An overview of blockchain technology and its potential use cases in the enterprise business segment
Over the years, we have seen a surge in the popularity of Bitcoin and other cryptocurrencies, and Blockchain technology powers them.
Blockchain is set to become more and more user-friendly as it grows. Therefore, it is incumbent on you to become familiar with this emerging technology so you can prepare yourself for what lies ahead.
Despite its popularity, it is considered the technology limited to fueling Bitcoin. But there is more to it. It has many more potential use cases and has spread across the business verticals.
We have provided an overview of blockchain technology and some of its emerging applications across various industries, such as finance, business, government, and others.
Overview: Enterprise Blockchain Technology
Enterprise blockchains are sophisticated implementations of permissioned blockchain systems designed for optimizing and streamlining enterprise operations on a large scale.
The technology allows for the seamless settlement of payments across a global supply chain and keeps a ledger for the supply chain management.
Compared with public blockchain networks, such as Bitcoin, corporate entities prefer this approach to public blockchains since it allows for sensitive data to be viewed by only a limited number of authorized and pre-screened participants.
Blockchain Potential use cases across the business Verticals
Many potential uses for blockchain technology extend beyond the production of digital currencies; therefore, this cutting-edge technology has significantly contributed to the transformation of several industries.
Keep reading to have a glimpse of some of the most popular Blockchain technology applications categorized by industries and applications:
Supply Chain Management
The immutability of blockchain technology provides real-time tracking of goods throughout the supply chain as they move from place to place and change hands.
A blockchain can be very useful for companies transporting such goods as it opens up many possibilities.
Using blockchain development services, a supply chain can queue up entries and assign items to different containers after they arrive at the port.
Digital Media
Among the many challenges facing digital media companies, there are a variety of data privacy issues, intellectual property infringement, payment of royalties, and infringement of copyright, to name a few.
Blockchain technology in digital media infrastructure, whether for protecting intellectual property, maintaining data integrity, finding the right customers, or paying artists timely, can provide tremendous advantages for companies.
Real Estate
Homeowners sell their homes every five to seven years, and people move around nearly twelve times in their lifetime.
The real estate market is filled with frequent movement, so that blockchain could be helpful.
Through this system, we could speed up the sale of homes by providing faster verification of finances, reduce fraud by encrypting data, and offer transparency throughout the sale and purchase process.
Healthcare
It is advisable to store health data on blockchain that includes general demographic information such as age, gender, and potential essential medical histories such as immunization history and vital signs.
All this information can’t specifically identify anyone so a blockchain can store it without undue privacy concerns, and many people can access it.
In the near future, blockchain will be able to connect specialized connected medical devices that are increasingly available and linked to a person’s health records as they become increasingly connected to the internet.
Internet of Things (IoT)
This industry is expected to grow rapidly over the next ten years as billions of devices connect to the Internet of Things (IoT).
As for the number of devices in use globally by 2030, it is predicted that there will be 50 billion by that year.
In the future, this number is likely to increase due to the increased vulnerability hackers will have to exploit, as they can easily hack a connected device to compromise your data.
Incorporating Blockchain technology into IoT devices can significantly reduce the likelihood of data breaches.
Government
For those unaware of the wide range of applications blockchain can have for businesses and government organizations, the mere mention of it may need to be put in the right place.
Despite the different methods of storing data, the technology proves to be much more effective than conventional methods.
There are numerous ways in which nations and states can use enterprise blockchain to speed up administrative processes, reduce bureaucracy, and save money by integrating the technology.
Governments may use blockchain technology to create medical or social security systems that are accessible and easy to use by citizens.
Peer-to-Peer Transactions
A P2P payment service can be convenient, but it has some limitations. In some cases, transactions are restricted based on a user’s location. Some of these services charge a fee.
In addition, many of these services are vulnerable to cyber-attacks, which is not advantageous for customers disclosing personal financial information.
A blockchain could be an effective solution to these roadblocks.
Digital Media
Several challenges face digital media companies, including data privacy, intellectual property theft, royalty payments, and copyright infringements.
At present, Blockchain technology is used by companies in computer and network infrastructure to protect intellectual property, maintain data integrity, identify the correct customers, and ensure artists receive their royalties on time.
Conclusion
The popularity of blockchain will lead to its increasing importance in business and the maturity and development of this technology will be accelerated as businesses endorse and adopt it.
Hence, organizations should implement enterprise blockchain now rather than later to reap the rewards of this technology today and in the future.
