Apart from popular belief that Blockchain technology is only designed to carry out Cryptocurrency transactions and get Bitcoin, Blockchain continues entry into many areas of life: social media, games, health care, real estate, and others. This technology intends to improve work efficiency, cut costs for business and improve customer experience.
Blockchain can be explained as a digital database and it belongs to Digital Ledger Technology (DLT), which implies no central data storage or administrative function. Why is this an advantage for a company? Decentralization along with transparency, giving each participant the opportunity to see all recorded data, ensure security and track important information.
Here is the Blockchain area has entered and has proven that this technology is worth relying on.
Supply chain management, for example, is the main part but is vulnerable from many companies. Parties participating in the process often do not interact with each other directly and still apply the method of collecting and storing paper-based information. Blockchain offers full removal of documents: document flow becomes automatic, digital certification is also used. More importantly, each official member of the supply chain can track products from producers to consumers and prevent false distribution.
Some American retail giants who encounter food default disease and further food withdrawals have applied blockchain technology in their food supply chains. Previously, tracking one product takes around 7 days, and these days as long as food food can be identified for a few seconds.
Thus, the Blockchain solution makes the process remember faster, more efficient, and cost-effective. Meanwhile, customers also experience blockchain adoption on their hypermarkets. In Chinese shops Walmart, for example, they can scan the QR code and get all information about the product: from the location of the farm to an inspection certificate.
Health is a field where Blockchain-based solutions have established themselves as a very safe and transparent way to maintain electronic health records (EHR). Both doctors and patients receive authorization to access notes and use it if necessary. At the same time, the Blockchain solution is powered by a smart contract that allows EHR data privacy protection. Data on health care devices and encrypted clinical research, insurance can be executed and stored too. Other cases of use are prescription drugs and supply chain control equipment.
E-commerce increasingly requires blockchain technology. Again, the supply chain is an important aspect here: monitoring goods and managing supplies often challenging tasks but blockchains help businesses managing their inventory more efficiently. Consumers who believe in their money and data to e-commerce organizations worry about data security and transparency but this problem can be aimed at the development of blockchains. Even a little change in clear transactions on the blockchain, and tracking that makes mistakes is no longer a problem. It is also possible to make Crypto payments.
The next area is actually related to the Cryptocurrency transaction. Defi, shortens for decentralized finance, not only includes simple asset transfers, but also refers to more complex financial use cases. Blockchain implementation contributes to the exception of intermediaries and, consequently, reducing costs. All transactions encrypted and abcripherial, multi-step authentication mechanisms make the system difficult to access for unauthorized members. Among the new things recently this is an opportunity to switch to P2P loan services and digital banking.