Blockchain has gained significant momentum in recent years, and its success has started to attract enterprises that want to use this technology. The blockchain systems can be applied to various use cases from financial services to retail to health care and beyond. Numerous prominent companies are trying their luck in the blockchain. Many of the Fortune 500 companies are working on the proof of concepts and pilots based on blockchain technology to improve security and make business operations more efficient. Airbnb, Daimler, Rakuten along with many others have acquired several blockchain-related startups. Other prominent companies are making strategic investments in technology.
Not long ago, numerous companies have joined teams to form what is being referred to as consortia. Most of these consortiums are in the financial sector. However, several consortiums are developing proof of concepts in other areas. Consortia offer a lower risk to individual enterprises. With proper funding by the key enterprises, a consortium can make definitive progress in the implementation and use of blockchain technology.
Blockchain is primarily seen as a foundation for an efficient cross business platform, and several competitors are working together to develop models and set standards for this technology. R3, one of the largest consortiums, consists of over 100 banks, regulators, and trade association firms. Other consortiums include Hyperledger, Mobility Open Blockchain Initiative (MOBI), and Enterprise Ethereum Alliance (EEA).
Blockchain Use Cases
And now let’s proceed to the principal theme of this story — to explore some real-world use cases of blockchain in the enterprise and the various applications of blockchain that can help revolutionize industries all over the world. Blockchain-based projects have raised capital at the exponential rate in recent years and with time new use cases, spanning private and public sector services alike, are coming into the picture. Below we will explore some of the most compelling blockchain use cases.
1) Supply Chain Management
There is one major issue firms are dealing with when it comes to supply-chain management — a lack of transparency between suppliers.
Consequently, increasing responsibility for all the middlemen is a priority. With blockchain, this issue can be resolved. Blockchain allows multiple people to access the same database without being able to tamper with it, allowing the increase in transparency in the supply chains. Blockchain ledgers are immutable, and all the valid transactions are marked with a timestamp which can help in auditing and to stop theft and counterfeits.
This specific use case can enhance regulatory compliance, reduce paperwork, and help cut cost significantly. IBM has recently published its blockchain based product called Food Trust that helps implement the supply management use case. Before this, IBM had been in partnership with Walmart to help track the journey of food staple from the supplier to the shelf. The technology could also be used to help consumers in finding out if the product is actually what it claims to be.
2) Protecting Digital Identity
Identity theft has grown very common nowadays and developments in digital security haven’t been able to give a definitive solution to the ever-growing demand for Internet security. With blockchain’s immutable ledgers, users can keep their personal data secure. Due to its decentralized network, data on the blockchain is not vulnerable to hacking. A sovereign user ID can aid users to access their data without any hassle. Civic’s Secure Identity Platform provides users with a multifactor biometric authentication void of usernames and passwords. The verifiable ID is created by making users go through several identity checks. This ID can be used by governments or banks to review users’ encrypted information. Moreover, this ID can obtain the user’s social media credential and medical records and store all that information securely on the blockchain. Not only can these digital IDs help users perform online transactions safely and efficiently, but this could likewise help in stopping companies from profiting on people’s data.
That’s all for today folks! Next part is coming tomorrow, with four additional use cases and many more interesting facts to discuss. Join us on social media and let’s chat about it! We are here for you. :)