Blockchain is no more a buzzing word! The tech world has proven its true potential through various real-time project implementations in fintech, healthcare, supply chain, rail freight, voting, gaming, real estate, energy consumption, and so on. Blockchain is considered as one of the notorious inventions since the inception of the internet. Common people may think the technologists create hype for this DLT, but it mimics the internet's growth rate in the last decade.
Internet is the tech behind P2P transfers of information with centralized governance, whereas blockchain transfers values in the P2P network with decentralized, community governance. In this blog post, let's look at the major industries that require adopting blockchain technology to their solutions!
Supply chain management is a tiring and cumbersome process that lacks transparency in product traversing, inventory management, quality control, and other operations. With blockchain supply chain solutions, the products can be tagged with IoT sensors or RFID tags to track the goods and record transactions. Blockchain powers up the transparency and quality of products with smart contract protocols in the supply chain sector. End customers can verify products' traversing, quality norms, and potential counterfeits through blockchain supply chain management.
The rising popularity of digital applications has opened the doors for globalized use-cases and potential information threats. As central authorities manage the applications, data breaches and information threats are increasing rapidly. Blockchain digital identity solutions are decentralized, and the chance of data breaches is low. Moreover, users can have complete control over their data, accessibility, authorization, and also they can revoke access whenever required.
The supply chain of foods, beverages, and other agriculture outlets have no transparent quality norms and inspection. Blockchain-based quality control solutions can be customized with the regulatory norms based on the sector and operations. Automated smart contract protocols can enhance the quality inspection of products with the government-approved quality control officers as miner nodes. Blockchain infrastructure can also provide legitimate end-to-end traceability across the network nodes due to its immutability and chronological data recording.
Lack of integrity, interoperability, medical data history, fake or low-grade drugs in the supply chain are the major pitfalls in the current healthcare industry. Blockchain healthcare ecosystem can enhance the integrity, history of patient records with better privacy. The patients can authorize medical practitioners, research scholars, pharmacists, and other third-parties to access their medical data with private keys. Patients can also revoke the address when their medical data is misused. As the blockchain medical supply chain is transparent, the miner nodes and community can prevent the misuse of drugs.
Blockchain real estate solutions can ease the entire process of property transactions, title management, rental agreements, taxation, and other cumbersome processes. The real estate sector could avoid huge paperwork, single-point failures, fraudulent taxation benefits, and much more. The average investors can also purchase a small portion of high-value properties through tokenization of assets. Smart contracts can transfer properties without any disputes between the entities. The legitimacy and transparency in the real estate sector can contribute to the country's economy to a greater extent.
Blockchain revolution is undoubtedly hitting our real-time applications. Undoubtedly, major sectors are experimenting with pilot projects of blockchain adoption in their operations. Instead of hiring a blockchain expert, designer, marketing team to revamp your industrial processes, it's a better choice to approach a blockchain development services company!
