Are you experiencing the new wave of blockchain technology?
Blockchain has not only revolutionized industries but also brought drastic transformations in consumer life. From preventing fraud to securing transactions and improving the supply chain to easing government operations, blockchain technology is solving the biggest problems which were not possible by any other technology before.
Blockchain is a powerful and next-gen technology that has diverse capabilities to solve various real-world problems. If you haven’t realized what blockchain technology can do for your business or real-life problems, then you must read this blog where we will tell the top 10 real-world problems that blockchain technology solves.
But before that, let us understand
Blockchain is primarily a chain of blocks where each block stores data with a certain protocol. These blockchains are linked to each other based on cryptographic hashes. Therefore, blockchain is regarded as distributed and decentralized ledger technology since it doesn’t require a central authority.
Blockchain was launched in 2008 as the public distributed ledger for bitcoin and cryptocurrency transactions. It was introduced as the P2P transaction solution which eliminates the need for middle-man involvement in the transactions. And due to this unique ability, blockchain started expanding its legs across different industries and multiple use cases to transform traditional operations and working methodologies.
Blockchain facilitates the process of storing or recording transactions and digital assets in an immutable decentralized network. It stores information across its entire network with pre-defined security protocols and prevents the system from any kind of data manipulation and external threats.
Therefore, blockchain technology is highly useful in various use cases. Today, businesses now look for top blockchain development companies for creating business-oriented solutions with blockchain technology.
It is likely that as Blockchain Technology spreads to other industries, the number will continue to grow rapidly. According to latest statistics, by 2024 the world will be going to invest $19 billion on Blockchain solutions.
As we discussed, blockchain is a distributed and decentralized technology that empowers a system with advanced capabilities. So, let’s know what are the top real-world problems that blockchain solves
Blockchain’s sophisticated features have the potential to protect sensitive data against malicious activity. Blockchain’s transparent nature means that anyone can view your public records. But it also offers concrete security because no one can alter your data. This ensures data remains secure.
It contains a decentralized Blockchain that stores digital assets. These assets are secured by cryptographic keys. Hackers can’t manipulate this data. The government & the public have a wonderful opportunity to protect against identity theft by using cryptography, which is a reliable validation technique.
Ensuring the safety of the food is one of the biggest concerns we are facing today. Food is produced in factories. It goes through a complicated manufacturing process before reaching us. Apart from this, there are many ways food can get contaminated or changed.
Blockchain here helps food manufacturing companies improve their production speed and ensure food safety and quality standards. Through this technology, they can identify the potential sources or stages of food contamination and then effectively prevent, and control the possible outbreaks.
Blockchain food traceability allows transparency, which can help to validate and authenticate food origins. This transparency also improves brand credibility. Other benefits include fraud prevention. Its ability to accurately tackle outbreaks using prevention methods. This can help reduce food testing expenses and increase margins.
As a result, it offers a huge benefit to the end consumer since they will receive fresh, ready-to-eat food all the time. Because of these reasons, many food production and delivery companies use blockchain development solutions to track and monitor their production and supply chain management to ensure the quality and safety of the food.
Currently, almost all payments in any industry are made via banks or third-party financial institutions. Many businesses are now making payments more efficient with Blockchain payments. When a company allows a Blockchain-based processor to process payments, it can eliminate payment delays and the tedious old payment system.
Blockchain allows real-time auditing of transactions, protecting them from modifications. This improved the efficiency of compliance-intensive industries. Smart contracts, which run exactly as designed without any third-party interference or downtime, can be used by businesses to create unbreakable regulations regarding financial transactions.
For example, Slock.it is an IoT platform based on Ethereum that uses smart contract software to provide a bike rental service. Once both parties have reached an agreement on the terms, the smart lock unlocks the bike so that the user can ride it.
Blockchain-based voting options are available to ensure anonymity. Blockchain can store every vote using complex mathematical algorithms, which makes them impossible to alter or hack. Only citizens with legal voting rights will be allowed to fulfill their civic responsibility.
This Blockchain-based platform records every vote and allows them to be tracked in real-time. This method can prevent election manipulation. This is the most efficient way to conduct online voting for various election purposes.
Blockchain technology is one of the most promising technologies to improve supply chain management. It can dramatically improve asset tracking, assignment & connections. Blockchain helps companies enhance the efficiency of supply chains due to its superior security features and transaction transparency. Blockchain could be used to track every product’s supply chain, ensuring greater transparency and security at all stages.
It could replace and modify existing trading processes. Blockchain has the potential for boosting trade volumes and changing the global economy. Blockchain can make it possible to eradicate illegal and unethical acts from supply chains across the globe. With efficient supply chain management, it is giving rise to the businesses of blockchain development services.
Blockchain can be used to verify ownership and trace the use of a copyrighted piece online. Blockchain allows creators/artists to safely place their content on immutable ledgers. There are major concerns here. As privacy is today’s serious concern, this will enable them to determine if a copyright infringement has occurred, and then take legal action.
Blockchain empowers an application with transparent, real-time monitoring, and records every access to content. Additionally, this technology is designed to allow for the payment of artists via cryptocurrency so it paves the way for cryptocurrency-based transactions too.
Despite the industry’s existence for hundreds of years, many of its processes are now outdated. Many policies are still being processed on paper, many consumers still call the phone to purchase new policies, and so on.
Blockchain offers great features to improve the functioning of the insurance sector from all angles. It has been pioneered by some start-ups. In 2018, Fidentiax launched a digital leger product for insurance policies, a Blockchain-based insurance platform that offers insurance policies.
Fidentiax’s ISLEY is a name that Fidentiax uses to describe it as the “insurance buddy” of consumers. They can view, manage, and receive alerts about their insurance portfolio through it. To help with beneficiary payouts, policyholders can share their portfolios with the designated loved ones using the ledger.
Blockchain technology could be also useful in the government sector. It can make voting & receiving government benefits much simpler. Blockchain can help make taxation more efficient by automatically verifying tax records to prevent fraud.
As a result, it can help government bodies to save expenditures and improve service delivery and accuracy. For instance, Tax evasion has cost the US government millions of dollars annually. Blockchain solutions will ensure that no tax records are stolen or altered.
Pharmaceutical industry has to deal with various strict privacy policies, laws, and global regulations. These laws and regulations hamper the speed and delivery of the products and services in the sector. Here, blockchain can solve these problems by helping companies ensure compliance.
Besides this, blockchain technology also helps the pharmaceutical industry by enhancing supply chain management. Many healthcare institutions currently use blockchain-based software or applications for keeping safe storage of patient health data, faster clinical trials, and lowering drug development & management costs.
Blockchain technology is essential in real estate. The ever-increasing value of real estate has made it clear that the industry can utilize new technology to cope with this growing demand.
Blockchain has many uses in the real estate sector.
For example, it can be used for land title and deed records, tokenization, real property funds and asset management, investors, tenant identity, real accounting, leasing, payments, etc. Tokenization could be the most disruptive of all possible use cases. It will allow issuers the ability to control distributions according to a set of conditions.
Additionally, it will lower costs through faster execution, innovation, better administration, etc. As Blockchain is immutable, it allows customers to securely access deeds through distributed ledgers. Consequently, information cannot be altered or hampered without proper access.
Blockchain is an advanced technology that comes with various capabilities. It has made it possible to record, disclose, and secure data in the most protected ways. And due to its immense benefits, businesses today now significantly use blockchain technology to enhance their operations and thus generate high ROI.
But since blockchain is a complex technology it requires great expertise and intelligence to successfully build a blockchain-based application.
Hence, you need assistance from a professional blockchain development company that can assist you to develop an effective blockchain-based application for your real-life use cases or any other business requirements. And for this purpose, MobileCoderz stands out as the best option for businesses that want to intelligently utilize the benefits of blockchain technology.