How Blockchain Can Enhance Your Business

Blockchain is one of the most powerful new technologies, but up until recently, there hasn’t been a lot accomplished in the way of creating viable distributed software titles. In reality, the most practical technology created with blockchain is cryptocurrency. This says quite a bit. Below is a look at blockchain-enhanced software and how it’s only a matter of time until it is a mainstream addition to most businesses.

What is Blockchain?

Blockchain is an encrypted and distributed ledger system that creates an individual and uneditable record to offer continuity to any type of transaction. The blockchain is not only stored on every device involved in a transaction, it also offers transparency that isn’t possible with any other type of secure transaction. There are numerous ways blockchain can enhance the systems your business relies on.

Accountability

As stated above, the blockchain creates a permanent record for each and every transaction; every transaction--whether it is correcting a mistake made, or it is a stand-alone transaction--is documented and encrypted. As a result, applications on a chain will provide a genuine log of transaction nodes. This tech can be utilized in the following ways:

Banking and Financial Services

Banks and other financial institutions will benefit from the automated record-keeping nature of the blockchain, ensuring that funds make their way where they are supposed to go.

Voting

Voting has come under more scrutiny than ever. Blockchain can present an innovative tool to maintain the integrity of any election.

Real Estate

It’s amazing that real estate ownership has the amount of confusion that it does, but by putting blockchain in the center of real estate transactions, the real estate buying and selling process can be much more transparent.

Wills and Inheritances

Wills and inheritances often come under question. This unfortunate situation can be quickly mitigated by transparent blockchain transaction logs. 

Supply Chain Management and Logistics

Managing your business’ supply chain and logistics can be aided by blockchain technology. With each transaction now having its own dedicated tracking information, the log can be used to manage the flow of resources and finished products, alike.

Secure Sharing

More digital communications are sent and received daily than ever before. With everyone’s dependence on this technology, locating the most secure and reliable ways to share data is an priority. The blockchain could be used this way, logging all the relevant information you’d need without disclosing the contents of the blockchain nodes. The technology can also be utilized to ensure that agreements are fulfilled and that proper compensation is fairly provided. These capabilities could soon be found in:

Healthcare

Like most innovative and emerging technologies, healthcare is at the forefront of developing working options. Blockchain implementation could lead to a situation where individuals could manage their own health care records. 

Stock Trading

Blockchain could be utilized to log financial information that will assist stock exchanges from potentially building convenience while enhancing security.

Education

With blockchain, verification is a snap. Eliminating many of the paper files needed will make registration, financial aid, and management more efficient. 

Internet of Things

By decentralizing IoT devices, security can be upgraded exponentially. 

Public Records

Many states are actively launching initiatives to reduce their reliance on paper documents, which would help to limit fraud and enhance security, while also boosting accountability among officials.

If you are interested in finding out more about blockchain, and the types of software currently being developed, reach out to our Macro Systems' IT professionals at 703-359-9211 today.