The year 2020 has officially come to an end, and this year was tough for all of us. Meanwhile, Blockchain arose as one of the most anticipat...
Most of the time, media floods us with buzzwords like Blockchain, Artificial Intelligence, Machine Learning, Augmented Reality, etc. However, the technology that is actually gaining popularity worldwide is Blockchain. While Blockchain and decentralized application (DApp) development are growing enormously, businesses are expecting more from their chosen enterprise Blockchain platforms in terms of performance, security, and ease of deployment. One such enterprise Blockchain platform is Corda.
It is an open-source Blockchain platform that enables businesses to transact directly using smart contracts, reducing transaction & record-keeping costs and streamlining business operations. It was initially designed in 2016 for all the financial sectors but in 2018, R3 launched Corda Enterprise, a commercial distribution of Corda designed for meeting all the demands of modern-day firms. Today, Corda enterprise is receiving tremendous traction with each passing day and finding its applications in various areas from finance to healthcare.
This blog post will give you a walk-through on some of the top Corda use cases and explain how it is best suited for solving critical pain points.
Health Management: Patient administration and record-keeping are the two major tasks that burden healthcare. The unique privacy model and smart contract capability of Corda can provide an efficient and secure platform for the verification of patient and provider identity. By facilitating the coordination of secure data among various parties in real-time and based on pre-agreed parameters, Corda could successfully solve healthcare’s data issue around reconciliation, collection, standardization, and reporting. Also, incorporating Corda in the healthcare industry could help medical insurers in managing huge chunks of data to design customized plans and policies, process & file claims adjudication, and insurer billings & claims settlement.
Credit Management: Corda can address the limitations of the credit system and boost financial inclusion by offering transparency, traceability, and security. From driving value to democratizing data, it has a lot of potential to improve the credit industry’s greatest challenges. Achieving a comprehensive view of a borrower’s credit capability and extensive verification requires evaluation and verification throughout the lending process. This is both costly and time-consuming when multiple credit bureaus exist in a country. Adopting Corda in the whole process of credit management could reduce the costs and complexities associated with data verification.
Property Investment: Corda can be used to create a network of nodes that would represent property investors, property owners, property fund managers, etc. in a combined connection. This shared ledger would allow each of the parties to manage their information and provide access to a real-time picture of the properties they owned along with their status. Moreover, Corda supports the concept of object serialization which means two independently created property investment networks could transfer assets between each other without having to rewrite any of the entities in their property databases.
Transportation Management: Corda incorporation in the transportation industry could improve the supply chain process and reduce inefficiencies to a greater extent. It empowers customers to view where the shipments and drivers are located in real-time. It provides accurate information about the amount of time a route takes which helps in creating an efficient route schedule. Moreover, it can also be used to reduce freight expenses by providing suggestions on how to use analytics that provides valuable information.
Corda for Hospitality: One of the most important benefits that Corda offer to the hospitality industry is security and stability. As you know that data under Blockchain is decentralized and easily traceable. Hence, the data can never go offline and neither it can be removed by a cyber-attack, which could be beneficial in dealing with transactions. Today, hotel owners are realizing that knowing the customers at a personal level is one of the best ways to stand out in the competition and using Corda could help them to take one step further in that direction.
While these were some use-cases that can help you convert your idea into a CorDapp as per your business requirements, there are many more that cover domains such as finance, real estate, banking, stock trading, etc. After the arrival of Corda enterprise, companies can now select a version of Corda as per their business needs regardless of their size, industry, and stage of development. The rise of Corda enterprise marks the new phase for the Blockchain industry that would allow businesses to build enterprise-grade applications using cutting-edge technology. As Blockchain is growing by leaps and bounds, we believe that Corda will emerge as a true market leader for various industries in the coming days.
Looking forward to adopting Corda to accelerate the growth of your business? Get in touch with us today at firstname.lastname@example.org. We are proficient in developing highly scalable and intuitive Corda Distributed Applications (CorDapps) that cater to a diverse set of industry verticals, including Real Estate, Banking, Insurance, Stock Trading, Legal, and more.