Blockchain Beyond Cryptocurrencies

Next level Blockchain use-cases offer a surprising number of benefits to a widening array of industries.

Here is an industry sorted list of organizations that currently utilize Blockchain technology in their business.

The 4 main reasons businesses utilize Blockchain

1. Unquestionable Security: 

Encrypted records are validated through the consensus of users before being added to a blockchain. This creates an immutable record that is virtually impossible to modify retroactively, it would require the alteration of all subsequent blocks and the collusion of the entire network.

2. Beginning to End Traceability:

Manufactured goods can be tracked from the source of build materials through to end-user customer delivery while Agricultural products can provide traceability of all steps from farm to table. The immutable transaction record provides an audit trail that shows the provenance of the asset. This is especially useful in a supply chain, where components can be tracked along their journey and when necessary recalled within minutes rather than days. The information relating to the product can easily be relayed to or from the new owner for possible action. The transactional data can also help to verify the authenticity of assets.

3. Transparency: 

Through the distributed ledger structure, transaction information is accessible to all relevant users. And you can see it in relation to relevant data in other streams such as location, time, temperature, and transaction type.  This makes it possible for network members to build stable business relationships based on transparency rather than negotiation.

4. Documentation and Smart Contracts: Compliance and clarity without costly clutter

Traditionally, keeping accurate records of monetary and asset transactions is a paper-heavy, time-consuming process that is prone to human error and often requires third-party mediation. With blockchain, record-keeping is performed using a single digital ledger that is shared among participants. This reduces the clutter and complications of using multiple ledgers that must be reconciled.