Can Blockchain Technology Transform Different Platforms Across Industries?

By Enterprise Security Magazine | Monday, October 28, 2019

Blockchain TechnologyBlockchain has the potential for many use cases in different industry platforms from being disruptive to being completely mainstream.

FREMONT, CA: The wonders of blockchain has expanded greatly since the introduction of Bitcoin in 2008. Currently, the innovators in various fields are getting to know the benefits of utilizing the technology behind Bitcoin. From various fields ranging from medicine to finance, many of the sectors are looking for different ways to mingle and integrate the blockchain technology into their infrastructure. With the decentralized and no-trust nature, the blockchain technology can bring new opportunities and benefits to businesses through transparency, increased security, and easier traceability.

Blockchain solutions are not restricted to the exchange of cryptocurrencies. There are a lot of benefits that this technology can present to businesses in many different industries, through its distributed and decentralized nature.

Enhanced Transparency

Blockchain's largest characteristics stem from the fact that the transaction ledger for public addresses is open to viewing. In the financial systems and businesses, this increases an unprecedented layer of accountability, holding each platform of the business responsible  for acting with integrity towards the organization's growth, its community, and customers.

Improved Security

Blockchain is more secure than other record-keeping systems because each new transaction is linked and encrypted to the old transaction. Blockchain is formed by a complicated string of mathematical numbers and is difficult to be altered once formed. These characteristics of blockchain make it safe from falsified information and hacks. Blockchain's decentralized nature also gives it a unique quality of being trustless, that the parties that do not need to trust to transact safely.

Enhanced Efficiency

Because of its decentralized characteristic, blockchain eliminates the need for middlemen in many processes for fields like the payments and real estate. Comparing to traditional financial services, blockchain facilitates faster transactions by enabling P2P cross-border transfers with a digital currency. Property management processes are also made for more efficient with a unified system of ownership records and smart contracts that will automate tenant-landlord agreements.

Improved Traceability

With the blockchain ledger, every time the exchange of goods is recorded on a Blockchain, an audit trail is introduced to trace where the goods came from. This not only helps improve security and prevent fraud in exchange-related businesses, but also helps verify the truth of the traded assets. In organizations like the medicine, it can be used to track the supply chain from manufacturer to distributor or in the art industry to offer undeniable proof of ownership.

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