Transforming Every Industry With The Future Of Business
Blockchain technology has innumerable business applications as it helps to streamline business processes. Today, businesses all over the world are eagerly adopting this technology to solve all of their problems. Blockchain could be the solution for any company looking for a smooth transaction. Businesses can achieve their objectives more efficiently and transparently while also lowering their operating costs. There is a lot of leeway when it comes to implementing its use cases.
Blockchain embraces various industries, solving pains with plausible solutions while creating gains. This technology is expected to grow at an exponential rate as we continue to think beyond borders. At a time when privacy and security are becoming increasingly important, blockchain has continued to redefine how we can manage and secure our transaction data.
Aren’t we living in an exciting time of innovation with blockchain use cases?
Platforms that are based on the blockchain protocol can allow for increased transparency with more efficiently organized data. Although the technology is widely available, it will take a significant amount of time for companies to really begin utilizing the power of blockchain in their ecosystems. In the meantime, businesses will benefit from exploring the potential use cases for blockchain and adapting them to their current technology architecture.
Read on to get the details in this article as I attempt to highlight the roster of challenges we face and the practical application of blockchain use cases across multiple business domains.
Goods tracking for both producers and consumers
With the rise of sustainability and transparency in today’s data-driven business world, blockchain provides a solution to give customers confidence in the product they purchase. And, with the help of this technology, it is now possible to track goods throughout the supply chain, from their origin to when they reach the consumer’s hands. This has made it easier for producers to keep track of what happens to their product and has contributed to a much leaner supply chain.
Overall, the supply chain can be made more efficient, benefiting all parties involved, from the producer to the consumer. Heineken, for example, has taken steps to implement blockchain in their supply chain and demonstrated this by demonstrating how scanning a QR code on a bottle can provide data about the environmental footprint of the bottle of beer.
Blockchain technology can make it easier to track product sales and adjust product distribution accordingly, reducing food waste. It can speed up the shipping process and waste less of a product’s shelf life in the supply chain.
Automotive industry
The automotive industry stands to benefit greatly from the use of blockchain, as new blockchain-based start-ups begin to build decentralized platforms to assist companies in selling new services to their customers. A vehicle’s full life history can be viewed at any time using blockchain, including other relevant data of used cars such as previous owners, maintenance history, and so on. This also makes vehicle data such as mileage and trip computer impossible to tamper with, assisting in more accurately defining the value of this vehicle.
Blockchain facilitates transaction execution and allows for real-time execution of agreements. In this case, users can safely monetize car trips and make payments for services such as tolls, parking lots, and electric charging points. This technology can also help to improve vehicle safety to a large extent, as second-hand owners can now receive information about malfunctions.
Tracking High-Value Luxury Goods
Because blockchain architectural ecosystems are transparent, any product tracked over the blockchain can be traced all the way back to the raw material. This use case is ideal for the luxury goods market because it provides customers with confidence in the authenticity and quality of the product. This also helps to reduce fraud because all goods can be traced while tracking items to determine whether they are stolen or not. Luxury brands such as Louis Vuitton and AURA are taking steps to incorporate this business use case. This is important for determining authenticity and whether goods are sourced ethically, especially when dealing with high-value items like gold.
Improving Healthcare Administration
Blockchain’s added security layer, privacy, and convenience make it an appealing technology in the healthcare industry. Patients can now have a new level of control over their data. Big props to this technology, and they can participate in exercises such as granting researchers access to specific parts of their data for a set period of time.
The transparency of the blockchain can also help reduce the prevalence of counterfeit drugs and hold medical practitioners accountable for incorrect drug prescriptions to patients, among other things.
Building Smart Products With The Use Of IoT
Blockchain has the potential to change how we interact with the IoT in the future as humans learn to think more broadly. Because blockchain-based platforms are based on peer-to-peer connections, they are much more efficient, and because IoT products are constantly in need of communication with one another, blockchain’s ability to update information in real time can help pave the way for building smarter products for our everyday lives, even creating smarter cities where roads can open and close lanes in real time to control traffic flow.
Finally, there is no business that is not influenced by technology, and blockchain is one of them. There is no doubt that this technology has presented us with an overall opportunity that will have a significant impact on our economy, as it will help reduce the time and cost associated with securely transacting information. The transparency provided by blockchain also contributes to increased trust between transacting parties, transforming every industry as the future of business.
