Most people associate blockchain with cryptocurrency, although there are other uses. Blockchain benefits companies and enhances various business methods, from document authentication to managing deliveries. According to PwC рrediction, by 2030, blockchain will increase the global GDP market by $2 trillion. However, developing your blockchain project does not come cheap. It is easy to adopt an existing blockchain and thereby overtake competitors. Here are some examples of where blockchain can be used and what it can improve.
Blockchain is an endless chain of blocks containing data that cannot be deleted, changed, or added. Copies of these chains are stored instantly on all computers linked to a network, ensuring complete decentralization. Trying to deceive the system and change any data means all customers will immediately know about it because one block will be different from the others. The same applies in the event of a software failure or a hacker attack – the data will not be lost due to distribution across different servers.
The following blockchain principles are implemented in addition to decentralization:
- Security (protection against theft and loss of data)
- Transparency (all users have equal access and rights)
- Immutability (information entered stays forever)
Making blockchain a universal tool for businesses in various market areas.
Supply and logistics
Applying a comprehensive blockchain-based system can automate the supply chains and increase output. Likewise, blockchain enables your company to:
- Track the status of the goods and location in real-time, anywhere.
- Automate the upkeep of supporting documents and minimize human involvement in the process.
- Accelerate shipping and payments.
For example, Morpheus Network provides a blockchain-based system for suppliers. Offering smart contracts which cannot be broken, automation of transport, customs documents, automatic payments, and flexible tools for integrating the platform into your business. Morpheus already works together with 1600 banks worldwide.
Businesses often apply blockchain for fast international payments, subject to either minimal or no fees. Furthermore, payments do not require a bank as an intermediary – individuals can make transfers directly, simplifying the payment procedure. Payment networks such as IBM Blockchain World Wire or Ripple are specially developed for this purpose.
Banks are increasingly looking at the advantages of blockchain because it enables them to decentralize their internal system amongst independent departments, speeding up the bank’s operations and increasing transaction transparency and the trust of banking users. Additionally, blockchain would make it easier for the bank to track all transactions and paperwork, reducing costs for relevant departments.
Although we are discussing blockchain and how it does not go hand-in-hand with cryptocurrencies, it would also be sacrilege not to mention them. Blockchain’s emergence brought about new methods and platforms for investing, for example, cryptocurrency exchanges, which, unlike stock exchanges, have a significantly lower entry threshold and guarantee fast and extremely high returns. Moreover, commissions are low, making investing with blockchain profitable for individuals and businesses. Likewise, Businesses can develop blockchain and cryptocurrency projects, as Alex Rienhardt did with his PLC Ultima ecosystem.
Initially, Alex Rienhardt started launching startups in IT and FinTech until he founded his own PLCU cryptocurrency based on a unique blockchain with algorithms from the popular Litecoin. Several associated projects were then launched on the same blockchain, built into the single infrastructure of PLC Ultima: the Platin Hero crowdfunding platform, an international marketplace, mobile apps, etc. All are working on blockchain, enabling Alex Reinnhardt to provide people with access to even more versatile financial tools. In contrast, the PLCU business has new horizons and directions for growth.
Counterfeit medicines are one of the major problems of modern health care worldwide. It is extremely difficult to fight their spread, although it is possible by incorporating blockchain into the supply chain. For example, all medicines are registered in the system and tracked immediately after the customer receives them. It is impossible to infiltrate such a tightly controlled supply chain from the outside. Blockchain for pharmaceuticals is also already being provided by the Chinese courier company SF Express.
You are probably familiar with how time-consuming the process of re-registering a flat and buying a new home is. However, with blockchain, everything becomes much easier and more secure: Currently, a real estate registry on a blockchain is used in Sweden, the UAE, Japan, and Greece. Furthermore, it is impossible to destroy property rights data but also significantly reduces the time it takes to create new records: for example, it now takes no more than two hours to complete property transactions, whereas previously, a traditional public register took at least fifteen days.