Blockchain Technology - Solving Real World Problems and Accelerating Growth

about 1 year ago (Edited)

Blockchain technology can help accelerate business developments by a far margin through providing a secure and transparent way to store and transfer data. The ability to leverage blockchain technology to create tamper-proof digital records of transactions, which can be used to streamline processes, reduce costs, and increase efficiency is possibly its biggest over centralized data management system and we ain't even specifically talking about "incentivized blockchain networks".

Blockchain technology at its very basic stage can be used to create smart contracts and automate the execution of certain actions based on predefined conditions, which can further speed up business processes. To name a few use cases, supply chain management, digital identity verification, and digital asset management is core ways blockchain is being utilized.

Real World Examples Of Blockchain Powered and Accelerated Ecosystem

IBM Supply Chain Solutions

One example of how blockchain is being used to accelerate business development is in supply chain management. By using blockchain to create a shared, immutable record of transactions, businesses can more easily track goods as they move through the supply chain. This helps reduce costs and increase transparency in the markets, as all parties have access to the same transactional information. IBM Food Trust is one such example of blockchain in supply chain management where it created a platform that allows food suppliers, retailers and other industry players to track food products from farm to store.

Interestly, as we discussed on the previous post "Proposals and blockchain-based voting systems are the next form of business building" that consumer involvement builds trust and in-turn increases sales, data gathered from IBM surveys shows that 94% consumers say they'd be loyal to brands that are more transparent with their operations.

Digital Identities(e-IDs)

Another example of blockchain's real world utility is in digital identity verification. Blockchain-based digital identity systems can be used to create secure, decentralized systems for storing and verifying identities. This can be used to streamline processes such as onboarding new customers or employees, and can help to prevent fraud. One example of this is the digital ID program in Estonia where citizens can use a blockchain-based digital ID to access government services, proving their identity securely and efficiently.

Financial Services

In finance, blockchain technology is being used to accelerate business development by enabling faster and more secure transactions with a wide range of financial products being built into smart contracts platforms. This is greatly seen with the numerous DeFi protocols we have today and the numerous payment structures designed to enable crypto payments which are a global real-time payment system that facilitates fast and low-cost cross-border transactions for individuals and financial institutions.

In the field of Digital Asset Management as many already know, blockchain is being used to create and manage digital assets like cryptocurrencies and digital collectibles such as Non-fungible Tokens(NFTs). These digital assets can be bought, sold and traded in a peer-to-peer manner, without the need for intermediaries like banks or exchanges.

In technologies we see Samsung with blockchain secured devices ranging from their phones and syncing with literally other Samsung devices in a household. The function of Samsung blockchain which is called Knox is to create a more secure environment for cross-device network usage.

These are just a few examples of how blockchain is being used to accelerate business developments, and solve real world problems. Now although blockchains are most of the time being referenced from the angle of incentivized and decentralized public blockchains, the technology is however not limited to this ecosystem but it holds far more benefits when designed in this nature as history of crypto assets growth has shown.

Do leave a comment if any.