Blockchain technologies have traditionally been linked with cryptocurrency; however, their exciting applications are quickly being explored across numerous industries.
Ripple, for instance, is using blockchain technology to speed up international bank transfers; currently they take several days to clear and settle.
Healthcare
Blockchain technology can make healthcare tracking patient records simpler, improving transparency and alleviating some pressure off medical workers. Furthermore, it can speed up the submission of insurance claims, saving both time and money for both patients and insurers alike.
Blockchain’s ability to increase trust between businesses is another advantage of using it. This feature can be particularly beneficial in supply chain industries where companies must exchange large volumes of information between themselves. Traditional methods required intermediaries for this exchange, but blockchain provides an efficient and trustworthy connection between parties that eliminates intermediaries altogether.
Additionally, blockchain can revolutionize the cloud industry by enabling organizations to securely share data quickly. An example is Storj, a decentralized blockchain cloud storage system which facilitates fast data transfers while reducing server needs; additionally it protects from hackers with hashing and private/public key encryption techniques.
Finance
Blockchain could revolutionize financial systems by providing secure and transparent transactions. Interoperability between blockchain networks and traditional financial systems will be vital for its success.
Banks often utilize multiple systems to store customer records, creating inconsistencies and security risks across systems due to each having its own version of data. Blockchains offer a potential solution by providing an auditable record of how information changes over time.
Blockchain can also reduce costs for individuals sending money to friends or family. When compared with conventional bank transfers that often include hidden fees and exchange rates, which is faster and cheaper for the sender than using conventional banking services like bank transfers; additionally smart contracts make signing and executing agreements easier without middlemen or legal proceedings being necessary.
Supply Chain
Blockchain technology enables a secure digital log of transactions. The cryptographic security provided by Blockchain ensures that transactions are immutable and transparent for all stakeholders, eliminating intermediaries to increase efficiency. Blockchains’ tamper-resistant nature reduces fraud while simultaneously protecting intellectual property; their improved traceability of products helps combat counterfeiting/brand piracy while streamlining payment processing by automatically initiating payments based on predefined conditions.
Finance managers recognize the potential of blockchain technology, and can assist their organizations with its use in the supply chain. Unfortunately, research on its effects is mixed due to blockchain’s diversity. For example, different forms of blockchains focus on different features – some prioritize transparency while others favor data immutability or automating contract terms – leading to conflicting findings and inconsistent findings. A more nuanced understanding of its effect on supply chains must also take account of how this technology may be deployed – each usage case could impact supply chain outcomes differently.
Government
Blockchain is an emerging technology with great potential to reduce costs, increase transparency and strengthen security in government services. For instance, using this blockchain-powered notary service helps reduce fraud risk as well as associated costs when registering assets such as property or intellectual property registration; furthermore it enables faster tax payments, lower fraud rates and easier auditing procedures than ever before.
Overall, blockchain represents a new paradigm that offers significant efficiency enhancements and an unprecedented transformation of governance structures and trust mechanisms, as evidenced in projections 3, 10 and 11. Future research should investigate these dynamics to understand how companies will gain competitive advantages over their rivals while using Industry 4.0 technologies integrated with blockchain to integrate into organizational design and change management strategies. A full report can be found by visiting IBM Center for the Business of Government.
