It’s been more than a decade since cryptocurrencies have invaded human life. Way back in 2009, Satoshi invented decentralized bitcoins as a virtual currency that can be utilized as a medium of exchange. Since its inception, the bitcoins had ups and downs in its use-cases. But, as of now, the bitcoin tops the market value around $8K, even in this global corona pandemic. After a decade, cryptocurrencies have established their power to the world and are now addressed as “Gold 2.0”.
Within another decade, the underlying blockchain technology of cryptocurrencies would hit the world hardly with its immense features in industries. Blockchain framework is now evolving into the end-to-end, integrated industrial solutions in many significant sectors like fintech, healthcare, e-commerce, supply chain & logistics, so on.
In this blog post, let’s chat on the applications of blockchain technology in industries!
Smart contracts are self-operating computer protocols that execute a task automatically on the satisfaction of specified conditions. The smart contracts can be a boon to fintech and other industries to automate the contracts and quality inspections. The process industries can set the rules and regulations for manufacturing a product with the help of smart contracts, thereby reducing manpower and errors.
Blockchain ledger stores data transactions in the decentralized network. Every network node of the blockchain framework has its copy of data transactions; thereby, the system avoids single-point failures, hacks, and data thefts.
The blockchain ledger logs data transactions in chronological order with a time-stamp. The additional feature of a blockchain ledger is its immutability, by which the modifications on the existing data block is not permitted. Both the features, as mentioned above, helps blockchain community peers to track the provenance of data transactions. The traceability of provenance helps the supply chain and logistics sector to traverse the scam-free products to the consumers.
With the blockchain framework, you can identify the effectiveness of work done by every employee with proof-of-work. The employee payouts can be decentralized with blockchain network and crypto payments. Automated smart contract payouts can reduce the efforts and workforce incurred on payroll processing, reconciliation, and hikes.
The blockchain network can be configured with the consensus mechanism to aggregate the poll of the election. Transparency, traceability, security features of the blockchain network can avoid scams and counterfeits in the selection process held through voting. Aggregating the demographic data and reconciling them can be efficient with blockchain on legs!
Every invention, right from the internet to cryptocurrencies, takes almost a decade to hit humanity with real-time use-cases. It’s time to kick-start our industrial revolutions with the blockchain framework. The blockchain industry applications would streamline our processes with integrity, transparency, traceability, and security!
Let’s expect the scam-free, decentralized, transparent industrial solutions with blockchain wings!