Implementation of Blockchain Solutions: An Industry Perspective
Industry applications of Blockchain have primarily been linked with the banking and finance services sector. When the Fintech revolution first emerged, Blockchain and Crypto were widely recognized as two key drivers of the phenomenon. Fortunately, as the technology itself continues to develop, Blockchain solutions are now transforming a plethora of industries by promoting trust, efficiency and transparency and here are a few ways how.
1. Retail and Consumer Goods
The most significant impact of Blockchain on the retail and consumer goods industry has come in the form of optimal supply chain management. Blockchain enables customers to track the source of product ingredients by providing data related to each step of the supply chain. For example, by using this framework, a customer can discover where the beans for a coffee brand were sourced from and whether that supplier engages in fair-trade and ethical practices. Not only does Blockchain make tracking transactions easier owing to its secure infrastructure, it is expected to revolutionize the arena for high-fashion, antiques and vintage collectible items by incorporating near field communication (NFC) tags to determine the authenticity of such items, thereby, combating counterfeiting.
Maintaining the confidentiality and integrity of sensitive patient information is one of the key challenges in the healthcare sector. To support collaboration between practitioners, researchers and other stakeholders in the industry, Blockchain platforms are being implemented to provide data storage and sharing solutions for healthcare facilities. By introducing this initiative and launching it on a wider scale, delivery of cost-effective and high quality healthcare can be made possible. Through the delivery of patient-centric solutions, Blockchain is opening new doors for advancement in healthcare.
3. Real Estate
Perhaps the most interesting opportunities that the technology has brought with itself are associated with the domain of real-estate. The lack of transparency in finalizing property transactions has long remained a cause of concern for buyers along with the presence of tedious paperwork. Blockchain platforms essentially streamline these processes by providing buyers and sellers with the convenience of recording property deeds and other documents in an accurate and verified manner. This storage of information within the Blockchain helps unknowing buyers from becoming victims of fraudulent transactions and trade tokenized properties with ease.
From an investment perspective, the integration of this technology within real-estate is ground-breaking because it makes these assets liquid and immediately tradable. From the perspective of developers, the elimination of complex administrative procedures such as contract processing results in cost-reductions and enhances profitability.
Blockchain is the Answer
Despite of the long held perspective that Blockchain can influence only a handful of sectors, the growing integration of this innovation in a variety of industries is proving sceptics wrong. With more Blockchain platforms and start-ups coming into the forefront, it is expected that this technology will soon hit mainstream and redefine how businesses today engage with their customers and other stakeholders. Is your business or industry ready for the blockchain revolution? Email us at firstname.lastname@example.org to see the opportunities to improve your business or industry with innovative blockchain solutions.