‘Blockchain represents the fourth industrial age, and it is changing the nature of corporations.
A recent IBM study has shown that at least eighty percent of executives are actively using, some aspect of blockchain technology, and planning to implement into their business. Blockchain creates a decentralized network with trust built into the system and is nothing less than the second generation of the internet that holds a vast promise for businesses, societies, and individuals around the world.
Data protection and blockchain
Blockchain gives you the confidence to exercise more sovereignty over your data. It provides the sense of security that the identity which is currently controlled by large digital corporations or could be stored in a digital ‘black box,’ secured on a blockchain.
The ‘big data’ revolution has permitted businesses to advantage from an astounding amount of user insights and business intelligence to better tune their brand visibility, advertising strategy, and product development.
Blockchain in digital marketing projects dignifies a serious threat to traditional digital marketing channels, by intimidating to challenge the power of these big corporations. Blockchain gives users much greater control over their data so that single businesses reach them directly through a blockchain-based search engine.
Blockchain in the supply chain
Blockchain can streamline the supply chain operation by giving proof of the provenance of all the individual elements of goods you purchase or make. Now you can get a chain of transparent records whether the ingredient is genuinely organic, health and safety methods are being followed in a factory or not.
In simple supply chain management, most of the things you buy aren’t made by a single entity. It is made by a chain of suppliers who sell their components to a company that collects and markets the final product. And if one of these components fails 'the brand takes the brunt of the backlash. But blockchain technology provides digitally permanent, audit-able records that represent stakeholders the position of the product at every value-added step.
The blockchain technology is a kind of distributed ledger, in which all network participants share the same documentation as opposed to individual copies. With blockchain technology, now the transaction histories are becoming more transparent. Now the shared version can only be updated when everyone agrees on it. Thus, records stored on a blockchain is more accurate, transparent and consistent than the paper processes.
The blockchain is secure than other record-keeping systems. Whenever a transaction is made, it is encrypted and connected to the previous purchase, and all transactions ought to be agreed upon before they are recorded. In this way, the information is stored across a chain of computers instead of on a single server. Hackers find it very difficult to track the transaction data. Blockchain helps in protecting sensitive data of the organizations.
Blockchain and energy trading
The energy sector is also getting benefits from the blockchain revolution. Blockchain ledgers seem to be the ideal source for executing and recording energy trades, in a transparent and immutable platform. It is considerably faster than traditional trading networks. Blockchain has also allowed mining giants like BHP Billiton (NYSE: BHP) to save resource samples on a single ledger, swapping spreadsheets and paper in the process. Now, Blockchain is effectively using for energy trading, resource logging, and compliance in the industry.
Blockchain and the healthcare industry
Healthcare industry is also taking advantage of blockchain technology. Now every entry becomes a new, sequential data block inside the blockchain. From entering new patient data to updating a patient’s contact information, all changes become a new record with its timestamp and date. Many healthcare facilities use blockchain for the following purposes,
- To store a patient’s medical files.
- Track the data through clinical trials.
- Provide safe and efficient healthcare directory management.
- Automate the insurance approvals and deliver eligibility information.
- Track the inventory for medical supplies, devices, and gears.
The Final Verdict
Enterprises are entering into blockchain arena and each holding a promise to use some blockchain-based magic bullets in their work to gain benefits from the technology. What are your thoughts about technology? How you trigger blockchain into your business? Would love to hear your thoughts.