Blockchain Technology: Benefits for Businesses
Industries That Benefit from Blockchain Technology
Since the rise of blockchain, many industries were quick to catch on to this game-changing technology. In essence, blockchain benefits participants to ack quickly in the face of disruptions, while cultivating a culture of trust between trading and business partners and building more resilient supply chains and better business relationships through streamlined processes and end-to-end visibility.
Here is how industries benefit from blockchain technology:
Prior to the COVID-19 pandemic, numerous significant issues have been lurking in the healthcare and life sciences industries. From supply chain traceability to privacy breaches and interoperability, the industry remains to be strongly challenged by the need of building information systems that regulate and secure healthcare information.
Pre-pandemic, blockchain has already been demonstrating its value in various healthcare and life sciences initiatives and is also at the forefront of addressing challenges specific to these industries by providing faster access to trusted information, enabling secure data sharing across multiple stakeholders, improving collaboration, and increasing transparency.
Some the recent blockchain-based healthcare innovations include; Medical privacy including health records, data generated by medical devices, ledger technology to facilitate the secure transfer of patient health records, and the ability to streamline payments across healthcare actors.
Blockchain in the pharmaceutical industry plays an important role in tracing and monitoring pharmaceutical products’ move through the supply chain. By recording every action and generating an audit trail, it helps in preventing counterfeiting and enables manufacturers to locate recalled products in a more efficient time.
For instance, blockchain technology offers a reliable end-to-end tracking and monitoring of vaccines and drugs through the supply chain through applying digital identity to the product. These unique digital identities make the product tamper-proof so fraudsters cannot insert counterfeit medicine into the tagged packaging.
There are other numerous potential benefits that blockchain could bring to the table in the context of pharmaceutical industry supply chains. Some of these come in the form of establishing a quick and efficient ability to identify issues, hold-ups, and bottlenecks within the supply chain.
Experts say that the future of government is fueled by blockchain as the technology can help governments work smarter and innovate faster. It has the ability to secure sharing of data between citizens and agencies resulting in increased trust while providing an immutable audit trail for regulatory compliance, contract management, identity management, money laundering, tax evasion, and citizen services.
Through the automation of repetitive and redundant processes and sharing data among permissioned network members in a decentralized way, blockchain reduces traditional friction between systems and cultivates trust and transparency across many areas including the food supply, supply chains, financial services, energy, identity, and much more.
Banking and Financial Industry
Leading financial institutions are trailblazing the way forward blockchain technology. By ditching old processes and paperwork and replacing them with innovation and speed, it helps financial organizations to operate with more liquidity and speed using digital assets, transform trade finance, keep track of transactions and trades in a secured way, and help reduce the potential for fraud.
Furthermore, it makes the financial industry more transparent since users are performing activities on a public ledger. Thus, revealing inefficiencies in a clearer manner. It also provides an opportunity for consumers to benefit from lower fees associated with traditional financial services.
These are only some of the examples proving how promising blockchain can be albeit it remains to be a rapidly evolving technology. Different organizations are innovating a wide variety of applications using blockchain technology, and in doing so, it is necessary to leverage its unique attributes and capabilities rather than just a means to deliver processes more efficiently, quickly, and cheaply.