5 ways enterprises are using blockchain
Besides AI, IoT, Big Data, enterprises are applying blockchain to gain interoperability, information transparency, and secure business operations.
When Satoshi Nakamoto’s invention named Bitcoin — a cryptocurrency that emerged in 2009, enterprises were initially reticent to dive into blockchain adoption. During the last five years, there has been an explosion of interest in this distributed ledger technology as an unparalleled organizing force and an answer to problems that have plagued humans for years. The rise of enterprise blockchain platforms gives a great effect on traditionally opaque systems: information sharing is verified, validated, recorded more efficiently. Layers of embedded payments, smart contracts automating processes bring us an overall friendlier, more efficient user experience.
Recent statistics report states that enterprises that employ blockchain technology might spike a profit worth $176 Billion by 2025 and, even exceed $3.1 Trillion by 2030. This article points out the 5 most efficient enterprise blockchain solutions in actual enterprises.
Using blockchain in Supply chain management:
A company buys components from a chain of suppliers, then assembles them, and brings the final product to the market. The main benefit that blockchain brings in the supply chain industry is traceability with more security and transparency.
With blockchain technology, stakeholders can verify the authenticity of the products as well as the information generated in the process of manufacturing/providing products from the original status to the variability on the market.
Blockchain allows recording digitally permanent information of materials that companies have purchased. A unique encrypted identifier will be given to each product (or series of products). With this identifier and a time-stamped token, businesses can follow the product throughout the supply chain. All of this information is stored on the blockchain system. Therefore, their value-added process will be more easily audited.
Blockchain ensure company’s sustainable ethnic and products’ transparent value such as products are not created in illegal contexts (using slave labors, habitat destruction, freight tax evasion, etc.); high-quality goods are strictly tested in each stage of fabrication (from harvesting, handling raw materials to making into final products, etc.)
Effective Insurance Claim with blockchain for enterprises:
Traditional Insurance systems conduct numerous frauds and abuses with tons of paperwork. Customer data is fragmentally stored on different databases of the insurer companies and hospitals. There’s a high chance of repeated achieved information, which leads to a high rate of error in the claim process.
Digital transformation with blockchain allows data to be stored immutably in a decentralized ledger, which means that no one can intercede any information without noticing others in the network. Thereby, the data is completely preserved.
Blockchain helps members of the insurance system (customers, insurers, hospitals) to communicate more efficiently. The claim process now becomes more automatic while trust is still remained due to the transparency of blockchain, integrating with smart contract. In which, the insurance system is shifting to more reliable and cost-saving models.
Blockchain offers a save and convenient data sharing method:
During centuries, the enterprise’s data was recorded on papers. The data sits on legacy silos, which leads to restrictions in the sharing of data instantly. Blockchain helps to securely store documents on the distributed ledgers, making it easier to access when needed, and only accessible to authorized stakeholders. For example, in healthcare assurance, individuals’ health records can be safely recorded by using blockchain technology. Organizations can keep an audit trail on individuals’medical history through a time stamp. This information can then be shared among doctors, hospitals, pharmacists, and health insurers in a secure way that allows users control over their data.
Blockchain protects your digital identity:
In the time of digital, when personal information holds great value in the virtual world, information security becomes more important than ever. The need for personal information security solutions is ever-growing when identity theft has happened regularly. Blockchain’s immutable ledgers help users to store their personal data with surveillance. Its decentralized network makes data on blockchain nearly impossible to be hacked.
With a sovereignty decentralized ID, users can access their data without any hassle. By combining with other emerging technologies, blockchain helps many companies boost up their data security solutions. Not only facilitating sheltered online transactions, but this solution also helps to prevent companies from monetizing on people’s data without asking for permission.
Blockchain in Electronic voting:
Equality. Yes! Digital vote with absolute transparency leaves no room for election fraud. All activities of both sides — voter and regulators — are saved on the network. Therefore, blockchain makes your vote really immutable in a fair and democratic way. According to expert studies, the deterministic selection of block producers allows transactions to be confirmed in an average of just 1 second. Most importantly, all participants are compelled by initial consensus, but on the other hand, they are protected and the fairness of the final result, too!
akaChain is an end-to-end licensed blockchain ecosystem built on HyperLedger, one of the most popular blockchain projects in the world. Using blockchain technology and smart contracts, akaChain’s blockchain solutions facilitate enterprises to do business in the most effective way.
As a hybrid blockchain platform, akaChain heads to solutions that combine the transparency of public blockchain and the speed of private blockchain. Our target customers are from multi-sectors, from finance and banking to retail, to supply chain and other platform-based applications, etc. Search out for more about what blockchain can do with us at https://blog.akachain.io/news/
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