Blockchain technology is synonymous with bitcoin. However, many are not aware of the potential and impact the technology can have across industries. Blockchain possesses the ability to increase the security of data, make cross-broader transactions faster, and food tracking easier for retailers. Since 2008, the time when the technology came into existence, the technology has been changing business processes.
The blockchain industry overall has seen phenomenal growth over the last decade. So it’s no surprise that demand for blockchain professionals is increasing. Consequently, the industry is witnessing a surge in demand for blockchain certifications.
Among the most popular use-cases of the technology includes voting, securing digital and intellectual rights, reducing fraud in advertising, and more. The technology shows even more prospects for the future. Below we have discussed some emerging use-cases of the technology.
1. Transparency in statistics
The music and entertainment industry has been rife with piracy issues. On top of it, streaming services don’t provide clear play statistics. Blockchain makes data clear across the entire network because of its immutability attribute and keeps a single source of truth. This will make it easier for artists to establish their ownership and get recognition and pay what they are due.
2. Data collaboration and control
Data has become increasingly important for companies. However, collaboration and data control don’t go hand in hand well. But if enterprises need to succeed in their effort, the collaboration will be essential. Blockchain bridges this gap. Blockchain as a system of record is immutable and keeps data in an auditable format. Companies can collaborate with other partners without having to trust their partners and third parties to corrupt mission-critical data.
3. Decentralized finance
Open banking and blockchain together have transformed the industry. Apps built on a blockchain network are shifting their assets from banks to themselves with no central authority to approve verify transactions. Though Dapps (Decentralized apps) are prone to hacks, special care should be taken to grow apps and bring them to mainstream adoption.
4. Supply Chain Management
Supply chain management is perhaps the best use-case of blockchain. The technology provides accurate, authenticated, and transparent transactions with predictable, pre-approved fees and full auditability. This removes intermediaries and lowers costs of goods. Distributed ledger among manufacturers, suppliers, and vendors increases reliability. Transactions are immutable, fraud in the supply chain is reduced to a large extent.
5. Human resources
The influence of blockchain technology has touched human resources. It’s inconvenient for companies to verify the credentials of the candidates and their references. The use of blockchain will remove this inefficiency with hiring and paying employees. Candidates can keep their information in an immutable ledger and HR can verify this information. This solves the problem on both sides.
Similarly, employees can receive their salaries on a blockchain network, which would be hard to alter and eliminate the case of faking salaries on their pay slips.
Ecommerce has been already disrupting retail. With the introduction of blockchain, the way e-commerce companies accept payment is expected to alter. Many global e-retailers have implemented blockchain to accept payments and improve the efficiency of their supply chain. A few more considering to implement.
7. Data privacy
Earlier data was stored at a centralized server, which made it susceptible to data breaches. The introduction of blockchain has moved the industry toward fully decentralized data where data is much safe and less prone to breaches. While adoption is blockchain is steadily growing, businesses are taking additional steps to improve data privacy by obtaining user permission for data collection and consent management.
All in all, blockchain technology is paving way for a new ecosystem of decentralized processes where no single entity has an authority over a process or system, moving industry toward more transparent and efficient process in nearly every sector.