To secure, store and manage digital identity and data, organizations across the globe are looking for a secure platform that protects their data which is spread across multiple providers. Blockchain is the solution!
Blockchain is often discussed in financial services and cryptocurrencies, but this technology offers a broader range of potential applications. The use case of Blockchain technology is picking up pace in various industries and segments. A recent World Economic Forum report predicts that by 2025, 10% of Global Gross Domestic Product (GDP) is stored on Blockchains or Blockchain-based technology. This means, Blockchain technology is probably something that every business should leverage.
Blockchain collects data into Blocks, and Chains the data together using cryptography, enhancing the data security. The basics of Blockchain are explained below
Banking or bitcoin is just the beginning for Blockchains. In the future, Blockchains that manage and verify online data could enable to launch companies that entirely run their businesses through algorithms and automation, such as making self-driving cars safer, helping protect digital identities and even track billions of devices on Internet of Things (IoT). These technology innovations will help change lives in big ways, and it’s all just beginning. Here are some major potential use cases across the various industries that Blockchain could transform.
- Cross-border payments
- Share trading
- Commercial transactions automation
- Claims process automation
- Fraud detection
- Client onboarding
- Patient records and medical verification
- Auto claim processing
- Cryptocurrency for patient payment
MANUFACTURING SUPPLY CHAIN
- Inventory management
- Product traceability and accuracy
- Documenta / contracts digitalization
- Product Provenance
- Fraud Prevention
- Consumer data and privacy
- Anti-piracy / copy rights management
- Transportation
- Bitcoin Payment
- Call detail record(CDR)
- Network access control
- Mobile wallets and monday