The most talked about technology in the 21st century is predominantly blockchain technology. The wider aspect of the possibilities that blockchain brings has been dormant as the exploration had not begun yet. With the mass adoption of crypto and how the asset sector is making use of the blockchain technology has piqued the curiosity of the people from other sectors. Now that multiple industries are embracing the technology in a wide range of fields, that includes healthcare, logistics and financial services, blockchain has finally spread its wings beyond the crypto domain.
The use cases and the understanding of data that blockchain brings are only a few reason for the hype behind the technology. Some of the other reason for the rise in demand for the technology are its characteristics of being decentralized, transparent and its capability to increase the capacity of a whole network. Not only that, blockchain also makes it possible to give a window for solutions that usually require significant computational power.
The most important thing that blockchain makes possible is that they provide a capacity to the users to control their assets, which includes their data, without looking for any third parties.
With the blockchain technology evolving, companies across the world are looking for ways to find the best opportunity to implement the technology for a range of applications. To gain more insight, here are some of the reasons blockchain is being used in different sectors.
BLOCKCHAIN AND HEALTHCARE
There are some of the functions that blockchain does well. They are:
- Registry: Implementation of blockchain in healthcare can help in recording information and data in a transparent way without anyone’s asymmetric power over the data
- Data transfer: Smooth transfer of data between parties
- Authentication: Identifying authentic data
- Settlements: Revenue settlement by recording the transfer of goods and use of assets
- Transactions: Faster and smoother payments and transactions
- Token exchange: Exchange of crypto tokens
With the unique deliverables of blockchain, let us take a look at the different use cases to understand the future of blockchain in healthcare.
Additional Read: Top Blockchain Startups & Projects In 2023
Luxury Brands and Blockchain
Aura Blockchain Consortium, which was founded with the sole purpose of allowing the luxury brand buyers to authenticate their products, has been able to do so due to blockchain’s feature of providing end to end tamperproof data. By making use of Aura, Prada has been enabling clients to trace their recycled gold jewelry and diamonds. This step is helping the buyers ensure the authenticity and transparency of the product at every step of manufacture.
Intro to Aura: Aura is based on the Ethereum blockchain and uses Microsoft Azure, while the project’s traceability smart contracts and blockchain infrastructure were developed by ConsenSys.
Blockchain and Supply Chain
Here are some of the benefits that blockchain provides to the supply chain;
- Traceability of the objects in the supply chain to ensure corporate standards are met
- Decrease in the losses from fraudulent trading
- Improve visibility and compliance over outsourced contract manufacturing
- Less paperwork and administrative expenses
- Strong corporate reputation due to the ability to provide transparency of the materials used in various products
- Increase in creditability and trust as the data shared is end-to-end authentic
- The availability of the vast amount of data also results in engaging the stakeholders
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