Thursday, 13 August 2020

Industries that are Leveraging Blockchain Enterprise Applications to their Advantage

Enterprises across the globe have witnessed a complete transformation of how their businesses are run, thanks to the emergence of novel technologies, such as artificial intelligence, big data, and cloud.
While each of these technologies has had a significant impact on businesses, there’s one name that has managed to distinguish itself, owing to its unconventionality as well as the ability to revolutionize a company’s operations. However, precisely what is blockchain?

Blockchain is a decentralized system that records every instance of data exchange among the participating devices in the network. Thanks to the innovational nature of this technology, enterprises can leverage it to do things one would have never thought of before. From tracking the business’ assets and creating modern financial technologies to identifying documents’ source — blockchain enterprise apps have presented a plethora of possibilities. Hence, it comes as no surprise to see blockchain being leveraged by an increasing number of companies across a variety of industries.

To help you get a better idea of this technology’s potential, here’s an overview of the various business sectors that have embraced blockchain enterprise apps and benefitted immensely from it.

Retail industry: Companies in this sector have utilized the blockchain to enhance their supply chain. For starters, this technology allows them to correctly determine products’ source of origin and also enables the monitoring and tracking of the important processes. Also, the ability to track the origin even after a product has been bought and acquired allows companies to prevent counterfeits from finding their way into inventories.

Healthcare industry: With blockchain, companies operating in the healthcare sector gain the ability to process the transaction with high-throughput as well as high-data volume successfully. It is also being used in the pharmaceutical supply chain to both store and access healthcare products during the logistics part of the overall process. Moreover, if you thought that that’s all blockchain has enabled in the healthcare industry, you’d be wrong. The technology is also being used to securely manage and share patients’ data securely, thus ensuring thorough integrity at every step of the way.

Banking industry: This industry is perhaps one of the first business sectors in the world to see the potential of blockchain across their enterprise, and there’s no dearth of what it has facilitated in the banking world. We’ll begin with international transactions: What took banks a couple of days to process, blockchain has demonstrated that it can be completed in a matter of seconds. Furthermore, this technology is also being used for things like point-to-point value transfer and asset digitization, which, in turn, has enhanced the speed and efficacy of clearing and settling financial assets once transactions have been completed.

Though a relatively new entrant to the scene, global businesses are already witnessing a massive upsurge in blockchain software development for enterprise. Hence, as companies seek to deliver better experiences and growth, there isn’t even a modicum of doubt that blockchain will have a crucial role to play, no matter the industry.

Legal disclaimer: The insight, recommendations and analysis presented here are based on corporate filings, current events, interviews, corporate press releases, and what we've learned as financial journalists. They are presented for the purposes of general information only, and all the information belongs to the original publishers. These may contain errors and we make no promises as to the accuracy or usefulness of the information we present. You should not make any investment decision based solely on what you read here.

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