Since Bitcoin has come into the limelight, blockchain technology has become popular among businesses. Decentralization, immutability, and many more features traditional businesses were lacking, blockchain introduced to the world.
Blockchain development services have become popular as more businesses are coming for blockchain implementation. Also, numerous blockchain development companies are introducing blockchain solutions worth praising.
So, in this blog, let’s explore 6 ways blockchain is changing businesses all around the world.
1. Improving Health Care
With increasing technological advancement in the healthcare industry, it is constantly dealing with large numbers of data breaches. A statistical report from TechTarget showed an 84% elevation in healthcare data breaches from 2018 to 2021.
Patient’s EHRs are valuable for every residing party in the streamline. Medical institutions can use patient’s EHRs for medical research, doctors to up-skill their medical practice, and patients to ensure their good health. EHR data breaches due to technical problems, natural disasters and unethical hacking compromise the healthcare industry massively.
Blockchain-enabled EHRs are a great solution in dealing with data breach problems. By storing patient EHRs in a blockchain network, every patient becomes the self-custodian of their data. So, patients can decide and provide access to their information to only trustable medical entities.
Data manipulation and data breaches aren’t possible with blockchain-stored information. Every data addition forms a new block, adding hash codes to the previous blocks, making the blockchain-enabled EHRs best for the healthcare industry.
2. Account Maintenance
Accounting maintenance has become easier than before. Today, automated accounting softwares is capable of collecting, verifying and reporting tasks, maintaining a quality accounting structure.
Whether it’s managerial accounting, cost accounting or financial accounting, all of them aim to clarify a business process. Implementing blockchain technology in accounting processes is strengthening its arena, enhancing the level of transparency, trust, security and data traceability.
For example, forecasting business revenue and effective planning and calculating a business’s efficiency doesn’t require physical company reports; implemented blockchain frameworks have collected every minuscule amount of information; thus, any business calculation and accounting can be done easily.
3. Enhancing Food Quality
Illnesses coming out of contaminated food bring myriads of catastrophe to society. According to the FDA’s report, every 1 out of 6 Americans gets sick from food-related illnesses each year.
So, tracking the food production cycle and quality inspection is an important part. But, due to an uncontrolled and weak governing system, the majority of people’s daily diets don’t go through inspection.
The blockchain-enabled food supply chain is solving these food-related problems by tracking all the food supply, produce and raw material chain. With blockchain supervision, it’s possible to track farmers’ food and crop production techniques, thanks to the transparency feature of blockchain.
Blockchain also can track the streamlining of any produced food, their real-time location, normal losses and warehouse-related information. All Together, blockchain technology is connecting and governing the entire food cycle from farm to plate, ensuring goodness with it.
4. Building Virtual Community
Metaverse and NFTs, together, are bringing a new era for the virtual community. In the previous decade, Facebook was the largest and most popular community where people could chat and share photos and videos. Through Metaverse communities, they can meet in real-time and spend more time in the virtual world.
As Facebook changed itself to Meta, investors and startups worldwide are becoming more conscious about Metaverse and its future growth. Business meetings, personal meetings and spending time with friends, Metaverse is bringing revolutions to all these factors of life.
Metaverse platforms like Roblox, Second Life and GTA Online are houses of virtual communities. With Metaverse, these communities are spending a good time together, sharing their thoughts and accessing different Metaverse possibilities.
5. Maintaining Cyber Security Invulnerable
Just like healthcare, cyber security is another industry going through countless upgrades. However, hackers are also getting more advanced, as a report says ransomware has become more dangerous than it was two years before.
Blockchain technology follows decentralized technology, so targeting a server to steal its data isn’t a chance. A blockchain network follows a peer-to-peer approach, which means hackers need to hack the maximum amount of blocks to penetrate a network.
Blockchain networks also provide immutability features, so any information updated in the network cannot be changed, edited and manipulated. Likewise, private key systems let users control the information stored in the blockchain. IIt’lltake so much time and cost for hackers to steal data from the blockchain network.
6. Sharing Education
Digital penetration has become very high all around the world. According to a statistical report, The global accumulation of IoT devices is more than the total human population since 2008. So, helping the education sector through blockchain integration has become easier.
Numerous educational institutions are using blockchain ledgers to provide education at an affordable rate. Blockchain establishment is costly, but using blockchain for a long time is very cheap. So, storing educational matters like pdf, videos, reports, and case studies has become easy.
Businesses and emerging startups from all around the world are using blockchains in different ways. Metaverse, Cryptocurrencies, Crypto Gateways and many more forms, together blockchain is solving myriads of business complexities, making the future easier.
If any business wants to implement blockchain for themselves, it’s recommended to consult and hire blockchain developers.