Blockchain is a relatively new technology. But as it gains momentum, more and more people are wandering if they could use blockchain in their business.
Blockchain is no longer just a dream of some estranged crypto enthusiasts. It is definitely going mainstream.
Being one of the most important innovations of the century, blockchain is the ultimate answer to the challenges of the digital era.
Privacy concerns are growing because plenty of sensitive data has to be managed carefully. And the rapidly developing Metaverse needs new solutions for privacy too.
Blockchain becomes a critical technology in many industries. Take banks, finance, security etc. These industries are adopting blockchain faster than any other technology out there.
But even you work in a different area there are vast possibilities for you to use blockchain in your business.
Let’s take a look at some of them.
Blockchain could help your business share records securely
If you are in healthcare or deal with personal finance and other kinds of sensitive data, blockchain might totally change the landscape of your business.
Ask yourself, how do you store sensitive data of your customers?
Do you still use those Excel or SQL datasheets with spontaneous backups somewhere in the cloud?
Traditional data-sharing methods leave patient records vulnerable to theft. But blockchain eliminates this risk by creating secure “blocks” of data that can only be accessed or changed with a key code.
It works exactly in the way records of cryptocurrency transactions are created. If you trust your money to this technology, why not trust other sensitive data? Why not use blockchain in your business?
As for medical records, blockchain can give you even more than that.
The patients are able to share their information with the providers they choose and add records to their health history.
Blockchain could support the supply chain of your business
If you are in manufacturing, then you must have a supply chain. And the supply chain must be, well, a pain in the ass.
The more complex products you manufacture, the more complex is your supply chain. Even smallest gadgets nowadays consist of dozens of components. Sometimes these components come from different countries around the globe.
If you produce clothes you might need different things coming from different suppliers. If you run a restaurant you might be buying meat from one place and fish from another.
This makes it very difficult for brands, no matter big or small, to know exactly where their products originate.
Often, this opens the door to illegal and unethical practices.
Companies have a hard time maintaining a record of products and locating those that get lost along the way.
And the blockchain might be a solution.
Many huge companies like Walmart, Amazon or Nestle are using blockchain in their business management already.
You can do it to.
There are solutions our there, some of them open source and absolutely free to use. You can use any of them to accurately manage your supply chain to monitor what goods are coming from where.
Blockchain is a perfect anti-fraud mechanism
If we dig a little bit into history we can find that blockchain was born to prevent fraud in banking.
Let me remind you how blockchain actually works.
Blockchain works by adding interconnected block of information one to another. These blocks form a chain that is impossible to breach.
All blocks are linked with cryptography which makes it unreal to changes old blocks. A decentralized network of blockchain has another feature that protects it from fraud.
It’s the decentralization itself. And this could by crucial for blockchain appliances in business.
Copies of principle data files are stored on multiple nodes of the network. You cannot change the data on one node without consensus reached by other nodes.
Simply put, one person cannot hack a database and make changes without anyone’s consent.
Nowadays the blockchain has spread to a lot wider field of implications.
Advertisers can control the effectiveness of their ads through blockchain networks. They pay in cryptocurrency and get the data about the impressions and engagements that cannot be corrupt or falsified.
A blockchain network can help advertisers can track their investments throughout the process.
Other potential field of using blockchain in business is accounting.
The technology can lighten the load for financial auditors, meaning they have more time to focus on anomalies.
Thanks to blockchain transparency, all transactions are clearly visible and easy to validate by auditors.
Blockchain in your business – key takeaways
- The blockchain technology has the potential to be of use in nearly every industry.
- It can solve your business’s greatest challenges, making it more secure, transparent and easily manageable.
Source: Forbes
