
Blockchain technology is going to become the stepping stone for Web 3.0. But that is not the limit of blockchain technology. Instead, custom blockchain solutions are currently helping several industries change how they operate.
What is Blockchain?
Blockchain is a digital ledger that is duplicated and distributed across computer networks. It is a service that helps record information in a way that is highly difficult, if not impossible, to hack or change. Therefore, the tool helps create a secure environment to share information and much more.
Its design is immutable, which means that any information that goes into the blockchain cannot be changed. Also, the data is stored in various locations. So, hackers who try to change the information would be detected through cryptography.
The Need for Custom Blockchain Solutions in Industries
The pandemic changed the way the world operated in the past few years. It also meant that several businesses were suffering. Moreover, the transmission of information became a huge issue. Hence, several companies took it upon themselves to find new ways of improving operations.
The Appeal of Blockchain Technology
One of the high costs that companies had to bear was security. With Blockchain technology, the safety of underlying data is at no threat, as it is almost impossible to hack. Hence, they can reduce the cost of collaboration and trust. Blockchain is already helping big corporations around the work innovate securely. Hence, several new and old businesses are looking for ways to incorporate the technology to benefit their operations.
How Are Various Industries Using Blockchain Technology
Every business globally wants to leverage the latest technology to its advantage. Here are how several industries use custom Blockchain solutions to elevate their business.
Supply Chain Industry
The supply chain management operations are currently using blockchain to track products in complex supply chains. One example of philanthropic work with blockchain technology is the London-based startup named Everledger. The company works to eradicate "blood diamonds" mined through child labor and drug lords' funding. The company developed a platform that keeps tabs on origin and ownership changes in the supply chain and has secured millions in funding.
Checking the authenticity of products is among the biggest challenges for large brands, especially the ones in the fashion industry. With the global market being filled with counterfeit products, blockchain does offer a viable solution. The manufacturers and suppliers can offer products' origin data, records, and chain of ownership if the companies register items on the system. The authentication process will help build trust in the eyes of the buyers.
Auto Industry
Another industry that is working towards using custom blockchain solutions to its advantage is auto companies. They want to use blockchain technology to facilitate streamlining and innovation processes. Solutions that offer vehicle-to-vehicle communication, automotive insurance, and cashless payments at highway tolls are currently in the works. One section where the industry is using blockchain-based technology is to measure vehicle value objectively. Beijing Mercedes-Benz Sales Service partnered with a blockchain-based used car value management platform to understand the depreciation of its cars and automate the process of determining it.
Financial Sector
The financial services sector has been using blockchain actively for several years now. Several enterprises, like Citibank, Visa, JP Morgan, and others, are putting efforts into leveraging blockchain for their use. The aim of using blockchain is to improve financial inclusion and payment efficiency in the financial world. And several banks and other financial industry aspects are working on the same.
Healthcare Industry
One of the major players investing in blockchain technology is the healthcare industry. It is an industry that needs to follow strict HIPAA rules, and any information leakage can bring big lawsuits to their doorstep.
Currently, the healthcare industry is using the tool for patient data storage. It allows the companies to share data among the various components like insurance, labs, chemists, and others while avoiding leaks. Furthermore, it helps hospitals ensure that all the data collected over time is accurate. Moreover, as blockchain is not centralized, the risk of losing data is also reduced.
Life Sciences Industry
Another industry related to healthcare is life sciences, which uses custom blockchain solutions. Both healthcare and life sciences industries need thorough contract negotiations to fulfill the legal requirements and manage ownership of every new finding. With blockchain, it is possible to create secure and immutable contracts to create a formal agreement online.
Life sciences also use blockchain for drug development. The technology helps track provenance and track the various components of the drugs. Moreover, it helps the FDA as the company can securely share all the drug development information with authority through the technology.
In life sciences, blockchain can also help label drugs for the supply chain, easing the delivery process. And in case of any adverse effects, it is possible to bring back all the infected products through the tracking system.
Life Sciences experts are responsible for running clinical trials on drugs to check their efficiency. With the help of blockchain solutions, they can accurately keep tabs on the clinical trials and their outcomes. Again, this information is highly sensitive, so companies need to take extra precautions to ensure that data remains safe at all times.
Government Agencies
Blockchain advancements are so prevalent now that governments have also started using the tool. Blockchain can create a decentralized data-sharing space. Governments globally are using the application to reduce friction between the various sectors responsible for operations.
For instance, using blockchain to automate processes and securely share information among the permissioned network members can create transparency and trust in the food supply, energy, financial services, etc.
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Will Blockchain Be a Good Fit for You?
Now, the question for several companies is whether blockchain will add value to their business or not. And it is impossible to know before you try it. So, the best method of discovering if blockchain is the answer for you is by conducting a few experiments. Implement the technology in a low-risk and small section of operations. If the results are favorable, you can scale them to match your complete enterprise needs.
The right custom blockchain solutions provider can help create the change efficiently.