Blockchain Business Solutions: What Can They Do For Your Business?

Despite the popular belief that blockchain technology is only designed to transact cryptocurrencies and earn bitcoins, blockchain continues to make its way into many areas of life: social media, gaming, healthcare, real estate, and others. The technology aims to improve work efficiency, reduce costs for businesses and improve the customer experience.

Blockchain can be explained as a digitized database and belongs to digital ledger technology (DLT), which implies that there is no central data storage and no administrative functionality. Why is it an advantage for a company? Decentralization coupled with transparency gives every participant the opportunity to view all recorded data, ensure its security, and track important information.

Here are areas where blockchain has already entered and has shown that this technology is worth relying on.

Supply chain management, for example, is an important but vulnerable part of many companies’ workflow. The parties involved in the process often do not interact with each other directly and continue to apply paper-based information collection and storage methods. Blockchain offers the complete elimination of paperwork: the flow of documents is automated and digital certification is also employed. More importantly, each authorized member of the supply chain can trace the product from manufacturer to consumer and prevent counterfeit distribution.

Several US retail giants that have encountered foodborne illness outbreaks and more food recalls have implemented blockchain technology in their food supply chains. Previously, the tracking of a product took around 7 days minimum, and today, the origin of a food can be identified in a few seconds.

Therefore, blockchain solutions made the recovery process faster, more efficient, and cheaper. Meanwhile, customers have also experienced blockchain adoption in their hypermarkets. In Walmart Chinese stores, for example, they can scan the QR code and get all the information about the product: from the location of the farm to the inspection certificates.

Healthcare is the field where blockchain-based solutions have established themselves as a highly secure and transparent way of maintaining electronic health records (EHRs). Both doctors and patients are authorized to access and use the records as needed. At the same time, blockchain solutions work with smart contracts that enable privacy protection of EHR data. Health care device data and clinical research is encrypted, secure can also be run and stored. Another use case is supply chain control for equipment and prescription drugs.

E-commerce increasingly requires blockchain technology. Once again, the supply chain is a crucial aspect here: tracking goods and managing supplies are often challenging tasks, but blockchain helps companies manage their inventory more efficiently. Consumers who entrust their money and data to e-commerce organizations are concerned about data security and transparency, but this issue can be addressed with the development of blockchain. Even small changes in the transaction are obvious on a blockchain, and tracking who made a mistake is no longer a problem. It is also possible to make crypto payments.

The next area is related to cryptocurrency transactions. DeFi, short for decentralized finance, not only includes the simple transfer of assets, but also refers to more complex financial use cases. The implementation of blockchain contributes to the exclusion of intermediaries and consequently reduces costs. All transactions are encrypted and immutable, multi-step authentication mechanisms make it difficult for unauthorized members to access the system. Among the recent developments is the opportunity to use P2P loan services and digital banking.

Social networks also have the potential to be affected by blockchain. In addition to its global popularity and ability to connect people from all over the world, social networks remain vulnerable to account hacking, identity leaks, and copyright infringement. To address those issues, blockchain offers copyright protection, digital identity verification, and unbiased licensing.

Real estate, e-government, gaming, and many other industries have joined the wave of blockchain adoption. Once your company chooses to innovate, delegate the implementation of the technology to one of the enterprise blockchain companies that will develop a future-proof enterprise DLT for you. With blockchain, your business will be a game changer in your field.

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