“Cryptocurrency is the first thing that pops into everyone's mind when the blockchain technology is discussed. But in reality, this tech is a pandora box filled with a lot of advantages.”
The huge hype that surrounded the blockchain technology and cryptocurrency, during its introduction, was indeed enticing. But this hype also bedimmed the entire concept of this tech. Because there are a lot of other things that it has to offer. A lot of tech giants are burning both ends of the candle, to provide this tech a higher platform. Of course, it will surely take some time to gain a wider perspective, but before that, let us make a genuine effort to understand what blockchain technology, has to present.
What Else Can Blockchain Do?
“No, we are not talking about Cryptocurrencies!!!”
1. Mobile App Development
Mobile app development is one of those trends that the business world is going crazy about. If you are not a tech-enthusiast, you must still be knowing the amount of curiosity it is stirring in all of us. Apps not only streamline every day to day tasks, but they also provide a lot of benefits to its users. From enabling ultimate convenience, to giving offline access, it has got you covered. But there are some of the drawbacks that we cannot ignore.
Security is one of the major issues of the mobile app development process. The app development companies are leaving no stone unturned, in order to minimize the security risk. And for them, blockchain technology is a boon.
Blockchain technology with its decentralized ledger has the capacity to increase the security of an application. Since the information is stored in blocks connected with each other, any kind of prohibited infiltration would send out an alert in the entire system. Because of this, a lot of industries from healthcare to finance are trying to incorporate this tech into their business app.
2. Lesser Complications in Business Transactions
For gaining a better understanding of this concept, consider a simple example of your own budget. Do you find it difficult to manage the monthly budget of your house? Are there incidences when you forget to make payments?
Of course, there are. Managing a house is not at all a cakewalk.
So imagine the level of difficulty in huge industries, because managing the spending is a huge task in itself. So in order to manage the entire system, industries and organizations can create a blockchain network for partners and suppliers. This process would help by:
• Enabling smart contracts
• Providing IoT activated shipments
• Offering instant payments
With a lesser amount of human interaction, the chances of errors and leaked/missing information across transactions are reduced. And with a lesser number of complication the transactions are much faster and complications free.
3. Tracking The Origin Of Products And Materials
This technology has the capacity to provide the guarantee of a product's quality. In addition to this, it also ensures the security of a product or material, by simplifying its tracking and locating the in-use process.
Let us consider an example of a food chain industry. Let us say that a food manufacturer has developed a quality-focused blockchain that includes raw food products, the buyer, the seller, the public regulatory body, the makers, and whatnot. Because of this, the recall of an expired product would become much more efficient and transparent.
Industries like food, entertainment, and fashion, can fetch a huge glut of benefits by developing a quality-focused blockchain. This would streamline different scattered processes, because of which the monitoring of the origin of products and materials becomes a lot easier.
4. Enabling Independent And Distributed Marketplaces
This technology permits asset owners to trade and track different things of value. For example, an outstanding set of invoices can be secured in a transparent, and private chain of transactions. This type of capability adds flexibility and speed in the asset and cash management.
Consider an example of using verified invoices from Enterprise Resource (ERP) App. Through this various companies could raise the required cash, or even accelerate the cash flow. The cash flow can be initiated by selling invoices on an independent invoice factoring marketplace. The independent marketplace is likely to multiply.
A transaction based on blockchain curbs the need for third-party oversight. This is because the inculcation of this technology provides an open and controlled framework. And the information and data present on this chain are visible to all the transaction participants.
This allows organizations to view all their assets in multiple ways, instead of just the face value. This is a great initiative for increasing independence in different marketplaces.
These are the four major use cases of blockchain technology that has the potential to elevate the basic functioning of different industries and organizations. If you want to know more about this leading tech, then feel free to reach out to the best blockchain app development company.
But till then, stay tuned to this space for more information.
Rakesh Bisht is an Innovative Marketing Professional and Technology Whiz who closely follows the latest mobile application development technologies at Techugo- Top Mobile App Development Company. He explores new technologies, and shares his knowledge through writing.