When today’s blockchain was initially introduced by Satoshi Nakamoto in 2008, many economic experts and management gurus projected it as one of the most significant revolutions. The most common use case of blockchain is cryptocurrencies. Today you may not find a single netizen, who hasn’t heard about Bitcoin. But applications of blockchain has gone far more elaborative, and now this technology has gone lot popular as many enterprises have started to adopt this technology.
Initially, the Blockchain came to eminence as the fundamental technology behind Bitcoin, the most famous cryptocurrency in circulation. Bitcoin blockchain helps in the monitoring of the financial transactions, which uses a single cryptographic code created for each user and shared between Bitcoin nodes to approve or reject those transactions.
Where can Blockchain technology work?
Companies are now moving and adopting the Blockchain technology for modernizing their services. Moreover, the technology is allowing the enterprises to revolutionize through supply chain worldwide, and minimize the obstacle they are facing on a routine basis. These days, Blockchain is not just associated with the financial industry.
This technology is now adopted by many industries, and the rate is increasing significantly. Most enterprises, the world’s largest banks, supply chain and every other industry, is trying to take advantage of this transparency system to store information from various sources. It’s working for industries to modernize their services securely.
a. Payment & Money Transfer
As per the World Economic Forum, spread out payments technologies like bitcoin could definitely change the “business architecture” of money transfers. The technology can be well utilized in the creation of a more direct payment flow, and thus connecting payees and payers across borders or domestically.
Blockchain could also be efficiently utilized in reducing the current cybersecurity risk as it reduces the requirement of human intermediaries. It further decreases the risk of hacking or human error. It also provides immense scale data authentication for validating data transactions for cryptographic assurance of their integrity.
c. Stock Trading
New blockchain-focused startups are now giving serious consideration to automate and secure the procedure of purchasing, selling, and trading stocks more competently. For example, TØ.com, which is a subsidiary of Overstock, is looking to facilitate stock transactions online with the help of blockchain tech.
Studies shows, every year healthcare institutions face severe issues from a failure to securely share or transfer data across various platforms. But an active collaboration of data between providers could eventually result in accurate diagnoses, a better prospect of effective treatments, and proper health care systems to conduct cost-effective care. Use of blockchain technology could further allow hospitals, and other parties involved in the healthcare value chain to gain an appropriate access to their networks without compromising on the integrity and security of data.
e. Cloud Storage
Blockchain cloud even does wonder in storage solutions as one can decentralize the storage, which further makes the system less prone to attacks and extensive data loss. Storj is beta-testing a blockchain-integrated cloud storage network that improves security and lessens the transaction costs of storage of information in the cloud.
Business growth through Blockchain Technology
Blockchain could work wonder about your business operations and provides you with a solution. It is high time for you to get this emerging technology for your business. This technology is now adopted successfully over the globe. Blockchain increases the transparency and reduces costs of infrastructures, makes the system risk free and much more. Some of the leading players in the manufacturing and retailing industry are too using the technology to regulate the management system including the supply chain, digital currencies, and their contract policies. The technology also tracks the asset registrations to reduce any fraud.
While blockchain may still be relatively new to most consumers, but industry experts have begun to understand that in coming days almost every next industry could get affected by this unique spectacle in the future.