Since it was first introduced, blockchain has really surpassed its original ambitions and ideas.
The design of the blockchain offers a lot of advantages and these advantages have already brought many disruptions in different industries. Blockchain-based startups have set the way for many use cases that go around the entire private and public sector services.
This is why we put up a list of five ways how the blockchain can be used in businesses.
Today’s global commerce is a lot bigger than it essentially was back in the day because of the ever-changing needs. This dynamic has created convoluted supply chains where the transparency between the suppliers is basically nonexistent. This is why for suppliers and logistics providers is essential to consider using blockchain technology.
This is exactly why blockchain is the perfect tool for the job. Using it you can create real-time tracking tools that are extremely useful to companies that have many supply chains. For example, Walmart has partnered with IBM to work on the Hyperledger Fabric blockchain so they could track food staples from the supplier to the final destination.
This method can also be very helpful in the pharmaceutical industry as well for easy tracking of the pill and the quality of the meds.
Transaction data is stored on the ledger. Blockchain-based businesses now have the best tools that are more capable to go over massive amounts of data. Many businesses are already using blockchain to use it for data storing and transparency in the storage systems.
With a blockchain prediction protocol, businesses can check all of the available public data and use it smartly for their own projects. Also, users can spend coins to gain access to the predictive capabilities of the data provider ecosystem.
Blockchain offers developers the opportunity to build decentralized applications that solve plenty of the problems that emerge today. Dapps offer a decentralized platform that has all of the benefits that the blockchain provides such as democratization, a trustless protocol based on consensus and peer-to-peer interactions.
One of the differences is, however, how the data is stored. With traditional apps, data is stored in one, centralized location. dApps store all of the data directly on the blockchain’s DLT. The possibility to build better-decentralized apps is vital for blockchain and all of the business that look to implement it. This way, companies can quickly reach the market with better and improved products.
The Internet of Things is one of the major supporters for better automation efforts. Ecosystems that are connected and can process and record interactions are a key element in building smarter cities and support the evolving autonomous vehicle revolution. Blockchain can help to build the infrastructure with the IoT capabilities.
Distributed ledger technology can keep a record of the huge amounts of data produced by the IoT systems transparently and in a trustless manner.
In the public sector, IoT devices can improve the infrastructure management and help elevate the municipal services such as taxes. For the private sector, blockchain-based IoT can improve logistics and warehouse tracking.
With the massive use of the internet, there has been a huge rise in identity theft and fraud. Back in 2017 more than 3 billion records were lost or stolen across the world. More than 70 percent of data breaches were related to identity theft alone. Improving security was not enough to prevent the attacks and threats. Thankfully, blockchain is here to solve all problems related to identity theft.
Blockchain can help improve identity verification by giving security a brand new dimension. For example, Civic’s Secure Identity Platform is designed for a multi-factor authentication without having to use passwords or usernames instead by using biometric information that is verified by the blockchain ledger.
Every user must go through an identity check where a verifiable user ID is created will be validated. Next up from here, organizations such as banks or governments can check up a certain user’s personal identifying information in an encrypted format.
The blockchain is actually the key to disrupting many industries and sectors around the world. Whether that being accessible data and predictive capabilities or even better educational tools, blockchain will bring transparency and revolutionary consensus-building.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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