Here are some practical uses of Blockchain technology in businesses as well as its applications in "revolutionizing" different industries. Statistics have recorded exponential growth in the amount of funds raised by Blockchain projects in recent years as new applications of this technology have emerged, ranging from the private sector to the public service. Among these new ideas, there are 6 applications that attract the most attentiont.
Supply chain management
A major problem that businesses are facing today stems from the supply chain management, more specifically the lack of transparency among suppliers causing difficulties for brokers. With the emergence of a distributed Blockchain ledger, this problem can be easily solved. Blockchain allows multiple people to access the same database, thereby increasing the transparency of the entire supply chain. The information in the Blockchain ledger cannot be changed either and all valid transactions are timestamped, greatly facilitating the process of checking and preventing theft or cheat. The application of Blockchain in supply chain management partly improves the compliance with the regulations of businesses, reduces the amount of "desk work" as well as significantly reduces costs. Applying Blockchain to the supply chain, IBM recently officially launched a Blockchain-based product called Food Trust. Prior to launching this product, IBM cooperated with Walmart in controlling and tracking the journey of food from the field to the sales shelf. The application of Blockchain will assist consumers in validating product information, helping them know whether the information printed on the other packaging is true or not. Blockchain systems can also be applied in the pharmaceutical industry, when the quality and origin of medicines is the first thing consumers’ care about.
Network identity security
Stealing and tampering with user identity on the Internet is one of the most pressing issues of the online community today, especially when technological advances are still unable to completely solve this problem. Blockchain with immutable feature helps users’ peace of mind to store personal information without fear of theft or alteration. Thanks to the decentralized network, the data on Blockchain is almost impregnable before cyber-attacks. Admin IDs can support users to access their data without any problems. Civics’ security identification platform supports multi-factor biometric authentication for usernames and passwords. Users must pay through identity verification before they can create IDs, which can be used by governments or banks to authenticate transactions. In addition, this ID can also be used to store user information on the blockchain system, such as account information on social networks or medical records. These digital IDs not only support users to authenticate online transactions securely and quickly, but also prevent individuals and organizations from collecting and illegally collecting from personal information of the users.
More accurate prediction analysis
Besides storing and secure a huge amount of information about transactions on the Blockchain system, this system also supports processing, analyzing, and making detailed predictions from this information. Technology enthusiasts are no stranger to the term AI - Artificial Intelligence. Combining AI with Blockchain helps provide accurate analysis and prediction, serving the planning and development of businesses. Endor, a blockchain-based AI, using natural processing language to answer questions in real time is a prime example of this combination. With the support from AI, businesses can leverage the amount of data from the Blockchain in their project way without directly contacting user data.
Currently, records, or more specifically, people's medical records are not being properly stored. The use of traditional paper records makes it difficult to share information between departments or hospitals. If applied Blockchain, medical records of each individual will be stored on a distributed ledger system with high security. These data can be easily accessed when needed. Different stakeholders have different types of access rights to ensure privacy. In general, Blockchain makes it easy to track users' medical records, and even create a way to make money for individuals by providing information for research projects.
Medicalchain, a blockchain application startup (Unregulated), uses this technology to securely record personal health records. The stored information will be used by doctors, pharmacists, or health insurance companies. Users have full control with their information recorded by the system.