Blockchain technology has garnered clear attention not just of the enterprises but of consumers as well, and the credit goes to its environment, which brings benefits in abundance. However, not many of us know that Blockchain has got a role to play much beyond the cryptocurrency or financial industry. It has been on a constant run to change the working mechanism of various industries.
With this post let’s uncover some of the most prominent and emerging use cases of blockchain technology.
Supply chain management
The pandemic chaos has proven the worth of supply chain management with blockchain technology. It helped hospitals and vendors to keep a healthy pace of inventory management with this technology. It lets accurate, authenticated, and transparent transactions with predictable, pre-approved fees and full audit rights, to avoid any type of glitch to take place in between. Further due to the unchanging environment of this technology, ensures that not a single product or information passed through it faces any fraud.
Authentication for users
The blockchain technology has got a lot more to offer, it ensures to bring benefits to the distributed ledger, where it allows user authentication in digital channels to be handled. This would let businesses to have a trusted, tamper-proof distributed ledger, coupled with the verified credentials. It goes without saying but this can very well be utilized on any website, and service sector, giving a trusted and portable identity to users.
For an individual to handle passwords is a daunting task, and this nowhere eases down the road for the enterprises as well. The usage of passwords is at different business operations, and to keep a track and record on it, is another task added. With Blockchain technology it is expected that passwords would no longer be needed and data management will be tackled by this technology to bring ease.
Transparency in data management
Data is the biggest tool behind the success of any business, it contains sensitive and significant information that can make or break any business. Henceforth, it is very much needed for a business to understand the ways in which organizations organize and share their data. Everyone involved in the business operations can get hands-on information on data with Blockchain. It creates a platform, where every party involved can check cost, transaction, and inventory between competitors, suppliers, and customers. Letting a much stronger competitive market analysis without any unnecessary regulatory authority in between.
Electronic health records
The utilization of Blockchain technology in the medical sector seems a little surprising. But this is another use case of the Blockchain industry where this very technology would provide a helping hand to manage the health records. It is indeed a revolutionary step that would carve out greater immutability across data repositories, letting users leverage cross-boundary data sharing effortlessly.
Data sharing cross-industry
For a business to run and expand its operations, networking and data sharing are two significant factors. Although, cross-industry data sharing can be a concern, especially when a sensitive and large amount of data comes into the picture. In this context, Blockchain technology paves a secure and easy way for the businesses to cooperate with each other, and avoid any sort of discrepancies in the data transfer flow. In a general sense, it is a concern for enterprises to collaborate and control data efficiently. But this where Blockchain comes into the picture and eases down the woes. It helps different working divisions of an enterprise to work together to succeed. Further, it gives the option to keep data on-premises and avoid any type of fiddling with its sensitive information.
Immutable transparency for the music industry
From the heading itself it makes sense, what am is going to be discussed further. When it comes to talking about the benefit of blockchain technology and how it is disrupting different industries, it is hard to ignore the transparency it offers. Surprisingly, this is not just applicable to one particular industry or sector, but multiple, and the music industry is one of those. The music artists can make living without conflicting with the music companies for royalties. As Blockchain technology has brought transparency, where via one single source music artists can collect their money, and they can easily collect the deserving amount effortlessly.
E-commerce & Blockchain
E-commerce and Blockchain sounds a perfect combination, and the integration of this very technology will bring benefits that no one could have ever imagined. The eCommerce sector today has multiple ways to accept payments, however, with the inclusion of Blockchain this payment system would turn out to be faster, and unbiased.
Banking & finance
I think these two sectors are the prime benefit consumers of Blockchain technology. The transparency in data, money, information handling offered by Blockchain technology, will go to another level, where not just a few but every possible bank and financial body in the world will take the benefit out of it. In this run, decentralized finance would change the ecosystem of the financial application. Apps built on the blockchain network would grow and shift the custody of assets from banks to the app in a jiffy.
Food for thought
The evolving technology stack worldwide is promising a beautiful future filled with innovation and ease for the users. This post just offers a quick rundown of further insights, that suggests the ways blockchain would turn out to be in the different sectors and has a strong potential beyond the financial industry.
Indeed, these are predictions and there can be better chances for the technology to evolve at rapid-fire speed.