The applications for blockchain technology range beyond currency type transactions. Blockchain impacts all businesses in one way or another with the way it provides fair transfer and transparency.
The list below can help you understand how different businesses are more efficient with blockchain technology. These examples are among the most popular blockchain applications we’re currently seeing today, but there are many other possibilities with this technology.
Blockchain increases security on transactions and reduces the cost of money exchanges. Unlike banking institutes that still rely on SWIFT transactions, which can take 3-5 days to clear a check, for example, blockchain token technology can process transactions much faster.
Blockchain gives ownership to clients to own their own data and keep it safe from security breaches. If a healthcare facility were to switch to blockchain, their patients could fill out and sign medical records electronically. Those records could then be stored in a block, and patients wouldn’t fear their medical data being changed or lost.
Financial Trade Businesses
Blockchain technology streamlines the financial trade businesses, they benefit from simplifying the process, increasing the speed and accuracy of international trades, and reducing the intermediates. It will also reduce counterparty risks.
Retail businesses using blockchain appreciate supply chain visibility on their products. Retailers, such as Walmart, implemented blockchain to ensure food safety and quality. But it also helps track products and aids in preventing the purchase of counterfeit items.
Blockchain makes the buying and selling of energy in peer-to-peer (P2P) trading easier and more efficient. P2P trading allows individuals to create their own energy and then share it at a price. With no intermediary involved, blockchain helps provide flexibility with energy trading and keeps the cost low.
Backing up property records in blockchain will ensure that property owners’ deeds are accurate and permanently stored.
Blockchain can manage smart contracts (computer coded contracts between two parties) and eliminate the involvement of a third party, by enforcing the conditions of the contract.
With blockchain, it is possible to eliminate voter fraud and tampering. Votes stored on blocks in a blockchain after being cast would be impossible to tamper with.