As we said in part 1 of this mini-series, the blockchain could have a significant impact on the enterprise businesses. We explored two compelling use cases, one in the supply line management and second in the protection of the digital identity. Now we are moving forward to the other interesting use cases which could help us transform the key industries and eventually the world.
3) Smarter Predictive Analysis
With all the transaction data deposited on the blockchain ledgers, these ledgers can help examine vast amounts of data and insights. Blockchain-based artificial intelligence can help make precise forecasts. Endor, a blockchain-based AI, utilizes natural language processing to answer questions in real time. With its help, businesses can utilize blockchain data in their projects, privately.
4) Health Care
Nowadays, people’s medical history and records are not properly documented. The data is kept on legacy servers, which leads to restrictions in sharing of data instantly. With the help of blockchain, the medical history of an individual can be kept safely on the distributed ledgers. This data can be then easy to access whenever needed. Different stakeholders can have conditional access to the blockchain. It will help keep an audit trail on an individual’s medical history through time stamps, preventing any tampering with the data. The users will get the opportunity to monetize on their medical data for research purposes.
Blockchain presents a compelling solution for the energy market. By recording people’s utility in a ledger, the data can aid people to deal with energy like any other commodity. Currently, large corporations sell energy at fixed prices, but with the implementation of this use case, the energy market will be obliged to follow supply and demand in a particular region. The intelligent management of electricity will help consumers as well as producers, which will reduce costs significantly.
6) Land Title Registration
Scams are common in property registration. However, using blockchain ledgers, the record keeping could be efficient, and the chances of fraud can be reduced significantly. Blockchain’s solution will likewise help minimize labor and reduce paperwork. This use case has seen some serious traction in recent years where countries are joining in and tying up with blockchain based startups to implement it. In recent years, China, India, Sweden, Kenya, and several other countries have shown interest in this technology.
The Future of Blockchain in the Enterprise
Blockchain’s innovative tech has the potential to transform the world as we know it. There are challenges due to tech’s immaturity, but the increasing investments promise a bright future. It is not an easy road, as many businesses can be reluctant in implementing blockchain. With more enterprises trying to join consortiums to work on blockchain proof of concepts and pilots, it won’t be long before large-scale projects are introduced.