Despite the most popular conviction that blockchain technology is only designed to perform cryptocurrency transactions and earn bitcoins, blockchain continues its entry into many aspects of life: social media marketing, gaming, healthcare, property, and others. The technology intends to enhance 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. How come it a benefit for an enterprise? Decentralization alongside transparency, gives every single participant an opportunity to view all recorded data, ensure its security and track important information.
Here are areas blockchain has already entered and has proven this technology may be worth relying on.
Supply chain management, for 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 each other 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 importantly, each authorized person in the supply chain can track the item from producer to the buyer and prevent counterfeit distribution.
Several American retail giants that encountered foodborne illnesses outbreaks and further food recalls, have implemented blockchain technology inside their food supply chains. Before, tracking one product took around 7 days minimum, and nowadays a food item’s provenance can be identified for a couple seconds.
Thus, blockchain solutions made the process of recall faster, better, and cost-saving. Meanwhile, customers also have experienced blockchain adoption inside their hypermarkets. In Walmart’s Chinese stores, for example, they are able to scan the QR code and get all the information 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 means 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 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 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 involved 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 a mistake is no problem anymore. It is also possible to perform crypto payments.
The following area is clearly linked to cryptocurrency transactions. DeFi, short for decentralized finance, doesn’t only include simple assets transfer, but also describes more complicated financial use cases. The implementation of blockchain contributes to intermediary exclusion and, consequently, reduces costs. All transactions are encrypted and immutable, multi-step authentication mechanisms make the device 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 afflicted with blockchain as well. Along with its global popularity and the ability to connect people around the globe, social media marketing remains 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.