While people might have different opinions about the potential of cryptocurrencies, the blockchain technology behind them is revolutionary. Blockchain applications go far beyond exchanging digital coins and finance. Blockchain could impact nearly every business around the world, by making data safer and processes more efficient.
In this article, we focus on the benefits and applications of blockchain in various industries that everyone should learn about.
Blockchain technology offers great benefits when it comes to the management of supply chains. The main benefits include enhanced traceability and higher cost effectiveness.
Blockchain-based networks make it possible to move goods, while tracking their data without being able to tamper with the information like the origin, quantity, etc. Such benefits will encourage transparency between all parties when it comes to supply chains. At the same time simplifying the process and making it more standardized.
One of the reasons behind the rise in the price of cryptocurrencies is that they offer a great way of transferring money and paying for things. They are really secure, decentralized, reliable and much more. While nowadays transferring money around the world is simple, there are regulations and restrictions related to countries. Unlike that, blockchain-based currencies promise freedom for everyone. Although that doesn't mean these currencies are unregulated. But the safe transactions to anywhere and anyone in the world is something remarkable. With the rising prices and development of new cryptocurrencies, we can predict promising future for blockchain-based transactions.
Internet of Things is already very promising, but there are some obstacles to its faster development and wider adoption. In addition to financial aspects, another big hurdle is security.
Blockchain is promising to solve some of the scariest aspects of IoT. For example, ensuring hackers won't get access to your smart thermostat or ruin the traffic by hacking the internet-powered road network. Having a smart and yet safe future is definitely something we are looking forward to with blockchain applications.
Quality assurance is one of the business aspects that blockchain technology is going to impact. For example, Blockhain can make it easier to trace any defect and problem to its origin. This makes it easier for businesses to execute tests and investigations necessary for controlling the quality assurance process.
Additionally, tracking the information of health and food products becomes much more efficient. When information becomes impossible to tamper with, that leads to a safer ecosystem for distributing food and health products.
One of the biggest benefits of blockchain is that it makes tempering with records nearly impossible. This makes it favoured in various applications, and one of them is accounting. When financial transactions are recorded on a blockchain network, records are verified every time they pass on a node to the next. And that guarantees better record accuracy and makes traceability and security far better.
Tampering becomes a matter of history and the whole accounting process is optimized for better efficiency. If more than one establishment needs the same record, they can store it in one network instead of having two different records in two networks.
Contracts can be bottlenecks for businesses in many cases, especially for businesses that sign a large number of contracts monthly. With smart contracts based on the blockchain network, contracts and agreements can be validated, signed and initiated through the network automatically. This helps save a lot of time for all parties involved, and also saves money spent on mediators. With the ability to create smart contracts, this is one of the blockchain applications that show great potential.
Trust and transparency are some of the aspects that matter the most when it comes to voting. Improving the transparency of the voting processes is one of the most significant applications of blockchain.
Blockchain can be used to make any election, from presidential to local one, more transparent. It can effectively reduce electoral fraud possibilities. These problems still exist in the traditional electronic voting systems. The local authorities of Moscow were among the first to embrace testing the blockchain tech for voting. NASDAQ was also among the early adopters of such blockchain application. They are partnering with a number of tech companies to leverage blockchain to make shareholder voting easier and more reliable.
Thanks to the revolutionary blockchain technology, stock exchange can become more public, transparent and secure. The open and reliable nature of blockchain make stock exchange a really good application.
Australia is one of the first countries that supported and embraced the idea of making the stock exchange based on a blockchain network. This was possible by partnering up with a blockchain startup named Digital Asset Holdings.
Businesses and individuals always wonder about their energy consumptions and how to optimize their usage. A blockchain-based transactive grid that supplies renewable energy to homes can allow anyone to track energy usage with all details. Exergy, a Brooklyn based company, as well as Powerpeers, a Netherlands based company, are trying to help people optimize their energy usage through blockchain-based solutions.