…plus the advantages of starting a blockchain project with Sprinterra’s top-tier software engineers.
Blockchain is a bit of a buzzword, but it’s not just for Bitcoin. The blockchain world is exploding, and it can revolutionize the way businesses operate and how governments work. Blockchain technology’s core characteristics include decentralization, automation, transparency, and immutability. In addition, it offers a degree of online transparency never seen before.
What Even Is Blockchain?
The simplest way to understand how the blockchain works is to compare it to a Google Drive document. Once you share your document with other people, you distribute access to the file. Now other people can read and comment on your document at the same time, thanks to a decentralized distribution chain. The only difference, however, is that, unlike editing your file, the original content of the blockchain cannot be modified once saved. And this is a good thing in terms of security, especially for industries like finance, cybersecurity, and healthcare. Companies are using blockchain technology in all sorts of ways to improve their products and services, from data management to mobile payments.
Real-World Blockchain-Based Applications And Use
You may be surprised that blockchain technology is being used in the real world – it’s not just limited to stuff like cryptocurrencies, virtual reality, video games, etc. It can be applied to nearly every aspect of business interaction, especially in terms of financial transactions, but it is now becoming more apparent how it can be used to improve other areas of business as well.
Here Are Six Surprising Uses For Blockchain Technology:
Major trading companies and consortiums are recognizing the transformative impact that blockchain has on operating global supply chains, managing trade finance, and unlocking new business models. In addition, blockchain applications have the bonus of making the logistics process leaner and automated, saving the sector billions of dollars a year.
Example: DHL and Maersk created an app that tracks goods throughout the supply chain. The app uses blockchain technology to track goods from manufacturing all the way through their journey until they reach their destination – meaning no more lost packages!
Blockchain technology allows to preserve and safely exchange patient data through hospitals, medical labs, pharmacies, doctors, and nurses. It improves patient care and ensures the authenticity of drugs circulating within global markets.
Example: BurstIQ makes a tool for hospitals and health care providers that allows them to store patient data in one place for easy sharing among doctors, patients, and administrators while maintaining strict compliance with HIPAA rules. This can help prevent medical errors and provide valuable information about how best to treat different diseases or injuries.
3. Retail Fashion and Luxury
Blockchain improves retail fashion and luxury data management tools, daily operations, and enhances supply chain transparency. It also gives online retailers and customers unprecedented traceability and reduces the risk of counterfeit. This new technology is beneficial for both brands and consumers because it makes online transactions on the blockchain more secure.
Blockchain technology has the potential to protect digital content and facilitate the distribution of authentic digital collectibles. Piracy, fraud, and intellectual property theft of digital items cost the entertainment industry an estimated $71 billion annually. With blockchain, it is much easier to track the life cycle of any content.
Example: Global Rockstar GmbH, with Sprinterra’s help, developed and launched a Music NFT Auction platform, the Latest Mainstream Cryptocurrency Phenomenon.
Blockchain can make payment processes more secure, efficient, and considerably cheaper when compared to major credit card companies like Visa, Mastercard, and Amex. Blockchain technology makes it easier and cost-effective to exchange currencies, lowers the cost of capital, and reduces counterparty risk. It can also act as an anti money laundering monitoring tool and offer alternative options to measure creditworthiness.
Example: Finance blockchain applications like Ripple reduce transaction costs for financial organizations, their clients, and customers.
Last, but not least, one of the most surprising applications for blockchain is improving government. Some state governments like Illinois are already using the technology to secure documents. Additionally, blockchain can also minimize bureaucratic inefficiency. Blockchain has the potential to hold public officials accountable through smart contracts and provide transparency by recording a public record of all activity, according to the New York Times.
For instance, Voatz is an application designed for voting securely online using blockchain technology; this has already been implemented in some counties in West Virginia during its 2018 primary elections earlier this year (2018).
Blockchain Engineering Experts Are in High Demand
While blockchain engineering is not a new field, it is still developing. Satoshi Nakamoto created the first blockchain in 2008 as part of Bitcoin. Since then, numerous other blockchains have been launched with different purposes and applications.;
Blockchain engineering experts are in high demand now since it’s a new field that requires people who have skills like distributed systems development, network security, and cryptography. In fact, the demand for blockchain engineers has increased by 400% since 2018, according to LinkedIn!
Want to start your blockchain project? Ask Sprinterra’s engineers for help today.