What Real-World Problem Does Blockchain Solve?
Blockchain technology, although generally associated with finance, more specifically cryptocurrency, is capable of addressing the glaring incompetence of our daily life.
The technology has the potential of remodeling industries to bring about positive results both in terms of cost and time-efficiencies and authenticity of data. As a decentralized network of computers that securely collects blocks of data, it remains protected, quick, and independent of control by a nuclear regulatory body.
At Webgen Technologies, we very well recognize the same, which is why our in-house experts have decided to devote this entire article to highlight how the innovative technology of blockchain can resolve real-world problems while facilitating convenience and efficiency at the same time.
Blockchain can solve the following Real-World Problem:
Blockchain technology, applied in the healthcare sector, is capable of reducing the time taken to access past healthcare records. That saves time while further ensuring the avoidance of duplication of data. Besides, the encryption system of blockchain technology is efficient against the risk of privacy breaches as the data saved on the technology is immutable by nature.
The real estate industry, constituted of several stakeholders, makes it difficult to carry on smooth coordination and communication. Since blockchain technology eliminates intermediaries in the process, it becomes time and cost-efficient spent on consultants to broker a transaction. Besides, the decentralized feature of technology is capable of increasing the transparency and trust factor in the industry.
Identity theft regulation:
The sophisticated feature of the blockchain technology empowers the users the convenience of accessing their information from any corner around the world while making it essentially immutable to ensure the security of the data saved. That makes it immune from identity theft and suitable for the government and people to prevent identity theft.
Digital copyright and piracy issues:
Piracy is one of the major concerns that every artist fears. Blockchain technology has sophisticated features such as immutability of data and transparent real-time tracking. It enables a safe environment for the artist to put their content out there and get paid through cryptocurrencies.
Streamlining supply chain management:
From complicated record-keeping and tracking of products to produce a less corruptible and better-automated alternative to centralized databases, blockchain technology is efficient for supply chain management. Further, the capability of the real-time monitoring of a product in a supply chain afforded by the blockchain technology makes the process cost and time-effective.
Blockchain essentially using cryptocurrencies makes it convenient to carry on transactions across borders without much hassle.
Hence are the most notable ways in which the innovative blockchain technology can ease our lives to make it efficient and convenient while also ensuring the security of our data. As a digital ledger, the technology does much more than merely keeping records, which makes it highly adaptable for various industries and purposes. With several advantages attached to the same, having a blockchain solution designed to suit the unique requirements of your business must be the right choice for every enterprise under the current market environment.
Do you need professional assistance to develop the blockchain solution for your business? Contact Webgen Technologies today!