Blockchain technology was first implemented for use with Bitcoin. Bitcoin and other cryptocurrencies by nature required a system that could create a virtual, shared ledger that allows for secure and trustworthy transactions between people with no rapport. Blockchain offered a great way to do that by being able to store a large number of individual pieces of information securely while still allowing necessary parties to access that information when needed. It quickly became apparent that this technology had applications across various industries, and there is now a multitude of ways blockchain technology might benefit your business. Below we’ll explore just a few of the practical applications of blockchain in business.
Supply Chain Management
Supply chain management can be a massive headache if your business sells physical products. Especially with many products being manufactured overseas, your products go through many different hands on the way to the consumer. Implementing blockchain technology can be a great way to track products across the entire supply chain and can even streamline processes by allowing you to allocate goods to specific locations before they’re officially processed. Considering current supply chain challenges, organizing and tracking data more efficiently with blockchain could be a significant step in smoothing out shipping processes.
Protecting data in healthcare is of utmost importance for patients’ privacy, but accessing basic medical information across different healthcare practices could save a lot of time currently spent faxing records and otherwise transferring information between providers. The security of blockchain offers the possibility of syncing up basic health information about a patient that, individually, would not be identifiable. Blockchain has also been considered for use with innovative medical devices that could be linked to health records.
Since blockchain was implemented for the financial exchanges of Bitcoin, the applications to business finance were obvious. Blockchain has offered more secure and straightforward ways to process international transactions, peer-to-peer transactions, and more. It can also be used for insurance companies to manage claims and contracts and prevent duplicate or invalid claims more easily.
As blockchain technology continues to develop, practical business applications will continue to grow. Nevertheless, there are already great ways blockchain can benefit your business, and these are just a few examples.