There are numerous blockchain implementation opportunities that extend far beyond the financial industry. This is because the distributed ledger principle in blockchains lends itself well to any industry that requires a trustless and immutable storage system. Because multiple users (nodes) in a blockchain network have a copy of the database, its distributed nature makes it extremely secure and transparent. Every node collaborates with several other nodes to validate database changes, resulting in a system that is both transparent and secure. This feature has become too valuable to ignore, and many businesses and industries have begun to use blockchain technology for a variety of purposes. Here is a list of five real-world blockchain applications gaining traction.
Companies nowadays must move quickly and efficiently. Due to the rapid growth of manufacturing and increased demand for goods worldwide, goods must be transported from one end of the world to the other as quickly as possible.
The COVID-19 pandemic demonstrated clearly what can happen when the supply chain is disrupted. In some cases, it resulted in a product shortage that continues to this day. Supply management must be as quick and efficient as possible, and blockchain technology is one way to achieve this. Anyone can use blockchain to trace the path of a product from its origin to the customer’s door. The blockchain platform companies can be used by all parties involved in the supply chain journey to reduce time delays, additional costs, and human error. Furthermore, the absence of a central intermediary in the process significantly reduces the risks of fraud.
They say a country is only as strong as its voting system. While electronic voting has been the preferred method for some time, it is susceptible to attacks and breakdowns. A dependable voting infrastructure must be both secure and transparent so that everyone can verify the legitimacy of the voting process. And this is what blockchain has to offer.
The voting database will exist on the “chain” that millions of nodes will support concurrently using blockchain technology. And, because of a blockchain’s strong encryption and decentralization, the voting database will be incorruptible, and each voting record will be easily verifiable. Furthermore, no third parties or intermediaries are permitted to disrupt the network.
Customer loyalty has evolved into an important aspect of customer retention. People expect some sort of reward for sticking with a brand or product. The loyalty program industry is relatively new, but it has quickly grown in importance. Blockchain technology and cryptocurrencies have the potential to make the loyalty reward structure more accessible and user-friendly. Cryptocurrency can be an excellent reward. It harnesses the power of blockchain technology to provide faster transaction speeds via simple digital wallets. These wallets can be used to keep a customer’s rewards secure and immutable. Bitcoin transactions are not slowed down by centralized authorities who must approve all rewards. As a result, awarding rewards can be done instantly.
In the internet age, data ownership, particularly of works of art such as videos, music, and paintings, has become essential. Artists must be protected from entities that may misappropriate or claim ownership of content that does not belong to them. While third-party verification systems such as Google and Meta exist, they are not completely foolproof. This is where blockchain technology may come into play.
Digital copyright data can be stored in transparent and secure blockchain blocks. No third party would be able to claim ownership without demonstrating it on this transparent blockchain. Furthermore, non-fungible tokens use digital certificates to provide immutable ownership and allow artists to profit from their content even after it has changed hands multiple times.
Banks and financial institutions make loans to individuals and businesses in times of need; it is an important aspect of the financial industry. However, there are inefficiencies in the structure, such as lender biases when making loans, time-consuming KYC processes, and lengthy waiting periods. Blockchain technology has the potential to eliminate these inefficiencies. A middleman is required in the normal lending process to facilitate the loan, its approval, and disbursement. However, using blockchain smart contract technology, the process can be automated. A smart contract is a piece of code that executes itself when certain contract conditions are met.
Using smart contracts, the lender and seeker can agree on fair and feasible terms such as proof-of-funds and payment planning. These contracts will then validate and record transactions without the involvement of a bank or a middleman, resulting in faster loan verification and faster loan disbursement. These are just a few examples of what blockchain technology can accomplish. In reality, blockchain development has the potential to transform any system plagued by inefficiencies and human error. If a company believes that its system can benefit from blockchain technology’s distributed model, it most likely can.
We are all aware that time is money in any business. Every firm has numerous operational areas that conduct hundreds
Save my name, email, and website in this browser for the next time I comment.