Gartner forecasts that by 2025, blockchain technology will add value worth over $176B to businesses, and it is predicted to exceed $ 3.1T by 2030. These facts bring along the possibility that 5% to 15% of the global economical infrastructure will have blockchain-based systems. Industries ranging from financial services, healthcare to retail have started adopting blockchain. To dive deeper, let’s take a look at how receptive the companies are to blockchain:

Benefits of blockchain to businesses

In the last couple of years, blockchain has expanded its prospects and gone far ahead of crypto-currencies. Here are some ways in which businesses can leverage the best out of this technology:

Secured transactions

Managing records of all the payments between multiple allies isn’t easy. However, with blockchain, the number of stages in the payments can be reduced and the relationships between the allies can be smoother.

Managing digital relationships

DLT (Distributed Ledger Technology) provides the perfect solution to monitor various business assets and keep a track of critical business documents. With this, the digital interactions can be simplified while controlling the transactions.

Eliminating intermediaries

With a central administrative platform, the manufacturer and suppliers can have clear visibility of the assets.

Tracking and Tracing

Any alteration made to the datum is traceable with blockchain storage capabilities. With this, the user can digitally track and trace products with supply chain and ERP integration. Therefore, an unauthorized person cannot change, manipulate, or erase the data.

Blockchain use cases in various business sector

Here are some industry-specific applications where blockchain can make a huge difference:

Healthcare

The healthcare sector is the most vulnerable to cyber-attacks. To ensure safety and confidentiality, medical institutes need to protect their data. Secured data distribution between the clinics and hospitals can improve the healthcare service and make treatment more effective with an accurate diagnosis. With blockchain, patients, clinics, and other entities can collaborate to give access to the network without risking critical data.

Additionally, blockchain-driven healthcare solutions can significantly improve patient care, advance medical discovery, secure patient data management, and track medical supplies.

Media

The adoption of blockchain technology in the media industry can control piracy and improve content security. By eliminating intermediaries and providing centralized access to the allies, you can streamline the exchange of content among the developers, publishers, and end-users at a reasonable cost.

The centralized and secured access to content can increase the revenue by delivering a real-time monetization model. Consequently, media companies can save allies’ time and reduce associated costs without appealing to different vendors. However, blockchain in media can face some obstacles due to costly implementation and lack of standardization.

Gaming

By the end of 2020, the global gaming market reached US$159.3 billion and gaming became a multi-billion dollar industry through its competitions, winners, cash rewards, and the black market.

Online gamers can start generating revenue with blockchain technology by reselling their in-game amenities to other players. Online players buy in-game services/components to boost their gaming levels and have a better experience. With blockchain, the gamers can collaborate and make secured transactions as per their need.

Food Safety

Strict compliance and highest quality is the main focus of the food industry. Rotten food products and beverages can harm your health and lead to serious diseases. Therefore, packaged goods companies must follow all the regulatory standards and requirements diligently.

With blockchain, manufacturers and retailers can avoid such issues. It can enable vendors to track the entire supply chain and identify any contamination cases. It can ensure the quality of food products.

The perfect blockchain-driven solution can be implemented by simply adding QR codes to the products. You can access the entire journey of the product from the manufacturer to the retailer through these QR codes.

Additive manufacturing

In additive manufacturing, additive implies adding material to create an object, unlike the traditional method. The manufacturer uses a Computer Aided Design (CAD) model to create an object layer upon another layer with a specific symmetrical structure. The products in 3D manufacturing must be distributed and tracked and that requires an intelligent digital supply chain.

Blockchain can eliminate security bottlenecks by protecting IP from mishandling and streamlining project management.

Final Thoughts

With the combination of distributed ledger technology, tokenization, confidential computing, and many other technologies, you can create a network of collaborative ecosystems to increase transparency and nimbleness.

At eInfochips, our blockchain experts established a consortium for a US-based Fortune 500 company specializing in distribution and value-added services relating to electronic components and enterprise computing solutions. The blockchain consortium enabled the client and its suppliers to get near-real-time product traceability, improve inventory and quality visibility, forecasting, and cost management using the Azure blockchain service (Quorum). The consortium members include tier-2 suppliers, system integrators, Microsoft, and the client (electronics product manufacturer). This increased supply chain transparency provides more visibility to both manufacturers and suppliers. Read the Success Story.

To know about the full spectrum blockchain development services, contact our solution experts today.