Prelude
The digital data ecosystem has overturned. Untrammeled Security and Transparency reigns supreme solely with ‘The Blockchain Technology’.
(We claim the above statement along with Blockchain being a success for your business.)
However, When it comes to data security, no hacker can beat and break the limits stamped by Blockchain. No more data breach can break in your organization if you have a bullet proof jacket i.e ‘Blockchain’. Blockchain is at its full potential and Finance is not the only major pick. Businesses and entrepreneurs across the industries have come to accept its forte of security considering how it ushered in a range of genres.
If you are looking for a catalyzed innovative pool of security rules. Then, the investment surge along with the suite of use cases calls you to pitch in this Tech-advancement.
Data silos are virtual. And, so are the data thefts and tampering. Businesses across the genres are under constant quest to pan out wider levels of security. Be it health care, Real-estate or even the Energy Sector. The main reason behind the companies constantly running a race is not simply to rev up Security, Transparency and Decentralized Supervision. But, the customers have turned into tech heads and have dug their heels in.
Blockchain technology is brewing its command across the industries. Let’s see how.
What is Blockchain ?
After the mighty debut of Bitcoin, Cryptocurrencies and the heroic decentralized platform back in the day. There are a myriad of operability features that Blockchain has brought forward through its command line. Odds of someone not being aware of the core concept of Blockchain are slim and nearly impossible.
But, to put simply. Blockchain technology is the massive digital ledger technology (DLT) where information in the form of transactions, identities or any significant data is recorded and saved.
Blockchain Technology is a decentralized platform that companies and industries use to achieve a higher level of security, transparency, and supervision over their business processes.
Now that we have revisited the core functioning of Blockchain. It’s about time we browse in the mega facet of Blockchain. Cross-industry multi-faceted space of use cases.
So, let’s explore the use cases, big banks of perks and know how it keeps your business flying far from sinking to the paradox of the data threats. We need to see how Blockchain at the core can swap the train wreck of business processes dismantled by the data threats and data losses.
Cross-Industry Benefits of Blockchain
As a Distributed Ledger Technology, there are a number of benefits that a business can seep in through this stellar technology. More like Blockchain technology has opened up a lot of secured space for the companies to pan out its processes at a global front beyond its prominent features like Blockchain in supply chain.
Let’s pick up industry specific use cases that the businesses leverage. But, we will of course start with the prime user. You guessed it right, the Finance sector it is.
Use Cases of Blockchain in Finance
Tech and Innovation has been inseparable and the prime hub in this landscape has been the Fintech Industry. Naturally, Blockchain in finance which is a decentralized platform is coined as a DeFi.
Financial services are a camouflage of the economy which includes a number of intermediaries to reach down the funnel of transactions. Though, as it is easy to predict, finance attracts hacks and transaction fall outs faster than lightning these days. Entrepreneurs are under a constant quest to defeat the manual intermediary clashes and rightly so serve up stiff against the other challenges.
Blockchain in the Finance sector is basically a platform which is infused with smart contracts. A digital platform that accelerates seamless scalability while shrinking the costs for the businesses. Well, the attributes of Blockchain like operational boost, transparency and cost cutoffs is just like scratching the surface. There are a lot of gold nuggets to grab when it comes to Blockchain in finance or FinTech. Let’s unravel the same in this finance blog.
1. Cross-Country Transactions – No Third Party Intermediary
- Cross-border transactions are quite often these days. It’s compulsory for the business to provide a faster, seamless and a quick streamlined money transfer across the countries. Blockchain Networks who offer utmost security and seamless transfers is the main catch for the users these days.
- Where there are the regularized platforms like banks who charge a hefty amount on each cross-border transfer with basic security features. The Blockchain powered transfers are widely secured and cost efficient.
- Along with that, there are no ancillary services to be implied as manual documentation of cross-country transfer details, names and origin.
- The robust DeFi platform extensively serves the security, scalability, functional and operational ease in terms of documentation.
- So, as a blockchain DeFi facilitator you get all of this on an economical basis.
2. P2P Transactions- A Money Laundering Savior
- In this day and age where hacks and money transfer scams are rising lightning fast. There is no other way around for the businesses but to take matters in their own control.
- Tech-savvy space has opened up a myriad of opportunities for the hackers to pitch in. But, it has for sure pitched in a pyramid of roadblocks in the form of manual transaction glitches, security and time constraints for the business heads like you.
- Record-keeping is at the core of Blockchain technology and this is something that keeps the hackers and glitches at the bay.
- KYC- Know your customer. Verification and trust is the underlying stage for any transactions. And, with blockchain powered P2P transactions paves the way to secure trail of transactions for you.
3. Trade Finance & Fund Investment
- The immutable smart contracts are your ride or die when it comes to reliable investments.
- Blockchain removes all the current condition-precedents with regards to investing. It swaps off manual errors, transparency glitches and unauthorized access.
- You need to spare a thought on blockchain and accessing innovative security spins like never before.
4. Insurance & Lending Platforms
- Insurance market has a robust reliance on Blockchain Platforms.
- Record of claims, trusted transactions and no potential operational errors has been a digitally resilient platform panned out by blockchain.
- As a lending platform or for insurances there is no better way out for the banks or entrepreneurs but to implement Blockchain.
In a nutshell, there is a suite of services and benefits that Blockchain app development has to offer in the finance and banking industry. Besides these there are plenty more perks attached to blockchain in finance like efficient stock exchange features and transparent asset management. And, with a giant push to virtual currency in the country.
We have a recent E-rupee dive which is sure to augment the stage of digital currency and hence the blockchain. Now, is the right to incorporate Blockchain and have a competitive edge in the market space.
Now that we have explored the perks you can unlock in a fairly cost-effective manner if you are anywhere connected to finance as a business. It’s time we pay some heed on how the healthcare industry is thriving on a technological front.
Blockchain Use Cases in Healthcare
The healthcare ecosystem has been under a constant revolution by unraveling multiple use cases of blockchain. But, when it comes to use of blockchain in healthcare all it appears at the first thought in context to data security is the patient data and doctor’s credentials record keeping. However, there are many layers which require potential security and transparency and which is rightly seeked through Blockchain technology.
So, let’s dig into the use cases.
1. Clinical Trials
- It is unarguably evident that discovery and research is a constant thrive in the realm of the medical and healthcare industry.
- Transparency and access control are non-negotiable attributes considering the comprehensive nature of the entire clinical trial process.
- Blockchain in healthcare is a save for all those features. It is a single technology that serves in a multifarious ways and stems down on point results with optimum levels of security maintained.
- Along with that, it also relatively cuts the cost of conducting clinical trials while balancing the access permits and non-permits for the same.
- The potential of Blockchain use cases in this genre has attracted companies like IBM and you could be next. More like you should.
2. EHR Management
- Bygone are the days where patient data was manually formatted and stored.
- Now, with the tech innovations spiraling there have been real-time requirements like access control, transparency and security over the patient records.
- Also, It is obvious that patient data is extremely crucial and tampering with those is no less than a nightmare.
- But, then Blockchain has been a ride to rescue for a number of health care giants. Where using the Decentralized Digital Ledger technology has been a game changer.
- On top of that, it has in store what businesses in general look for. Saving costs. It is more like Blockchain in healthcare covers up for everything. No more manual management, no extra costs and not to forget the no brainer. Security, Access Control and Record Keeping at some unmatchable levels.
3. Supply-Chain Management
- We understand that counterfeiting of medicines can actually take a toll and dismantle a number of medical processes. But, then this is where Blockchain in supply chain comes to show.
- Right from the manufacturer dispatching the medical stock to the acceptance of the delivery, there is a lot that undergoes which could hamper the security.
- As a massive digital ledger and a technology that uses the best of security protocols. Also, there is no other way around then using Blockchain in supply chain management to map the entire process and revamp the supply chain.
4. Health Device Management
- When it comes to maintenance and usage analysis of the health devices, hospitals and medical centers in general tend to have loose ends.
- But, this is when there is no blockchain . With this stellar tech-application there is a protocol that is followed through this attribute of blockchain in healthcare. It helps in having robust interoperability and spot on transparency mechanisms.
Blockchain in healthcare as a hub of technology and innovative spins has the potential to revamp and re-define the entire chain of processes. Personal data management, cybersecurity to immutable and untamperable smart contracts. Over that, efficiency, security and transparency are some added picks.
Well, there’s a pack of perks for the pharmacies as well. Blockchain entails features on the decentralized Ledger that allows the pharmacists to analyze and keep a check on drug supply management and counterfeit drug supply.
This suggests that Blockchain is a huge pick for this sector. And, if you seem to have any nexus in the Healthcare industry. Well then in that case, this is your sign to grab the opportunity, invest in healthcare app development while saving a big chunk of bucks and ultimately serve the best of interest.
In which other Industries does Blockhain Serve in?
It is an undeniable fact that it started to earn the prominence it has now through its stellar breakthroughs like Cryptocurrencies and Non Fungible Tokens (NFTs).
Though, it is not a restrictive bar. It has an extensive potential to cater diverse industries. Blockchain is an opportunity facilitator for multiple genres like Blockchain in Supply Chain, Blockchain in real-estate and use cases of Blockchain in the energy sector. Let’s unravel the use cases that Blockchain pans out for other sectors.
| Supply Chain | Real-Estate | Energy Sector |
|---|---|---|
| Product Regulation - With traceability being Blockchain’s prime serves. The supply chain management of the product including the location notifications and product verification becomes the easiest with Blockchain as an underlying technology. | Titling Property - Titles can be registered on blockchain as NFT. And with the smart contract mechanism it is easier for the stakeholders to quickly fetch updates and directly join the management. | Peer to Peer Energy Trading - On the blockchain powered technology, energy trading becomes seamless. On the other hand, the entire energy grid becomes extra secure. |
| Cost-Efficiency - Blockchain as a technology has robust features which entails services in a cost-efficient manner. | Native Currencies - The native currencies available on the blockchain platform makes it easy to make massive payments on a real time basis. Now, this again allows fractional ownership, tokenization and global asset distribution. | Decentralised Energy Grid - With smart contracts tracking production and trading of Renewable energy credits (REC) is easy and quick. |
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Conclusion
Blockchain is the future of business. It is a mega disruptive technology for industries across the genres. A technology domain which dominates and lends a competitive upperhand to the business. Now is the time to get a custom blockchain app developed for your enterprise and rule over the market space. Contact a prominent blockchain development company and start your journey to blockchain success.
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