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Enterprise Blockchain Solutions Exactly what do They Do For your Business

Despite the popular certainty that blockchain technology is only designed to perform cryptocurrency transactions and earn bitcoins, blockchain continues its entry into many areas of life: social media, gaming, healthcare, real estate, among others. The technology hopes to enhance work efficiency, reduce costs for businesses and improve customer experience.

Blockchain can be explained as a digitalized database and it is supposed to be to digital ledger technology (DLT), which implies no central data store or management functionality. Why is it an advantage for an enterprise? Decentralization along with visibility, gives every single participant time to view all recorded data, ensure its security and track info.

Here are areas blockchain has already entered and has proven that this technology is worth relying on.

Supply stringed management, for instance, is a major yet vulnerable area of the workflow of many companies. Parties partaking in the process often don't interact with each other directly and still apply paper-based methods of information collection and storage. Blockchain offers complete elimination of paperwork: documents flow becomes automated, digital certification is required as well. More importantly, each authorized member of the supply stringed can track the product from the manufacturer to the consumer preventing counterfeit distribution.

Several American retail new york giants that encountered foodborne illnesses outbreaks and further food recalls, have implemented blockchain technology in their food supply chains. Before, tracking one product took around 7 days minimum, and these days a food item's provenance can be identified for a few seconds.

Thus, blockchain solutions made the process of recall faster, more sound, and cost-saving. Meanwhile, customers have experienced blockchain usage in their hypermarkets. In Walmart's Chinese stores, for example, they can scan the QR code and get all the information about the product: from the farm location to the test certificates.

Healthcare is the field where blockchain-based solutions have established themselves as a highly secure and transparent way of keeping electronic health records (EHR). Both doctors and patients receive certification to access the records and use them when necessary. In the same time, blockchain solutions are powered by smart contracts which enable EHR data privacy protection. Healthcare device data and clinical research are encrypted, insurance can be executed and stored, too. blockchain company in hong kong Another use case is prescription medicines and equipment supply stringed control.

E-commerce increasingly requires blockchain technology. Again, supply stringed is a crucial aspect here: monitoring goods and managing supplies are often challenging tasks but blockchain helps businesses manage their inventory more efficiently. Consumers who trust their money and data to e-commerce organizations are concerned about data security and visibility but this matter can be addressed with blockchain development. Even slight changes in transaction are obvious on a blockchain, and tracking who made a misstep is no hassle anymore. It is also possible to perform crypto payments.

The next area is actually related to cryptocurrency transactions. DeFi, short for decentralized finance, doesn't only include simple assets transfer, but also refers to more technical financial use cases. The setup of blockchain contributes to intermediary different and, consequently, reduces costs. All transactions are encrypted and immutable, multi-step authentication accessories make the device hard to access for unauthorized members. Among recent novelties is the possibility to turn to P2P lending services and digital banking.

Social media has potential to be affected by blockchain as well. Along with its global popularity and the ability to connect people around the world, social media is still at risk of account hacking, identity loss and copyright intrusion. To tackle those issues, blockchain offers author the law protection, digital identity proof and unprejudiced licensing.