeping electronic health records (EHRs). Both the physician and the patient are allowed to access the records and use them as needed. At the same time, blockchain solutions are driven by smart contracts that enable EHR data privacy protection. Healthcare device data and clinical research are encrypted, insurance can also be executed and stored. Another is the use of prescription drugs and equipment supply chain control.
E-commerce needs increasingly blockchain technology. Again, supply chain is an important aspect here: monitoring products and delivering supplies is often a challenging task but blockchain helps businesses manage their inventory more efficiently. Customers in e-commerce companies who trust their money and data are concerned about data security and transparency but this problem can be addressed with the development of blockchain. Even the slightest change in transactions is evident in the blockchain, and tracking who did wrong is no longer a problem. Crypto payments are also possible.
The next area is actually related to cryptocurrency transactions. Short DFI for decentralized funds includes not only general asset transfers, but also more complex financial uses. Blockchain implementation contributes to the elimination of intermediaries and, as a result, reduces costs. All transactions are encrypted and unalterable, multi-step authentication methods make access to unauthorized members tighten the system. Recent innovations include P2P payment services and the opportunity to move back to digital banking.
Blockchain is also likely to be influenced through social media. In addition to its global popularity and ability to connect people around the world, social media is still at risk for account hacking, identity leaks and copyright infringement. To address these issues, blockchain provides author rights protection, digital identity verification, and neutral licensing.
Real estate, egocentrics, the gaming industry and many more have joined the wave of blockchain adoption. After choosing your business innovation, assign the technology implementation to one of the enterprise blockchain companies that will develop the future Proof Enterprise DLT for you. With blockchain, your business will change the rules of the game in your field.