Advantages of applying Blockchain in businesses
Blockchain is increasingly proving its great potential and role in businesses. Its limitless ability to secure and store information has been the “focus” of interest in many industries today. Follow Omatech Web3
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- Ensure information transparency: Blockchain blockchains are closely linked and confirmed by network members, ensuring transparency in the business.
- Minimizing fraud and fraud: Thanks to smart contracts, information will be transparent and immutable, reducing fraud.
- Cost limitation: By eliminating the 3rd party, the intervention is minimized, helping businesses save costs.
Below are some cases where Blockchain technology has been applied practically in businesses. Blockchain is making a “revolution” in different industries.
According to statistics, there has been exponential growth in the amount of capital mobilized by Blockchain projects in recent years when new applications of this technology appear, ranging from the field of enterprises to enterprises. Private industry to public services. It is impossible not to mention these six applications that create the most attention.
1. Supply chain management
A major problem that businesses face today is rooted in supply chain management, more specifically, the lack of transparency between suppliers, making it difficult for brokers. With the distributed ledger of Blockchain technology, this problem can be easily solved.
Blockchain allows multiple users to access a database simultaneously, thereby increasing the transparency of the entire supply chain. The information in the Blockchain ledger cannot be changed. All valid transactions are time-stamped, greatly assisting in checking and preventing theft and fraud.
The application of Blockchain in supply chain management partly improves the regulatory compliance of businesses, reduces the amount of “paper” work, and significantly reduces costs.
The application of Blockchain in the food service industry will assist consumers in authenticating product information, helping them know whether the information printed on the other packaging is accurate or not. Blockchain systems can also be applied in the pharmaceutical industry, where the quality and origin of drugs is the first thing buyers care about.
2. Network identity security
Hackers and fake user identities on the network are one of the current burning problems, especially when technological improvements cannot completely solve this problem.
With immutability, Blockchain helps users safely store personal information without worrying about being stolen or changed. Thanks to the decentralized network, the data on the Blockchain is almost invulnerable to cyber-attacks. Admin IDs can assist users in accessing their data without any hindrance.
The company’s secure identity platform Civic supports multi-factor biometric authentication for usernames and passwords. The user must go through an identity verification process before an ID can be generated, and governments or banks can use this ID to authenticate transactions.
In addition, this ID can also be used to store user information on the blockchain system, such as social network account information or medical records. These digital IDs help users authenticate online transactions safely and quickly and prevent individuals and organizations from illegally collecting and profiting from personal data—the user’s kernel.
3. More Accurate Predictive Analytics
Besides storing and securing a considerable amount of information about transactions on the Blockchain system, this system also supports processing, analysis, and making detailed predictions from this information. Technology enthusiasts must be no strangers to the phrase AI – Artificial Intelligence, also known as artificial intelligence.
The combination of AI and Blockchain helps make accurate analyses and predictions, serving the planning and development of the business. Endor, a blockchain-based AI that uses natural processing language to answer questions in real time, is a prime example of this combination.
With the help of AI, businesses can leverage the amount of data from the Blockchain system in their projects without having direct contact with user data.
Currently, the records, specifically people’s medical records, are not correctly stored. The use of traditional paper records greatly hinders the need to share information between departments or hospitals.
If Blockchain is applied, the medical records of each individual will be stored on a distributed ledger system with high security. These data are entirely easily accessible when needed. Different stakeholders have different types of access rights to ensure individual privacy.
Overall, Blockchain makes it easy to track users’ medical records and even creates a way to earn money for individuals by providing information for research projects.
Medicalchain, a blockchain application startup (Uncensored), uses this technology to record individuals’ health records securely. The information stored will be used by doctors, pharmacists, or health insurance companies. Users have complete control over their data being recorded by the system.
Blockchain is perhaps the ultimate solution for the energy market. By recording the user’s utilities, energy can be used as a raw material. Currently, large corporations sell energy at a fixed price.
When applying Blockchain, energy will be like other commodities, subject to the influence of market supply and demand, thereby changing prices. Smart metering will help consumers, as well as manufacturers, reduce costs significantly.
An Australian startup, Power Ledger, applies Blockchain to measuring electricity usage, helping users efficiently perform electricity-related transactions without going through a central grid. Reduce the monopoly in the electricity market.
6. Registration of land use rights
For a long time, the registration of land use rights has faced many difficulties, especially the problem of forgery and fraud. If Blockchain is applied, this problem will be solved entirely because all records will be stored and secured in the system, minimizing the possibility of fraud.
Moreover, it also helps to reduce unnecessary labor and the amount of paperwork that has long been a burden on administrative agencies. Maybe it is. This is one of the most popular applications today after the virtual currency of Blockchain, especially when more and more countries are joining Blockchain startups in the issue of land ownership. Recently, China, India, Hydropower, Kenta, and many other countries are all moving, showing interest in this application of Blockchain.
7. Smart Contract Application
Thanks to smart contracts will help businesses save time and money. Make all transactions transparent and secure.
8. Electronic voting application to vote online
A massive strength of Blockchain is flexible decentralization. Blockchain technology applications will apply to electronic voting.
Instead of wasting time and money on conventional voting, voting by electronic ballot via Blockchain technology will bring significant advantages, fast efficiency, transparency, and safety to avoid fraud.