4 Industries Leveraging Blockchain: Use Cases And Benefits
Blockchain technology has advanced significantly since the launch of cryptocurrency in 2008. Today, entrepreneurs in various industries have embraced its value and technological advantage, trying to appropriate it for advancing their competitive edge on the market. Besides, blockchain may open up new doors due to its dispersed and flexible nature, helping companies through transparency, privacy, and accountability improvements.
The flexibility and universality of blockchain solutions make it adaptable to various industries, including blockchain in telecom industry, government, finance, real estate, and many others. Thus, many industries are currently searching for methods to incorporate blockchain into their systems—from pharmaceuticals to telecom. Here we offer a comprehensive review of concrete business benefits you may expect from the introduction of blockchain and a series of blockchain use cases in specific industries.
The use of blockchain technology is not constrained to the trading of cryptocurrency. Because of its trustless nature, this technology may provide many advantages to companies in various ways.
1. Improved Efficiency
Blockchain eliminates the need for intermediaries in so many operations—like finance and telecom—due to its dynamic nature. In contrast to traditional telecom services, blockchain allows for quicker processes, enhanced collaboration, cost savings, and new profit streams.
2. Better Visibility
Blockchain adds an unparalleled degree of responsibility to financial systems and other companies, making each participant accountable. This transparency also ousts the possibility of fraud or data manipulation.
3. Robust Security
Blockchain is much more reliable than conventional record-keeping methods as every new record is encrypted and connected to the previous transaction. Furthermore, the unchangeable and immutable characteristics of blockchain protect it against tampering and hacking. It also has the unique property of smart contracts regulating nodes’ compliance with the transaction’s conditions, thus combining the security and anonymity features unique to blockchain.
4. Enhanced Traceability
Every time the exchange of commodities is recorded on a blockchain, the accounting system can track where the items originated from, thanks to the blockchain ledger. This mechanism may assist not just with security and scam prevention in exchange-related companies but also with verifying the validity of exchanged assets. Moreover, it may be used to monitor the supply chain from producer to distributor in sectors like pharmacology or foodstuffs or give indisputable evidence of property ownership in the art collectibles business.
Blockchain’s key features comprise transparency, efficiency, flexibility, and decentralization. These components may be used in various industries, resulting in a wide range of use cases. Here are the illustrative blockchain use cases for telecom, real estate, finance, and pharmacology.
Blockchain is a modern technology that has the potential to transform the telecom industry. Its primary benefits include eliminating fraud and human errors from the telecom processes via smart contract introduction, better identity management, easier SLA monitoring, and phone theft prevention. Some popular use cases include the launch of a blockchain telecom network by KT Corporation in South Korea and a partnership between US-based Sprint and Asian SoftBank and FarEasTone to create international blockchain-based telecom networks.
2. Real Estate
Blockchain allows the digitization of resources and financial components, thus improving shared ownership, worldwide market access, and transparency between stakeholders. Another sizable benefit is the possibility to tokenize assets. A vivid example of real estate blockchain is Imbrex – a startup project running on Ethereum.
Health information management and medical equipment monitoring will be made quicker, more practical, and safer with blockchain-based medical systems. Blockchain solutions may help enhance patient safety, speed up medical breakthroughs, and guarantee the legitimacy of medicines on the market across the world. Numerous blockchain projects are underway in this sector, including the Innovative Medicine Initiative (IMI) launched in the EU and the Exochain startup managing secure patient data storage.
Financial institutions are challenged by outdated operating procedures, delayed transaction settlements, a lack of accountability, and security flaws. Blockchain facilitates the effective digitalization of financial products, increasing cash flow, lowering capital expenditure, and lowering transaction costs. Thus, numerous use cases of Neobank launches (e.g., Insha or TMRW), CBDC projects, and trading platforms like Voltren or Marco Polo are gaining traction in the financial sector.
Blockchain is a modern technology that has the potential to revolutionize numerous industries. It can improve security while also providing new sources of revenue for forward-looking companies. Even though implementing blockchain may cause a variety of challenges, the tradeoff is still beneficial for businesses.
Hundreds of companies already use blockchain to avoid identity fraud and improve credibility, safety, and visibility, among other things. Besides, blockchain helps companies save money by removing the intermediaries from critical business processes. Thus, one can firmly say that blockchain is the future of business, and the tech advantages and strengths blockchain brings with it make it worth trying to achieve sizable business revenue growth and business process improvement.
Apps available at Google Play Store are the best bet for you to perform numerous tasks seamlessly. Here, Android app developers are working hard to offer you futuristic solutions in your device in the form of nifty apps. Using these smart apps, you can perform from all basic to advanced tasks effortlessly. In this article, […]
Blockchain being a nascent technology is there to disrupt the traditional IT ecosystem with some improved offerings. Here, people are curious to know, access and implement this widely effective technology to gain some amazing results. Likewise, any other new technology it has its own limitations and one of them is cost-effectiveness. Here, companies are supposed […]
What makes blockchain special? Well, you may need to dig deep to understand blockchain technology as a whole but as quick perusal, the sudden rise of cryptocurrencies have definitely increased the interest of common man into blockchain technology lately. At the heart of the surge in blockchain technology is simply the quest and interest surrounding […]
Smartphones while working as a mini computer helps you to perform numerous tasks seamlessly. Further, these nifty devices are used to store plenty of your data in compiled manner. Here, you store your pictures, favorite audio & music files, personal videos, important documents, and lot more. Though smartphones are more potent today still they are […]
Duplicate files accumulate as a digital junk on your device that not only occupies precious storage space but it also affects your device performance negatively. Duplicate files accumulate on your device due to various reasons like same file downloading for multiple times, data backup, file sharing via different apps, due to thumbnails and other reasons. […]
iPhone X was much touted device of 2017 with a lot of speculations and expectations. Hence, Apple has tried to put some amazing features to it like Face ID but everything wasn’t sorted when users started using this device. Here, various iPhone X problems have started occurring over time. In this article, we have discussed […]
Artificial Intelligence (AI) is a process of designing machines that have the ability to think in a certain way and react to the situation. Here, it is the intelligence of the machines which makes tasks easy for human. You may like it or not but AI could be used for anything say it for Google’s […]
Your powerful Windows computer may start crawling over time when not taken care of properly. Sluggish Windows performance is a common issue most users face after a period of time. The primary reasons behind it include a lot of junk files, obsolete apps & programs, virus issues, outdated software, outdated drivers, and more. While we […]
Lot is slated for 2018 when it comes to launch of new tech products. Here, users are waiting for new mobiles, laptops, smart TVs, smart watches, smart cars, audio & music systems, VRs, GPS devices, smart glasses and what not. Though 2017 alone have offered most advanced gadgets and gears still the wait is on […]
Duplicate contacts on any device cause a lot of trouble, as it not only increases contact search time, but it also occupies precious device resources. Here, identical contacts may accumulate due to various reasons like contacts sharing, contact backup, and other reasons. One possible way to find, delete and merge duplicate contacts is to use […]
Apple offers numerous effective security features built-in on every Mac to keep it safe from malware attacks or other cyber threats. These security features not only help you protect your system from various known & unknown cyber threats but it also helps you improve your system performance. In addition to these built-in features on your […]
The recent malware attacks around the world have made users more vigilant against this emerging threat. The best anti-malware software for Windows 10/8/7 offers an easy and secure way to keep your data safe in 2021. These advanced security tools work on smart algorithms to provide comprehensive protection against virus and malware threats. Best Anti-Malware […]
When smartphones are considered to be mini-computers that hold lot of your important data from pictures, videos to important documents, it sounds sensible to keep your smartphone device protected with all necessary features. Further, knowing the unimaginable value of data kept on your Android device, it becomes important to keep it safe from all possible […]
So, the Cryptocurrency is everywhere! Yeah! We are talking right and it is literally on boom! You can find people talking about this phenomenon all around you in the cab, school, college, office, informal chats and almost everywhere. No wonder it deserves the hype as it is not only much talked about topic but it […]
Ransomware isn’t a new threat to the cyber world as its traces goes back to more than a decade now. It has affected users around the world on mass level duping millions of dollars in ransom and causing a serious threat to data security. But what makes ransomware-as-a-service (RaaS) distribution model reprehensible is, it has […]