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Blockchain for Business – Promise, Practice and Performance

Nilima Shah

Each year, industry leaders get a better understanding of the returns blockchain promises to their businesses. Translating blockchain ideas from just ‘white papers’ to workable solutions has made business owners realize the benefits surrounding smart contracts, distributed ledgers and secure transactions.

Taking Gartner’s hype cycle into account, currently, blockchain is at the peak level of its evolution. This makes it easy for many industry leaders to consider its adoption in their business processes. The core digital ledger technology empowered by blockchain has magnificent potential to reevaluate the way we build trust across businesses.

Blockchain Hypecycle

Blockchain is still, in many ways, looking for solid stability when it comes to early adopters, but it had actually changed how business was performed, leading to the rise of industries like banking and finance that allow users to make secure transactions, from anywhere they want, by just a few simple clicks.

“When considering the use of blockchain, CIOs are in need of a model that can enable them to easily and accurately align the needs of their enterprise with the appropriate blockchain solution or alternate technology” - David Furlonger, Distinguished VP Analyst, Gartner.

Here we attempt to understand the solutions that blockchain promises across an array of industries and businesses.

Resolve Real-world Challenges with Blockchain:

Real-world industry challenges that could be addressed by deployment of blockchain technology include:

Healthcare

Maintaining patient information manually each time takes up a lot of time with duplication of information, especially when it comes to prescriptions, medical records, and payments.

Considering the huge revolution in electronic health records as a pioneer of kind of impact blockchain could have in the health industry, deployment of blockchain applications can help maintaining past healthcare records. In addition, it provides a quick process to reduce patient wait time while preventing duplication on health records.

The disconnection between healthcare networks and manual document management produces risk of privacy breaches due to unsecured systems. Data stored and securely encrypted on a blockchain network reduces the data theft risk.

Real Estate

The field of real estate demands the synchronization between many stakeholders - real estate agents, buyers, sellers, mortgage brokers, banks, lawyers, etc. This gets time consuming and expensive. That’s why the deployment of Blockchain technology is much needed for intermediaries in this sector. This will considerably reduce the time lag between documentation to the final secure payment transaction.

Information about properties in real estate is currently centralized and likely to have manipulation between stakeholders. This situation may increase the possibility of ineffective and inaccurate sharing of information.

Blockchain can let users publish the information with transparency over availability of property data through a decentralized and open property market in the future.

Politics

Voting is the most crucial aspect of governance and politics. The manual voting process is time consuming, costly and subject to delays and errors. When using blockchain for the process, votes can be stored on the blockchain network protected by encryption.

This technology also allows votes to be conducted on a smart device, which will save time and additional public resources. The votes are also efficiently and accurately processed  while results get published in a timely manner.

Supply chain

Supply chain works like a middleman with a dizzying array of complicated logistics. This process is largely dependent on a vast amount of paperwork. Multiple trails and proofs-of-concepts (POC) have already begun to see much more ‘blockchain’ buzz in the supply chain industry, shipping, and logistics. Blockchain can take care of the connectivity, communication, trust and reliability within the supply chain process.

Legal Industry

The legal industry is dependent on the credibility of legal documents right from contracts between enterprises to written statements from victims and witnesses. Majority of legal documentation needs to be signed and stored – a lengthy process likely to be ridden with human error.

Blockchain could solve this problem by making the documentation process more accessible and even eliminating the requirement for a lawyer’s involvement in the first place.

“Smart Contracts” are the biggest part of the blockchain technology.  It is a blockchain function proposed to simplify, verify, and/or enforce the negotiation or performance of a contract digitally.

Blockchain is the perfect solution for legal industry that holds sensitive data. It could be used to make sure that the sensitive data is standardized and securely stored.

The biggest example of blockchain adoption is Global Legal Blockchain Consortium that was established to endorse the usage of blockchain within the legal industry.

Blockchain is already making the ripples felt in a variety of industries; however, the more we use, the easier it will get to create unified industry standards. This will increase the demand for more such solutions while creating additional business opportunities in the near future.

When that happens, blockchain will be transformational. To stay ahead of your competition in the blockchain market, reach out to our blockchain experts on +1-609-245-0971 or email us on inquiry@cygnetinfotech.com.

Nilima Shah

Nilima Shah is a senior content writer at Cygnet Infotech. She enjoys researching, reading and writing articles about the latest Tech Buzz. She believes in using her skills both at a professional and on personal level to encourage businesses to adopt the latest technologies through her engaging write-ups. In her free time, she loves to create DIY art and crafts, explore places and cuisines.

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