Yes, You can transcend with Blockchain! Know the Top 5 technology use cases

Acolytes believe that the potential usages of the Blockchain technology are yet to be seen. And it will disrupt many different markets in the near future. The immutable distributed ledger technology is an ingenious innovation that can be used to digitize, decentralize and validate transactions. Organizations are trying to figure out areas where they can factor this technology as a part of their business strategy. In this blog, we will discuss some of the industries which have strong Blockchain technology use case.

Potential behind the Blockchain technology

Trust is the lynchpin to success for any business. And Blockchain establishes the trust in a Peer to Peer network by keeping the data transactions transparent, secure, auditable, and resistant to outages. The technology uses blocks built around heavy duty cryptography for storing records. Each block is actually shared between concerned volunteers and not stored in a centralized database. The authentication protocols are needed to alter the data.

Retail and manufacturing

The retail and manufacturing industry can leverage Blockchain for improving product development life cycle and reducing operational cost. A manufacturer can boost operations by simplifying interactions with suppliers and vendors. He can identify defective part suppliers and quickly renegotiate the terms with them. The supply chain management can be audited at several levels. Some companies are integrating Blockchain with 3D printing to support new manufacturing processes.

Pharma

Pharma companies face intense difficulties while developing drugs. They hand over the drug production to external manufacturers. These manufacturers source raw materials from different companies, manufacture drugs and export them globally. The rough challenge is finding out the loopholes in the drug development process. Blockchain can help companies in streamlining the manufacturing process with a detailed ledger of transaction history. The raw materials can be evaluated for quality and sent back in case they don’t meet standards.

Healthcare

Healthcare players have to observe stringent compliances and acts for storing the data of patients. Hospitals can safely store electronic medical records and share them within the industry. Healthcare players can also prepare ‘smart health profiles’ and develop faster responses for life threatening diseases.

Legal

Legal operations are primarily data centric and slow. By virtue of their operations, law firms have to share huge amount of data with courts and regulatory authorities. Blockchain can speed up the ediscovery and document verification processes entailed in legal operations. The technology can help law firms in getting data at the right time & right place and authenticating it in real time.

Research and Consulting

The research and forecasting industries can benefit from Blockchain in profound ways. The technology can provide alternatives to costly data sharing platforms. It can help users to access knowledge on stocks, policies, elections in a decentralized fashion. Consulting firms can deliver knowledge services faster to customers on cloud platforms and improve business outcomes significantly.

Related Serach: https://adeptia.com/blog/integrating-blockchain-technology

There are immense possibilities with Blockchain and it has a little bit of something for almost every industry. It can help companies in exchanging information safely on any network with improved data governance. More importantly, it can empower companies to upend traditional ways of working and tap new business opportunities.