What is blockchain technology beyond crypto?
The application and potential of blockchain technology can extend outside of cryptocurrencies and finance. Its decentralization, security, and transparency allow it to provide solutions for businesses looking to step up their operations.
From digital identity and real estate to supply chain management and healthcare, blockchain has proven its capabilities in different areas.
Digital identity systems built on blockchain grant users control over their private information without the help of a middleman, like a centralized identity system.
For example, if you put your real estate transactions on the blockchain, you, as the property owner, can use your private key to secure and confirm your ownership, thereby avoiding fraud.
Moreover, the technology reduces the need for real estate brokers and lawyers as well as the time and costs associated with the transaction.
Supply chain management.
Blockchain enables better transparency and accountability in supply chain management by giving participants access to transaction details. Such an advantage is particularly significant in businesses such as food and medicine, where a product’s and service’s authenticity matters greatly.
Blockchain technology can also aid in safeguarding patients’ information and enabling the monitoring of medical supply distributions, helping minimize the risk of counterfeited products making it to the healthcare market.
In addition to the use cases mentioned, experts are still looking into what more blockchain can offer. Its ability to simplify processes, curb potential fraudulent activities, and improve transparency presents excellent advantages that companies of different industries can leverage.