6 Benefits For Applying Blockchain To Any Industry
No matter what industry you’re in – global supply chains, financial services, healthcare, government, or any other industry – there is a need for blockchain. You heard right! Blockchain. What was once regarded as risky and questionable, blockchain is now being dabbled by innovators as a means to find ways to implement it in traditional business models.
While many industry leaders have already achieved significant changes in their business practices, others are still speculating about blockchain. In truth, many businesses are already seeing benefits, such as:
- Rise in efficiency
- More transparency
- Advanced security measures
- Smart traceability
- Safeguards data, AND
- Aid government institutions
In this article, we’ll talk about the 6 benefits that blockchain can bring to your industry:
Rise In Efficiency
“Since the nature of blockchain is decentralized, you don’t have to have a middleman in any process that you forego in your industry, such as payment processing and real estate,” says Henry Quincy, a business writer at PhD kingdom and Next Coursework. “Rather than rely on traditional financial services to get such tasks done, blockchain is able to bring you faster transactions by allowing P2P cross-border transfers with digital currencies. In addition, property management processes express more efficiency with a unified system of ownership records, along with smart contracts that can automatically find and validate tenant-landlord agreements.”
With blockchain, transactions are more transparent than ever before. Since blockchain is a distributed ledger, all network participants can have access to the same documentation, versus having to have individual copies for everyone involved. With the shared version, people can agree upon it, and it can be updated through consensus. By having all participants involved with the shared version, nothing is hidden from those who have permissioned access.
Advanced Security Measures
Blockchain also takes security seriously. Outperforming even the most recent record-keeping systems to date, blockchain is more secure than the former. As mentioned before, a task must be agreed upon by participants with permissioned access before something is recorded – that includes transactions. Once a transaction is approved by the authorized people involved, the data is encrypted and linked to that of the previous transaction. This, along with storing information across a network of computers instead of on one server, makes it hard for hackers to go in and compromise the transaction data, thus preventing fraud and unauthorized activity from cybercriminals.
Traceability is now made easier and smarter than ever before. Every time a goods exchange is recorded on a Blockchain ledger, an audit trail will appear, and then trace where the goods came from. Not only does blockchain improve security and prevent fraud when it comes to exchanging goods, but it also helps verify the authenticity of said traded assets. This is especially beneficial for industries like medicine, because blockchain can track the supply chain from manufacturer to distributer to ensure that patients get the medical aids that they need.
Now more than ever, businesses of all industries need to safeguard their data – that’s where blockchain comes in! For example, hospital and healthcare centers need to be able to pull up patient data in a timely manner, and be able to present it to the right people. And, with blockchain, officials can utilize digital signatures to access authorized data regularly to better serve patients.
In short, blockchain can improve the availability and maintenance of patients’ health records, while having authorized personnel be more involved in the process, so that no fraudulent activities happen during that time.
Aids Government Institutions
Finally, places like government institutions need the most protection against fraud and cyber-attacks. Therefore, blockchain technology is used to help validate information in core databases. Since blockchain can help other industries to safeguard data, why not governmental entities? Plus, that same data from governments can be transferred safely when needed. In essence, blockchain acts as a check-and-balance system to ensure governmental transparency.
So, you see, blockchain has, in no doubt, changed how industries keep, transfer, and use data to the best of their abilities without worrying about fraudulent parties wanting to compromise it. In fact, blockchain possesses various possibilities that could enhance the data infrastructure of all kinds of industries.
No longer is blockchain considered “disruptive” and “questionable.” When it comes to better service, confidentiality, and data security, blockchain is the future for all industries.
Michael Dehoyos is a writer and editor at Academic Brits. As a content marketer, he helps companies evaluate and improve their marketing strategies and concepts. And, as a lifestyle blogger, he writes about the latest trends in remote work and entrepreneurship.