By 2024, the global market for enterprise blockchain solutions is expected to reach $19 billion. The rise of cryptography in the corporate sphere has altered the way the enterprise world communicates and exchanges transactional data with one other.Thanks to blockchain technology, organizations can now record and share data more securely.
Decentralization, immutability, transparency, and automation are the foundational aspects of blockchain technology. Many industries can benefit from these components, resulting in numerous possible applications across sectors. This article shares some of the most relevant enterprise blockchain application cases today.
Consumer and Retail Goods
The main application in this sector is tracking products from source to their destination. To ensure the safety and compliance of the products they produce and sell, retailers and their suppliers must certify that they meet all required standards. Additionally, consumers want to know that the products that reach them are sourced ethically.
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The cost of doing business is pushed up by the use of manual methods and non-digitized forms to maintain this information. Distributed ledger technology (DLT) provides a real-time, collaborative supply chain network for merchants and suppliers, as well as third-party partners. This provides authorities and customers with complete visibility into the confirmed source of goods.
Claims management in the insurance industry
Many parties are involved in the insurance claims process, which can be lengthy and complicated. It’s normal for insurers to lose customers because of a bad claims experience. Blockchain for insurance helps build a network where all parties, including claim analyzers, processors, and adjudicators, have access to a single source of truth.
They can also employ the use of smart contracts to automate payments. Imagine a claim being processed ten times faster than it would normally take. That’s how much potential blockchain holds in this particular industry.
The Healthcare Industry
The healthcare industry can use enterprise blockchain in various ways. Here are the two most prominent use cases:
- Drug labeling and dosages: Prescription medicine labeling is a complex task to keep up with. Depending on where the medicine is sold, different rules apply. The label must be reviewed by various professionals, which necessitates extensive evaluations and numerous revisions to have it approved.
Updating and maintaining labels is made faster, easier, and less expensive by establishing a blockchain network that allows all parties concerned to communicate information and offer an immutable label representation.
Electronic health records: Patients must fill the same forms each time they switch doctors. It can also be challenging to find all the information you’ll need to provide the complete information whenever you’re required to. The architecture provided by blockchain makes it possible for a dispersed network of healthcare providers to share a patient’s electronic health records.
As a result, patients no longer have to worry about their health information not being compatible with other Electronic Health Systems (EHR). Their records may be accessed by any healthcare professional securely but with authorization.
Read: An Overview of the Pros and Cons of Using Blockchains in Digital Marketing
Social Networking
It’s right to say that social media is at the core of modern internet usage. This is the era of Internet-driven socializing, when social media is the most popular and widely used online activity. The social media market size is predicted to increase from $3.2 billion in 2021 to $ 9.3 billion in 2026, with a CAGR of 24%.
However, social networks are nothing without their users and the material they create. As a result, the social media advertising and marketing industry is booming, bringing big bucks for the networks’ owners. However, social media networks have a fundamental flaw: they are centralized, which means that all user data is stored on a single server. This raised attention to two closely related issues:
- Protection of personal information privacy and security
- Information storage in centralized systems
Blockchain’s distributed and decentralized nature looks quite plausible as a potential answer to these problems. They provide users more control over their data, among other things. Blockchain social network helps with verifications of digital identification, protection of author rights, information access, and freedom of speech.
Read: Is Your Company Ready for a Ransomware Attack
Takeaway
Even though blockchain is still a relatively new technology, businesses are experimenting with its various applications. For most businesses, granted or private blockchains are the best alternative because they only include trusted industry partners. But it may take quite some time to coordinate all industry partners while generating a Proof of Concept. However, when everything aligns, you can reap the many benefits of enterprise blockchain.
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