What is Blockchain and how can it be useful?

Blockchain is a distributed database, maintained by a network of computers and stores information electronically in a digital format. Businesses rely on blockchain technology as it reduces the risk of hacking or alteration and guarantees security and trust, removing the need of a trusted third party.

Here are some useful applications of blockchain technology-

Money transfers
Financial exchanges
Healthcare
Logistics
Smart contracts

Read our blog to discover how you can transform your business with blockchain.

What is the future of Blockchain?

Here’s how blockchain will have an impact on industries in future-

In the financial industry, blockchain can help tackle the flow and dealings of black money.
Blockchain can help to keep data safe and secure, eliminating data tampering.
The use of blockchain can reduce human errors and monitor costs, employment, and releases at each step of the supply chain.
Blockchain maintains the patients’ healthcare records and facilitates exchange of records among hospitals, pharmacies, and physicians.

Read our blog to see how blockchain is revolutionising healthcare management technology.

What are the types of blockchain?

Choosing a blockchain solution whether public, private or consortium entirely depends on your business goals, requirements, and limitations. Each one of these has its set of advantages.

Public blockchains like Ethereum or Bitcoin champion decentralization of networks and are open to anyone and offer very high levels of security and data transparency. If you are looking to work with open and transparent networks the answer lies here.

Private blockchains, to name a few Hyperledger Fabric or Corda are big on access controls with a more controlled environment, greater privacy and confidentiality. It works well for domains dealing with sensitive information like finance or healthcare

Consortium blockchains as the name suggests is all about co-operation, collaboration and shared controls. Quorum is an example of a consortium blockchain. It is a great choice when there are multiple stakeholders involved and a perfect balance between decentralized and controlled needs to be achieved. Supply chain tracking involving number of groups can be made a lot easier with this form of blockchain.

Why is blockchain beneficial for businesses?

A revolutionary technology like blockchain possess the capability to transform industries and lay down new yardsticks for all digital communication. Blockchain is a valuable addition to most businesses because of multifarious reasons. Some of those being:

Improved trust factor: Decentralized networks, smart contracts, data security, transparency enhance the trust quotient amongst users reducing risks and manipulation.
Reduced costs: A streamlined shared single source of truth leads to efficiency and cost savings.
Enhanced accessibility: With global access and no intermediaries or approval requirements, cross-border transactions and collaboration become simpler.

How can blockchain be applied across industries?

Blockchain when applied to supply chain industries can help businesses:

Here is how AI will create an impact in different sectors-

Efficiently track the origin of the product and reduce fraudulent activities
Seamlessly monitor real-time data for better quality
Effectively verify suppliers and vendors
Successfully enhance transparency and productivity

As far as the finance domain is concerned, blockchain can:

Quicken the pace of across the border transactions
Automate self-executing contracts and reduce paperwork
Secure digital identities
Tokenize digital assets
Streamline auditing and compliance processes
Facilitate remittances and P2P lending

Blockchain across industries can help provide much needed security, transparency, and automation.

What applications are there for blockchain in the media and entertainment industry?

Blockchain can be defined as an immutable ledger that records transactions and tracks assets in a business network. It can track the lifecycle of any asset and protect it from potential threats.

Here are some top use cases of blockchain in the media and entertainment industry-

Streamlined royalty payments - Deploy smart contracts to enable accurate royalty payments
Usage-based billing models - Record media usage data for an efficient micropayment pricing model
Immutable advertising engagement metrics - Use blockchain as a shared ledger to keep data free from manipulation and fraud

Read our blog to understand how you can transform your business with blockchain. Additionally, take a look at our datasheet to see how you can build trust with blockchain by ensuring secure and affordable transaction tracking.