Posted On : 7th July, 2021 by Mit Shah
Blockchain is a buzzing word in the tech arena that is visible in many facets of our life including gaming, real estate, the energy sector, healthcare, social media, and more.
Basically, blockchain technology was intended to earn bitcoins and cryptocurrency transactions, but now it has a vast presence in almost every sector. It improves work efficiency and productivity in businesses, enhances customer experiences, and decreases operational costs.
However, what is Blockchain actually? Let’s see in details:
What is Blockchain?
Blockchain is one of the fastest-growing immersive technologies which records and saves transactions to a digital ledger where these transactions can’t be altered or reformed easily. Such type of information is linked using cryptocurrency. The information on a blockchain is open to the public and certifiable.
Blockchain can also be termed a digital database that links to digital ledger technology (DLT), which tends no administrative functionality or central data store.
In simple words, blockchain technology can be defined as a kind of data distribution structure and algorithm for managing digital currency without any hands of centralized administration.
Blockchain is decentralized, which tends to be easily shared with all connected computers on a network.
So why is it beneficial for an enterprise?
It also offers transparency, provides every information to all people connected on the same network to view all stored data, track vital information and ensure data security.
Functioning of Blockchain
Blockchain has emerged as a new kind of internet space. With a strong backbone and technology advancement, it performs as a platform that enables enterprises to transit digital information and digital cash without any risk of a copy.
Initiated to support Bitcoin, now Blockchain has shown huge potential in different technology sectors and businesses. Technologists across the world have found big uses of this technology in the present business world. Hence to get a competitive advantage, you should hire a Blockchain developer.
There are lots of proven benefits of Blockchain technology. Know here how Blockchain solution assists enterprises:
Supply Chain Management
Don’t you think that supply chain management is one of the most vulnerable parts of an enterprise? But it is still true. People involved in this process generally don’t meet and interact with each other directly and use a paper-based system of requirement gathering and information collection.
Here, Blockchain offers a completely paperless system, automates the workflow of documents, and digitally certifies them. In this way, every people in supply chain management can easily track product information and progress. In addition, it offers a clear transparency approach and prevents counterfeit distribution.
Many retail giants in America that encountered issues in their food supply chain, which was traditional in nature, have implemented blockchain technology in their enterprises to improve food supply chains.
Therefore, before Blockchain, the food tracking took 7 days minimum, and after blockchain implementation, it takes a few seconds to track it.
We can say that this immersive technology has made the supply chain process faster, cost-saving, and more efficient. It not just assists enterprises but also improves customer service.
For example, in Walmart’s Chinese stores, customers can check all product information from its farm location to its certificates just by scanning the QR codes.
It is one of the biggest fields where Blockchain has given lots of positive impacts. With a transparent and highly secure way of keeping electronic health records (EHR), blockchain-based solutions have offered tremendous benefits to enterprises.
Both doctors and patients can access the records with the authorization codes. On the other hand, blockchain solutions ensure data security with smart contracts. Clinical research data and healthcare devices are encrypted, insurance and safety can be stored and implemented, too.
Another segment of healthcare is equipment supply chain control and medicine prescription. Hire best blockchain developer India to improve the supply chain in your health sector enterprise and assist both doctors and patients simultaneously.
The E-commerce industry is a huge segment. It is a trillion-dollar industry and adopting blockchain technology quickly. Monitoring goods and handling the supplies are big challenges of the eCommerce industry.
However, Blockchain is here to take responsibility and manage the inventory more effectively. As a result, customers can trust eCommerce enterprises. Blockchain empowers eCommerce industries with a more transparent and data security system.
Additionally, minor changes in transactions don’t affect the system, and tracking does not remain a big issue anymore. It also enables crypto payments in your eCommerce business.
Literally, ML has brought lots of benefits to businesses, such as IT threat monitoring, report generation, data analysis, internal auditing, fraud prevention, etc. However, there are endless possibilities associated with ML.
Blockchain in education can be utilized to track the students suitable for scholarships and those who cannot afford it. It helps you eliminate the students who bypass the system to get financial benefits. Therefore, the right candidates who are actually in need to scholarships don’t left behind.
There are lots of social media channels available today. Many of them are already putting blockchain benefits. However, with global popularity and worldwide users, social media is still not completely safe from identity leakage, account hacking, and copyright infringement.
Your best bet is Blockchain to handle all such issues safely; it offers digital identity verification, author rights protection, and unbiased licensing.
Many enterprises have already adopted blockchain technology to improve their business processes; however, there is still a huge potential hidden in this technology.
In the future, it will grow up more quickly among all enterprises to empower them in different manners and to enhance their work efficiency. Hence, enterprises need to start with blockchain technology as soon as possible and leverage its tremendous benefits.