The market is going crazy with the Cryptocurrency Blockchain technology. When we talk about the definition of Blockchain technology, Cryptocurrency is always there. This makes us think that Blockchain technology can only be applicable to the Cryptocurrency. However, that is not the case.
Blockchain is not only limited to only Cryptocurrencies. It has a broader perspective and uses. In fact, Blockchain technology has already disrupted most of the industries. And seeing the pace of adaptation, we can assure you that Blockchain technology will become a core part of our life within the next couple of years.
With that being said, we have come up with the other practical uses of the Blockchain part from the Cryptocurrencies. So, what are we waiting for? Let’s hop into it.
Application Of Blockchain Apart From Cryptocurrencies
Here we have talked about many use cases of the Blockchain technology apart from the Cryptocurrency. Some might make sense, while some not. In the following part of the article, we have selected some of the areas where Blockchain technology is used in enterprise applications.
Enabling Distributed and Autonomous Marketplace
Blockchain technology has the ability to allow users to track their assets and trade in a secure, transparent, and private chain of transactions. This feature of the Blockchain adds much-needed flexibility to asset management.
For instance, using verified invoices, with the help of enterprise resource planning (ERP), companies could raise funds for efficient financial flow in the market.
With how the industry is focused on autonomous technology and development, autonomous marketplace assets will multiply within the next few years. This will create an environment for the enterprise that will function autonomously with the help of Blockchain-powered applications and software.
Reduced Friction In The Business Transaction
The most important factors that add up to any company’s success are company expenditure management. If this network doesn’t perform well, your company is found to face a financial crisis. According to Ardent Partner, less than half of the spending is contract compliant.
Alternatively, if the company wants, they can create their own Blockchain network to track all the expenditure. With the integration of the Blockchain in the network, you can easily get access to smart contracts, instant payments, internet of things activated shipments.
Hence, no human interaction will take place in the network. This will greatly reduce the errors, missed out information, and miss calculation. However, you will still have someone to overlook the network.
Secure Decentralised Encrypted Records
One of the fundamentals of the Blockchain stored data is that every individual data is encrypted. Traditionally, companies used third-party applications to offer security to the industry data. However, with the integration of Blockchain, you will be able to guard the data using intermediaries.
How does block work in safeguarding the data?
Every element and data in the Blockchain is encrypted. That means to access the data; you need to have the private keys. If the hacker wants to access the data, they need to have private keys to every data present in the network, which is practically impossible.
Tracking Product’s Provenance
Blockchain can help the enterprise maintain a consistently high quality of products and materials. This can be done by constantly keeping tabs on the production process of the products. Let’s Understand this with an example.
Let’s say an auto vehicle manufacturer forms a quality focus Blockchain that includes information of every layer of production- starting from the material, suppliers, makers, quality control checker, and public controlled regulatory bodies.
Hence, if there is miss management and the product’s quality is affected, you will be able to recognize whose fault it is, and you will be able to take immediate measures.
Future Of Blockchain?
Here we have just mentioned some of the Blockchain technology’s wide uses apart from being used in Cryptocurrency. There are times when a new platform is created to adapt Blockchain for the creation process. One such project is here at this official site. Though these practices are negligible compared to the traditional practice, we are sure that with time the scale of adaptation will increase.