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Blockchain made its first appearance in the world of cryptocurrency in the financial sector and since then, this technology has never failed to amaze us. Over the past several years, the practical use cases of Blockchain technology tells us how various enterprises are using this technology to solve many real-world problems such as fraud, supply chain challenges, and food waste.
Blockchain technology provides a public ledger that is secure and traceable. This ledger benefits various industries across the world. Retailers, manufacturers, and supply chains are leveraging this technology to make their supply chains more efficient.
Benefits of Blockchain technology
According to a report by Deloitte’s 2018 survey, approximately 39 percent of the business executives all over the world stated that they would invest at least $5 million in blockchain technology next year.
From Healthcare to financial institutions, many industries and Blockchain app developers are leveraging the benefits of Blockchain technology. Want to know what these benefits are? Here is your answer:
1. Decentralization in the P2P network
In an enterprise, from compliance to communication, everything is expected to be done in a centralized way. Integrating the Blockchain architecture and mechanism in the business brings all the operations in a spill-proof system and also provides a transparent outline to the enterprise for its operations.
2. Better efficiency and speed
Involving third-parties and following the traditional methods can be time-consuming and prone to human errors. Automating the processes by adding Blockchain-based solutions helps to make the transactions faster and efficient. Blockchain’s single ledger technology helps in record-keeping and sharing it hassle-free among the participants.
3. Reduction in costs
Reducing costs is one of the major goals of most businesses. When Blockchain technology is integrated into the enterprise’s business operations, costs related to third-parties would be reduced. Also, the business doesn’t need to review the trade documentations much, as the Blockchain data is easily accessible to all.
4. Improved traceability
Blockchain stores all the information related to transactions on a public ledger which makes it easy to trace an item back to its origin. The recorded transactions help the business to track the journey of an asset. This benefit of Blockchain technology helps to prevent fraud.
Use-Cases for Blockchain technology
Blockchain technology has evolved from a currency model to a technology that helps the business to drive efficiencies. We have seen various benefits of Blockchain technology, and now you must want to look at the use-cases for the same.
Here are a few of them:
1. Coffee supply chain
Coffee is one of the most beloved drinks all over the world. From farm to the brewery, Blockchain technology helps us to trace and track the entire coffee supply chain. Moreover, Blockchain also enables fair trade by reducing middlemen and exporters. Hence, Blockchain rectifies the imbalances in the supply chain in the coffee industry through full transparency and traceability.
2. Healthcare Industry
From health data storage to clinical trials, there are myriad problems in the existing healthcare systems. Blockchain technology in the healthcare industry helps to store all the patient data on the digital ledger and allows rapid access. Blockchain technology also manages the pharma supply chains and makes them more transparent and traceable, thereby reducing counterfeit medications and frauds.
3. Financial Institutions
The traditional banking systems are time-consuming, expensive, and insecure. Blockchain disrupts commercial banking systems by providing P2P transaction systems that are highly secure and need lesser capital investments. This eliminates the need for a third party and stores all the information on the ledger that is unalterable and is available to all the stakeholders.
4. Real Estate Industry
When Blockchain technology is deployed in the real estate industry, the speed of the conveyance process increases, and fewer third-parties are involved. Blockchain technology also eases the documentation process for real estate agents. This increases the efficiency of the entire real estate industry.
Right from ending voter fraud to better data storage systems, Blockchain can bring many benefits to the way government operates. The traditional voting systems have lots of challenges for both government and the public. Blockchain technology presents a token-based platform such as a digital ballot box that makes the entire voting process less troublesome and authentic.
[Source: Business Insider Intelligence]
Blockchain is a game-changer for most of the industries all over the world. Transparency, visibility, and authenticity are some of the benefits presented by Blockchain, which increases the efficiency of many businesses.
Going through this blog, if you need assistance in developing a Blockchain-powered app development service, you can hire our blockchain developers.
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