Enterprise Blockchain Solutions: What can they do for your business?

Despite the popular belief that blockchain technology is designed only for conducting cryptocurrency transactions and earning bitcoins, blockchain continues its entry into many areas of life: social networks, gaming, healthcare, real estate and others. The technology aims to improve work efficiency, reduce costs for businesses and improve user experience.

Blockchain can be explained as a digitized database and belongs to digital ledger technology (DLT), which does not imply a central data store or administrative functionality. Why is it an advantage for the company? Decentralization with transparency gives every single participant the ability to see all recorded data, ensure its security and monitor important information.

Here are the areas where blockchain has already entered and proved that this technology is worth relying on.

Supply chain management, for example, is a major but vulnerable part of many companies’ workflows. The parties involved in the process often do not interact directly with each other and still use paper-based methods of collecting and storing information. Blockchain offers the complete elimination of paperwork: the flow of documents becomes automated, digital certification is also applied. More importantly, any authorized member of the supply chain can trace the product from producer to consumer and prevent the distribution of counterfeits.

Several US retail giants faced with foodborne illness outbreaks and further food recalls have implemented blockchain technology into their food supply chains. Previously, the tracking of one product took at least 7 days, and these days the origin of the food can be identified in a few seconds.

So, blockchain solutions have made the revocation process faster, more efficient and cost-effective. Meanwhile, customers have also experienced the adoption of blockchain in their hypermarkets. In Walmart’s Chinese stores, for example, they can scan a QR code and get all the information about the product: from the farm’s location to the inspection certificate.

Healthcare is a field where blockchain-based solutions have established themselves as a highly secure and transparent way of keeping electronic health records (EHRs). Both physicians and patients are empowered to access and use records when needed. At the same time, blockchain solutions are powered by smart contracts that enable EHR data privacy protection. Health device data and clinical research are encrypted, insurance can also be performed and stored. Another use case is supply chain control of prescription drugs and equipment.

E-commerce increasingly requires blockchain technology. Again, the supply chain is a key aspect here: tracking goods and managing inventory are often challenging tasks, but blockchain helps businesses manage their inventory more efficiently. Consumers who entrust their money and data to e-commerce organizations are concerned about data security and transparency, but this problem can be solved with the development of blockchain. Even small changes in a transaction are obvious on the blockchain, and tracking who made a mistake is no longer a problem. It is also possible to make crypto payments.

The next area is actually related to cryptocurrency transactions. DeFi, short for decentralized finance, does not only involve the simple transfer of funds, but also refers to more complex financial use cases. The implementation of blockchain contributes to the exclusion of intermediaries and, consequently, reduces costs. All transactions are encrypted and immutable, multi-step authentication mechanisms make the system difficult for unauthorized members to access. Among the novelties is the possibility to turn to P2P lending and digital banking services.

Social media also has the potential to be impacted by blockchain. Despite its global popularity and ability to connect people around the world, social media remains vulnerable to account hacking, identity leaks, and copyright infringement. To address these issues, blockchain offers copyright protection, digital identity verification, and impartial licensing.

Real estate, eGovernment, gaming industries and many others have joined the wave of blockchain adoption. Once your business chooses to innovate, delegate the implementation of the technology to one of the business blockchain companies that will develop a future-proof business DLT for you. With blockchain, your business will change the rules of the game in your field.