Future Adoption of Blockchain Technology in Business Solutions

In the past few years, there’s been growing interest in blockchain, a record-keeping technology that made much fuss in the IT industry. Some say many issues need improvement, while others immediately participated in blockchain adoption to their businesses. But one thing is sure – it has potential. Enterprise use of blockchain technologies has been expanding over the years. Although blockchain technologies have become more common, there is often a blurred picture when discussing industry adoption and the benefit they could have for traditional databases or solutions. Blockchain technology is a revolution when it comes to its decentralized nature. Data safety is one of the primary concerns in most industries – cyberattacks, data breaches, invasion of privacy. It’s all there. So, the fact that blockchain gives the process an additional layer of security makes it more special.

Blockchain proposes numerous applications across different industries. Being based on cryptographic algorithms, it offers the highest security level, paper flow minimization, safe message exchange, and protection against fraud. Amounted to $708 million in 2017, the global blockchain market will reach $60.7 billion in 2024, according to Market Study Report. Although it may seem that blockchain software solutions are mainly employed for carrying out financial transactions, there are different use cases in almost every industry. Healthcare, insurance, banking, supply chain management, agriculture, retail, manufacturing, automotive, real estate, stock trading, crowdfunding, digital rights, elections are those fields that can take advantage of using it.

Blockchain Applications in Business

Supply Chain Management

Blockchain’s immutable ledger makes it well suited to tasks such as real-time tracking of goods as they move and change hands throughout the supply chain. Using a blockchain opens up several options for companies transporting these goods. Entries on a blockchain can be used to queue up events with a supply chain — allocating goods newly arrived at a port to different shipping containers, for example. Blockchain provides a new and dynamic means of organizing tracking data and putting it to use.

Food tracking

Blockchain is often associated with food tracking use cases due to two of its fundamental pillars: transparency and immutability. The most famous use case of food tracking comes from Walmart.

Healthcare

Health data that’s suitable for blockchain includes general information like age, gender, and potentially basic medical history data like immunization history or vital signs. On its own, none of this information would be able to specifically identify any particular patient, which is what allows it to be stored on a shared blockchain that could be accessed by numerous individuals without undue privacy concerns.

As specialized connected medical devices become more common and increasingly linked to a person’s health record, blockchain can connect those devices with that record. Devices will be able to store the data generated on a healthcare blockchain and append it to personal medical records. A key issue currently facing connected medical devices is the siloing of the data they generate — but blockchain could be the link that bridges those silos.

Real Estate

The average homeowner sells his or her home every five to seven years, and the average person will move nearly 12 times during their lifetime. With such frequent movement, blockchain could certainly be of use in the real estate market. It would expedite home sales by quickly verifying finances, reduce fraud thanks to its encryption, and offer transparency throughout the entire selling and purchasing process.

Media

Media companies have already started to adopt blockchain technology to eliminate fraud, reduce costs, and even protect Intellectual Property (IP) rights of content—like music records. According to MarketWatch, the global market for blockchain in media and entertainment is estimated to reach $1.54 billion by 2024.

 Energy

Blockchain technology could be used to execute energy supply transactions, but also to further provide the basis for metering, billing, and clearing processes, according to PWC. Other potential applications include documenting ownership, asset management, origin guarantees, emission allowances, and renewable energy certificates.

How Can Blockchain Revolutionize Business and Industry?

Blockchain technology is a revolutionary development in the business environment as it can help businesses reduce costs, improve security, and offer new ways of doing business. One way that blockchain could revolutionize the business industry is by providing secure digital ledgers and immutable databases for customers’ data. This would give businesses more control over customer information and transactions, as well as a way to quickly and easily authenticate customers’ identification. Another way that blockchain could revolutionize business is by automating certain processes, such as payments, which would help reduce errors and improve efficiency. Additionally, smart contracts could be used to facilitate transactions securely, reducing delays and saving costs.

Conclusion

Overall, despite the fact that there are unquestionably some challenges that need to be addressed before the widespread adoption of blockchain technology can take place, it is abundantly clear that this game-changing new technology possesses an incredible amount of potential. Blockchain Improves Processes and Innovation within an organization. Blockchain solutions could be key for some businesses to improve processes and innovate. Unfortunately, there are some deterrents to blockchain mass adoption, including the high costs of producing a tailored blockchain solution.