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5 industries using blockchain to drive business value
Industries using blockchain is significantly increasing and the applications of blockchain in business have beyond what cryptocurrencies can do. With the ability to save time and money, while ensuring transparency and fairness for businesses, blockchain technology is impacting many specific industries and sectors in various ways. In this article, Pando will point out blockchain use cases and industry applications.
Blockchain technology allows the transmission of data securely based on an extremely complex cryptographic system, the changes that arise are closely monitored on a peer-to-peer network. Each block must contain at least information about the time of its creation and link to the previous block in a chain, along with a timecode and transaction data.
The creation of Blockchain is to resist intentional interference with data changes, and blockchain technology has a very special property in that the transmission of data does not require any reliable intermediaries specifically to confirm the information. Because this system is authenticated by the independent nodes participating in its network. Once the network recorded the data, there is no way to change it.
This is a system that ensures very high transparency and safety for sensitive data against the risk of being stolen, especially important data such as online banking accounts, payment card accounts, information Medical information, government information, personal information and transactions… Because even if one part of the blockchain system is hacked, the other parts are not affected and continue to work to protect information as well as rebuild lost/damaged parts.
There are three key factors of blockchain: Decentralization, Security and Scalability. This is call Blockchain Trilemma
Here are all the great benefits that Blockchain technology brings to every industries. Let’s take a deeper look at how great this 21st century technology is.
Accuracy: A network of thousands of computers approves transactions on the blockchain network. As a result, practically all human involvement in the verification process is eliminated, which reduces human error and ensures that the information is recorded accurately. Even if one of the computers in the network make a computational error, only one copy of the blockchain would be affected.
Original tracking: Because data entries into a blockchain are timestamped and visible to all parties, this makes it easy to see the chain’s progress over a very long period. This is ideal for information that may be required for audit purposes, such as financial records.
Data security: Because the digital ledger is decentralized and replicated in every device on the network, the blockchain is resistant to technical failures that could lead to data loss or corruption. The blockchain network must confirm the legitimacy of a transaction when it is recorded. On the blockchain, thousands of computers scramble to verify that the transaction’s data are accurate. The transaction is added to the blockchain block after its verification. On blockchain, each block includes both its distinct hash and the distinct hash of the block that came before it.
Flexible: The nature of blockchain makes it possible to record any data that you want to keep safe and accessible, making it applicable to many industries.
Cost-effective: The need for third-party verification and its accompanying fees are no longer necessary thanks to blockchain technology. As an illustration, whenever a business accepts payments through credit cards, the owner incur a modest fee since banks and payment processing firms must handle the transaction. The central authority and transaction fees are absent from Bitcoin, on the other hand.
Security and decentralization makes blockchain become more suitable for data recording, medical records, transaction management, food traceability, or elections voting…
To improve the productivity of the supply chain management, we need supporting information devices. The blockchain technology line will take over this role to help monitor the production process, product distribution, inventory quantity… At the same time, we can take advantage of blockchain technology to check for genuine goods, helping us to limit the purchase of counterfeit and quality imitation goods.
The trend of digitizing data, patient information, orders, inventory management, transactions for medical devices… in the process of document management has become more popular. Therefore, most hospitals are equipped with smart devices to monitor this data. However, these devices still have many privacy and security limitations, and blockchain technology can help overcome these problems.
Blockchain technology can help limit fraud in the process of studying or applying for jobs and scholarships, minimizing false statements about education, work experience… With intelligent synchronization, terms and conditions training rules will be automatically implemented to help handle violations, improve the teaching process, feedback from learners, etc.
The problem of user data security, corruption, and abuse of power is very difficult. But with the decision to apply blockchain technology highlights main features such as high security, fast transactions, cost savings, and minimized risks.
Supply chain management processes, product management such as distribution process, information control and quantity of goods as well as financial reports, important contracts, etc. will all become easier and more precise when applying blockchain technology.
Through this article, we hope readers have a better understanding of top blockchain applications in the real world. Blockchain with its limitless ability to secure and store information has attracted many industries. Over time, Blockchain also gradually asserted its potential in making all transactions transparent. If you want to apply blockchain technology to your business, you’re coming to the right place.
Pando Infinity is a leading company in the software development industry in Vietnam. We specialize in blockchain development resources, especially Blockchain Integration, Decentralized Application and Smart Contracts Development. Hit us now to see what we can do together!