Blockchain has been exploding in popularity recently, mostly due to its prominent role in cryptocurrency. However, there are many uses of blockchain beyond Bitcoin. Industries of all kinds can benefit from these eight features of blockchain.
1. Accounting
Blockchain essentially builds the newest transaction on top of the transaction that came before it. This process creates a chain, hence the name, and also automatically records and verifies the transaction.
Important information, like timestamps, is automatically recorded. Additionally, each computer has to accept a transaction before it is added to the chain.
Not only is data easily traced, but blockchain’s accuracy is also much greater than that of other systems.
2. Quality Assurance
With increased accuracy, it is easy to find irregularities. Organizations can carry out investigations and execute solutions quickly.
Blockchain allows its users to maintain higher levels of quality assurance. Problems are found quickly and easily with blockchain’s thorough records.
3. Supply Chain Management
Blockchain offers better supply chain management than traditional networks. Users can track the movement, origin, and quantity of goods. Organizations have access to transparent B2B ecosystems that will simplify ownership transfer, production assurance, and payments.
4. Smart Contracts
One of blockchain’s features with high potential for all industries is its ability to conduct smart contracts. Smart contracts execute actions once the terms of the contract have been fulfilled, automated a usually time-consuming and slow process.
Additionally, mediators are no longer needed with smart contracts. Organizations can cut down on their expenses and increase their efficiency.
5. Voting
Election insecurity has been a hot topic in recent years. Some have suggested migrating the voting system to a blockchain network that would be more secure and efficient than traditional voting methods.
6. Stock Exchange
The idea of implementing blockchain technology in the stock market has been around for a while. Because it can be accessible and reliable, many believe that blockchain would greatly benefit securities and commodities trading.
Australia’s stock exchange already plans on transferring to a blockchain system designed by Digital Asset Holdings, and there is talk of switching to blockchain in other stock exchanges as well.
7. Energy Supply
Tracking energy usage, especially clean energy, can be difficult. With blockchain, users will have a much easier time accurately monitoring energy use.
8. Global Transactions
Part of blockchain’s role in Bitcoin is ensuring the safe, secure, and fast transfer of funds around the world. This feature can be applied to all industries, as global communication is vital to so many organizations.
Final Thoughts
Blockchain has many uses and benefits outside of cryptocurrency. Organizations in all kinds of industries can utilize blockchain technology to increase their efficiency, security, and verifiability.
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