In my last blog, I discussed the blockchain and how it works. In most people’s minds, blockchain is the tool for developing and dealing with cryptocurrencies, but the blockchain is much more than that. Businesses around the world are applying blockchain technology to make their business more dynamic and better performing. This blog will focus on five industries that have changed drastically by using the blockchain.
Application of Blockchain in Supply Chain Management
In this current time of e-commerce, businesses need to improve their pace of supply chain activities to reach customers in a shorter period of time. Blockchain technology makes the supply chains more transparent to their managers. When blockchain is applied to supply chain management, it takes different units, like inventories in hand or number of orders, as digital tokens and enables the transactions between these digital tokens by authenticating their validation.
Blockchain improves the efficiency of the supply chain by:
- Making the products in the supply chain more visible and traceable
- Increasing the pace of the supply chain movement
- Protecting the supply chain from sudden demand and supply shock
Application of Blockchain in Banking
According to the expert, blockchain technology will revolutionize banking. Banking is a combination of several isolated transactions, and this nature of isolation is one of the limitations of today’s banking. Blockchain technology makes banking a faster-interconnected network by removing the intermediate transactions. A higher level of security and interconnectivity are two of the key features of blockchain that make it a perfect technology for the banking industry.
Blockchain improves the quality of the banking service by:
- Making faster and safer transactions of the international funds
- Improving the safety of the transaction, as well as reducing fraudulent activities
- Increasing the speed of transactions by making them decentralized
Application of Blockchain in Healthcare
Healthcare is one of the most booming industries at the current time. New technologies in healthcare make this industry more data-centric, making it a suitable industry to utilize blockchain technology. One of the major aims of today’s healthcare system is to make it accessible to a larger group of consumers and increase its availability of the system. This requirement makes the blockchain the perfect technology to enhance the performance of the healthcare service. Time is one of the major factors in healthcare, and having the right information at the right time can be a game-changer for this industry. The blockchain makes this happen by connecting the past data sets.
Blockchain improves the quality of the healthcare system by
- Making a consistent connection between healthcare providers, customers, insurance companies, and government
- Improving the physicians’ decision making by linking patients’ past medical data
- Making healthcare data more secure by using a digital signature to authenticate the data
Application of Blockchain in Polling
Blockchain technology is changing the business environment and changing the way we see the world. One such example is the application of Blockchain technology in the polling system. For a long time, many countries worldwide have been thinking of introducing online polling as it would be a great option for a section of the population who cannot cast their vote due to location constraints. Polling online may increase the chance of fraud significantly as people can manipulate the online interphase and cast a vote illegally for other people. This chance of fraud is the major reason for not introducing online polling.
The blockchain works as online polling interphase that would remove the chance of identity fraud through its distinct feature. The verification of the users is one of the key features of blockchain, and it uses decentralized identifiers to do this task.
Blockchain can revolutionize the system of polling by introducing the online polling system. The polling system can be significantly improved through blockchain by:
- Securing the identification of the voters in the online voting system
- Keeping the anonymity of the voters
- Making the polling system faster by reducing the processing time
- increasing the transparency of the online voting system
Application of Blockchain in Environment Protection
Environment degradation is one of the most concerning events of human civilization. The environmental condition of our earth is rapidly falling, and the environmental costs of the degrading environment have been becoming huge per year. Currently, experts around the world utilize blockchain technology to maintain the environmental balance and delay environmental degradation.
Blockchain can be used to maintain the environmental quality by:
- Making the carbon pricing easier to calculate and implement
- Making waste management more traceable and improving the process of recycling
- Making the energy use more sustainable by authenticating the greener energy source and creating a balance between the supply side and demand side of the renewable energy
At this point, we all can agree that blockchain is much bigger than transacting in the cryptocurrency market. When appropriately used, the blockchain can increase the dynamicity of many industries. Authentication is one of the strong features of blockchain, and the security of a process increases significantly when it is connected to the blockchain platform. Even today, the blockchain is not implemented in businesses and industries to its full length, but with its huge potential, we can expect a steady rise in the applications of blockchains in different industries and processes.