10 Benefits of Blockchain to All Enterprises

By Guest Contributor on October 25, 2019

What is Blockchain?

Blockchain is a reliable electronic ledger, connecting numerous individuals in a network of trust (assurance) and integrity, assisting the relocation of assets and the details related to those assets. It was originally developed as a mechanism that could legalize Bitcoin as an authentic electronic currency after the tumultuous happenings in the financial world that caused the global financial crisis in 2008.

It does this by safely recording digital transactions in a consecutive chain using cryptographic digital keys, which are validated by the system as genuine. Replication, amending or elimination of transactions is averted by the chain which is held on other computers in the network. The lengthier the Blockchain and the extensive the network, the more sophisticated the digital key will be and the safer the Blockchain.

Blockchain Architecture for Business

The blockchain framework consists of public and private options. In the public option, everyone can connect and read. The blockchain within the public domain can be safeguarded by allowing only approved members to write. In a private-based blockchain model, only approved members can connect and read. The writing option can be allocated to only a few. The kind of blockchain framework will depend on the kind of business and the domain in which it will be applied.

10 Benefits of Implementing Blockchain

• Greater transparency

One of the most notable advantages of blockchain is transparency. This attribute may appear contrary to the privacy and security potential of blockchain, but these two advantages can work in conjunction. All transactions are searchable and traceable on a public blockchain. This degree of unambiguousness can entitle users with full knowledge of the cycle of producing and distributing something they purchase from the grocery store or significant online retailers like Amazon. From the means used to make a product, to the conditions under which it was produced, its distribution to resellers, and ultimately, its shipment to the consumer, the whole supply chain can be made transpicuous for a blockchain user. Businesses are experimenting with and identifying the advantages of transparency for their consumers.

• Decentralization

Decentralization is one of the main reasons why the popularity of Bitcoin keeps rising. In the case of Bitcoin, miners worldwide track and manage the Bitcoin blockchain’s credibility. By carrying out cryptographic calculations, they verify transactions that exist on the Bitcoin blockchain. The transaction is deposited in blocks connected by hashes. An attacker would need to own 51 percent of its overall hash power to exploit the Bitcoin network, which is extremely expensive and unsustainable. This is how Bitcoin avoids theft and double-spending, making it possible for anyone to be their bank without having to depend on the third party. The decentralized nature of Bitcoin makes it impossible to regulate or inflate by external influences such as government. Such decentralization allows global payments to be quicker and cheaper, a great value market and resistance to censorship.

• Eliminating the middleman

Generally, there has been a need for an intermediary while making purchases or selling items online. However, Blockchain provides the ability to send worldwide peer to peer undertakings without an intermediary. It also allows transactions to be made without banks, Paypal or other financial institutions. Such blockchain technologies are being pursued by corporate giants such as Alibaba and Starbucks, moving to a future in which bitcoin can be used for a wide variety of transactions. As seen in cases such as smart contract libraries, the more blockchain transforms, the greater the number of apps that become available to users without a middleman. Such apps create a global marketplace that not only allows developers to monetize their work but also streamlines the process of solution-building by easily accessible smart contracts.

• Anyone can be their bank

Banks are highly regulated and need to Know Your Customer procedures, which pose major obstacles if you want to open a bank account. In the financial industry, there are many start-ups focused on blockchain and cryptocurrencies that provide a viable option to those without access to a traditional bank. Blockchain lets you access a bank’s functionality with just a mobile phone, removing an obstacle to entering for many.

• Reduced cost for businesses

Blockchain has the potential to cut costs in almost every industry for companies and their operations. For example, the Internet of Things (IoT). Although blockchain integration is still considered in its early stages for this industry, it has brought noticeable improvements in operational costs and efficiency.

• Security

The validity of the information can be ensured as each payment is checked within the network using independently verified complex cryptography.

• Data ownership

A major problem we face today is that our data is owned by institutions like governments, hospitals, banks, and social media. Many people don’t even realize how much information they give to them unknowingly. People can take back control of their data with blockchain-based encryption tools. Users may allow third parties to check specific factors, such as nationality or being over a certain age, rather than giving access to more explicit and personal information to these institutions.

• New business models

The potential of blockchain is perfect for experimenting with new business models, especially as they relate to cryptocurrencies. It is now viable to motivate and incentivize people for better life decisions, whether they are related to well-being or finance, which will eventually save them expenses in the long run. With blockchain apps and a new or existing coin, you can check and reward someone who walks ten thousand steps a day. This is just an illustration of the entirely new kinds of business frameworks made feasible by blockchain technology and tokenization.

• Tokenize any asset

Blockchain and tokenization will change international stock trading markets gradually. With cryptocurrency, from any place and without limitations imposed by conditions such as timezones, you can trade worldwide, 24/7. There are several start-ups specifically focused on selling regular shares like Google, Amazon, and Tesla. By tokenizing stocks, you no longer depend on normal weekday trading hours, but you have the option of buying and selling whenever you want.

• Incentivize positive behavior

It is very little to encourage good conduct when it comes to social media platforms such as Facebook or Instagram. Combined with the other concerns related to these groups, this system has led to an increase in social media platforms that are crypto-aware. Such new social networks use cryptocurrencies to reward people for uploading content and also encourage positive behavior in different ways. Alternatives to Youtube and WordPress exist which precisely reward content producers for their efforts.

Precautions when business invest in the blockchain technology

Those organizations interested in investing in blockchain technology must first conduct a prudent analysis to see if it is feasible for their business. In the initial years, most businesses may not see any return on their investments. The unstructured execution of blockchain technology can result in policy failures. What is required to leverage the exemplary benefits of blockchain technology is an appropriate strategic approach.

Industries in which blockchain technology can be applied

The blockchain technology can be extended to almost every industry, be it agriculture, banking, healthcare, education, e-commerce, real-estate, mining, retail, transport and logistics, media and entertainment, automotive, etc.

To conclude

Rumour mills in the business world about how blockchain technology is capable of challenging existing models. The blockchain must be launched to improve operational efficiencies. The blockchain technology, when properly implemented, has wider implications, hopefully, the positive ones.

Author Bio:
Prinsa Prajapati is a digital marketing specialist, a full-time blogger at Silicon IT Hub. She has 5+ years of experience as a technology blogger. She can be seen sharing her experience and expertise on information technology, guided by a passion for helping businesses grow by writing articles for businesses that want to see their services ranked #1 in Google. She loves travel trips and reading masterpieces of literature when she doesn’t work.

How significant is Blockchain for healthcare?

By Guest Contributor on August 21, 2019

Blockchain for healthcare induces ideas, ideas that could change and transform the medical industry forever. The healthcare space is one of the most important for our civilization, it is something that’s one of the most important parts of life. Our mortality rate has been ever-increasing, and the same can be said for the deteriorating quality of life of patients in hospitals and those seeking medical treatments.

No matter which country of the world you live in, healthcare should essentially be either taken care off by the government or your medical insurance. The thing is, the money allocated towards healthcare hardly reach the masses in most cases, and it is one of the most important reasons for why we need blockchain in healthcare. Blockchain in healthcare could help keep a public track of transactions and keep the system transparent at all levels.

Blockchain and Internet of Medical Things

IoMT is the new buzzword in the medical field, there have been speculations about things as meager as pills, beds, can be implemented with devices to check vitals, and do much more for the patient. The main reason for popularity brought about by IoT was how it can be used to concur data from millions of different devices and process it as per users’ needs.

Micro transactions have always been one of the greatest achievements associated with blockchain. In the coming time, the micro transaction for IoMT enabled devices will aid humanity on extraordinary levels. The concept of IoT being brought about in something that holds sheer importance to our existence is exactly what the visionaries craved.

Imagine your vitals somehow not functioning well, and the doctor is notified, without any other human interaction, and would send help or nursing staff. Or suppose someone is about to slip in a coma due to lack of oxygen, the oxygen supply could be increased on its own, using IoMT enabled devices/monitors. The ways it would work for medical aids is incomparable to any other use of blockchain in healthcare, as it’s one of the most important things for humanity as a whole. It would significantly improve our standard of living while ensuring a peaceful and happy life for everyone.

Blockchain for managing and maintaining medical records.

Medical records are something you might not want to share, something that comes on top when it comes to privacy. Apart from general medical id, blockchain could potentially store even paracetamol you took in a mild fever. Whenever you need medical assistance, the past records need to be figured before proceeding forward, and blockchain can certainly help.

The greatest example of this is if you have pacemakers or stents in your body, you can’t get an MRI done. Some hospitals ensure they check for it before taking further steps, but some might just let it slip, and this will be life-threatening. With blockchain in healthcare, a network for hospitals can be created, maintain logs of how and when the patient was treated before.

With normal life devices getting focused on maintaining the health of individuals, the question is how could bring that data to use at the time of need. The apple watch is currently capable of generating an ECG that can detect atrial fibrillation, but still can’t transmit data on its own when someone lays lifeless in an ambulance. The need for a blockchain in healthcare fits right here, the data should automatically be sent on the network for use by doctors, we can only imagine the number of lives it could save.

Blockchain for fund management

As discussed above, we believe the responsibility for tax-paying citizen’s health lies with the government, or with their medical insurer. However, here we will discuss how it can be used to manage funds that are to be allocated to the public by the government. A public blockchain could aid this, the transactions can be recorded and fed into the public blockchain for everyone in the network to see. No one can escape or delete the records of the transactions they performed.

Let’s assume that the funds allocated could aid everyone that is below the poverty line in India, it works on the state level, but let’s assume for once. The medical hospitals here are made to work through suggesting wrong surgeries and medications to the poor, the surgery won’t be performed, and the money would be distributed to everyone who is a part of the crime.

With blockchain in healthcare, we can transfer the power to the public, they would only transact with their private key when they are assured that the work or operation has been done. The scam doesn’t just cost money, it costs the nation in every worse possible way. The fund could help millions of poor who remain helpless in hospitals trying to get treatment for themselves.

Conclusion

These were the basic implementations of blockchain technology that could aid the healthcare industry of wrongdoings and could help build a stronger network for patients. The records to be used in an emergency can very well be used as per needs with blockchain technology at the core. The IoMT devices would soon fill the missing space, and blockchain would be at its core.

Tackling healthcare problems and improving it is what a blockchain company could do, but we need to understand that blockchain technology can’t do everything. Keeping practical expectations is great, and the niches we specified can seriously be straightened by using blockchain technology. It is no rocket science but is something that can ensure the things flow smoothly and humans get the treatment they deserve, through a corruption-free healthcare system.

This article is contributed by Jitu Bhaskarone of the founders of Semidot Infotech, a mobile application and website development company.

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