Top 5 Businesses Where Blockchain Will Be Beneficial

A digital ledger technology, blockchain is credited with providing transparency and traceability to cryptocurrencies like bitcoin. With its verifiable register of transaction data, blockchain technology has the potential to improve many industries that strive to reduce fraud and provide their customers and partners with better insight.

Due to the popularity of blockchain, many industries started involving it. For the completion of most work elements, industries integrate blockchain into their work processes.

There are many industries and uses for blockchain technology. Several of them stand out as being particularly appropriate for the use of blockchain.

Banking

With the help of a peer-to-peer banking system (high security and low fees), blockchain is beneficial for the banking sector. The banking sector benefits from the potential of blockchain.

Because there is no central authority, you don’t have to pay for one. Isn’t that great? Using a cryptocurrency, like Bitcoin or other cryptocurrencies, eliminates the need for a third party to make a transaction. Any cryptocurrency user can view and review your transaction with your friend, giving you total control over the transaction.

As an example, Abra is a cryptocurrency application that enables peer-to-peer transfers. Through Abra, users can store digital money, transfer it, and receive it via PCs, tablets, or smartphones. Users can withdraw cash at Abra teller terminals. No bank account is required!

Thus, it is evident that the use of cryptocurrencies instead of banks seriously disrupts the personal finance market, putting it at risk — as it should. Isn’t blockchain a better alternative than paying fees and worrying about safety concerns?

Supply Chain

Using blockchain technology, businesses can trace every step of a supply chain, such as ordering food, receiving delivery, and finding out that it’s disgusting. You might be able to find out where in the supply chain the order went wrong by searching the blockchain ledger of the company you ordered it from.

The farmer can sell his product to a producer, to a distributor, to a retailer, then to the purchaser. The blockchain provides permanent transparency and validation of transactions shared between supply chain partners in supply chain management. A customer or owner can easily view all records since all transactions are permanent and verifiable with proper visibility.

Any type of verification can be performed using a blockchain solution — for example, tracking seafood from ocean to market. In order to track tuna fishing information, exporting and importing details, and purchasing details, the Pacific Tuna Project uses blockchain. By doing so, illegal fishing is prevented.

Therefore, you are able to fish for the information you need, and you will always come up with the right answers when you use blockchain for supply chain management.

The safety concerns of the supply chain management are addressed in such a way at the owner’s and customer’s end.

Transportations & Logistics

Blockchain systems are poised to enhance supply chain services for customers, among other applications, in the transportation and logistics sector. Through greater efficiencies, blockchains can reduce costs and fuel consumption in transportation and logistics.

The Blockchain Council, a group of subject matter experts and enthusiasts working to spread blockchain development and use cases in the industry, believes blockchain can help transform the sector by resolving some of the key challenges it is facing.

An example of this is tracking. Payment and dispute resolution are major concerns for the industry. A lot of time and reliance on third parties goes into the dispute settlement payments that the council estimates tie up about $140 billion a day. In a blockchain-based tracking system, vehicles could be tracked more easily, and disputes could be resolved without the need for third parties.

Another example is transporting temperature-controlled products like pharmaceuticals. These products are susceptible to adverse temperature changes during longer-than-expected deliveries, which can lead to waste. By using blockchain to secure data, manufacturers will be able to ensure their products arrive on time, at the right temperature. In this way, manufacturers take advantage of blockchain technology.

Carrier onboarding is another use case. Validation of carriers and drivers is easier with the help of blockchain because records can be monitored efficiently. For example, if a freight broker is trying to reach a load capacity for a load at a given respective location, the broker can use a blockchain ledger for the verification of the carrier and assign a load. A decentralized system is enabled by blockchain to hold the records of carriers.

To make standards for blockchain use in the industry, there are efforts in progress.

A blockchain alliance such as Blockchain In Transport Alliance (BiTA), which consists of freight, transportation, logistics, and affiliated companies as members and claims to be among the world’s largest, states that it is developing a “common framework and standard from which transportation, logistics, supply chain, and the freight marketplace can build revolutionary blockchain applications.”

Health care

There’s no denying it. Currently, people’s health data are stored with a variety of problems. Despite the fact that the files are centralized, anyone can access this highly confidential information. People can spend hours searching for a person’s information when they ask someone else for their information, which can introduce the possibility of data breaches, theft, or loss. Blockchain technology is therefore vital in this sector.

The use of blockchain technology in this situation eliminates the need for a central authority and streamlines data access. Each block is connected to another and distributed between the nodes of the blockchain, making it difficult for hackers to hack the data. It is imperative to keep personal medical file information confidential, so blockchain technology makes sense, right?

Additionally, counterfeit medication poses a healthcare concern, and blockchain technology can help control it as well. Contrary to popular belief, counterfeit medications are often difficult to distinguish from real ones. In order to solve this problem, blockchain technology uses supply chain management protocols that enable the provenance of medicine to be tracked.

With the help of blockchain technology, United Healthcare has improved its privacy, security, and interoperability of medical records. The company’s operations have improved dramatically. Our expectation is that other healthcare companies will follow suit as they decentralize their operations. The blockchain is thus helpful in revolutionizing the healthcare industry.

Cybersecurity

Confidentiality is the core element of blockchain technology. Using blockchain technology, confidentiality ensures that only designated parties are able to access the right data. Data on the blockchain is fully encrypted to prevent unauthorized parties from accessing it while it is flowing across untrusted networks. In order to prevent attacks from within the network, it is important to implement security measures such as access controls directly at the application level. In addition to providing advanced security controls, blockchain can encrypt and authenticate parties’ communication using the public key infrastructure. The storage of backup private keys in secondary storage poses a high risk of theft of these keys. Implementing key management procedures such as IETF or RFC as well as cryptographic algorithms that rely on integer factorization could prevent this from happening.

Data integrity is ensured by the immutability and traceability built-in to blockchain technology. Further, consensus model protocols can assist organizations in implementing mechanisms to prevent and control ledger splitting after a 51% cyberattack. Blockchain records the previous state of the system with each new iteration, thereby providing a fully traceable history log. The use of smart contracts can prevent miners from mining blocks of data by verifying and enforcing rules between parties.

In recent years, cyberattacks aimed at affecting the availability of technology services have become more common, with DDoS being the most common type of attack. A DDoS attack in a blockchain-based system, however, is expensive because the attacker attempts to overwhelm the network with a large number of small transactions. DDoS attacks based on IP-based connections are less likely to disrupt the normal operation of blockchains since they have no single point of failure. As long as the data is available through various nodes, a full copy of the ledger can always be accessed. Combined with the distributed operation, multiple nodes make platforms and systems resilient.

The confidentiality of blockchain is not only beneficial for cybersecurity but also for the protection of data from other fields including banking, supply chain, healthcare, etc.

Wrapping up

In various industries, Blockchain technology is becoming a growing trend because of the obvious benefits it offers. Further industrial territories are going to be marked in the future, while the current features will only improve and enhance in 2022. Over the coming year, it will replace the old ways with better and improved ones, and it will greatly improve how things were done before.

If you are looking for blockchain service providers to revolutionize your business with advanced solutions, contact our sales team and get the best possible solutions for your business growth with our blockchain services.