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

Despite the popular conviction that blockchain technology is only designed to make cryptocurrency transactions and earn bitcoins, the blockchain continues to make its way into many areas of life: social media, gaming, healthcare, real estate, and etc. The technology seeks to improve work efficiency, cut costs for businesses and improve the customer experience.

Blockchain can be defined as a digitalized database and it belongs to digital ledger technology (DLT), which means there is no central data store or administrative functionality. Why is this an advantage for a business? Decentralization combined with transparency, gives each participant and opportunity to view all recorded data, ensure its security and track important information.

Here are the areas where the blockchain has already entered and proven that this technology is worth trusting.

Supply chain management, for example, is a major but weak part of the workflow of many companies. The parties involved in the process often do not interact directly with each other and still apply paper methods to collect and store information. Blockchain offers complete removal of papers: the flow of documents can be automated, digital certification is also used. Above all, every authorized member of the supply chain can track the product from the manufacturer to the consumer and prevent counterfeit distribution.

Many American marketing giants who have encountered food -borne illnesses and increased food memory, are implementing blockchain technology into their food supply chains. In the past, tracking a product took a minimum of 7 days, and nowadays the origin of a food can be identified in seconds.

Thus, blockchain solutions make the recall process faster, more efficient, and cost -effective. Meanwhile, customers are also experiencing blockchain adoption in their hypermarkets. At Walmart’s Chinese stores, for example, they can scan the QR code and get all the information about the product: from the farm location to the inspection certificates.

Healthcare is the field where blockchain-based solutions are establishing themselves as a more secure and transparent way to store electronic health records (EHR). Physicians and patients will receive permission to access the records and use them as needed. At the same time, blockchain solutions are driven by intelligent contracts that allow the protection of the privacy of EHR data. Health care equipment and clinical research data is encrypted, insurance can also be enforced and stored. Another case of use is prescription drugs and control of the equipment supply chain.

E-commerce is especially in need of blockchain technology. Once again, the supply chain is an important aspect here: monitoring items and managing supplies are always challenging tasks but the blockchain can help businesses manage their inventory more efficiently. Consumers who rely on their money and data in e-commerce organizations are concerned about data security and transparency but this issue can be addressed with the development of the blockchain. Even the slightest change in transaction is obvious in a blockchain, and tracking who is at fault is no longer a problem. It is also possible to make crypto payments.

The next area actually has to do with cryptocurrency transactions. DeFi, short for decentralized finance, not only includes the simple transfer of assets, but also addresses more complex financial use cases. The implementation of the blockchain contributes to the mediation process and, thus, reduces the cost. All transactions are encrypted and non-modifiable, multi-step authentication mechanisms make the system difficult to access for unauthorized members. Among the recent innovations is the opportunity to resort to P2P lending services and digital banking.

Social media has the potential to be affected by the blockchain as well. With its global popularity and the ability to connect with people around the world, social media is still vulnerable to account hacking, identity leakage and copyright infringement. To resolve the issues, the blockchain offers author rights protection, digital identity verification and an impartial license.

Real estate, eGovernance, the gaming industry and many more have joined the wave of blockchain adoption. If your business chooses innovation, entrust the implementation of the technology to one of the business blockchain companies that will create a DLT that will be proven in the future business for you. With blockchain, your business will change the rules of the game in your field.