Major sectors are deploying blockchain technology. From managing crypto assets to global trade and commerce, digital payments to real estate, blockchain has unlocked the opportunities to enhance business models and embrace the solutions. It has built enough strength to break through the traditional way of doing business. What do you think it is going to be like in the coming days?
Once upon a time, blockchain was designed to run Bitcoin. But today, you see its potential? It went from Bitcoin to big businesses. What a transformation it has gone through!
Companies from all over the world have started to integrate blockchain technology to move in various other ways. They are utilizing blockchain to eliminate time-consuming and go-betweens interference processes in their businesses.
While the first use case is Bitcoin, the cryptocurrency, today, anybody could use it. Big enterprises use it to protect the privacy of their customers and offer easy and instant solutions. The permissioned blockchains are building whole a new way of doing a business. They are highly secure, confidential, and decentralized.
Now that people can transfer money and do millions of transactions, and record the history of transactions using the distributed ledger, companies are getting comfortable with the disruptive technology. The companies have increased their efficiency, protecting their customers' privacy, improving the services, and making it as simple as it could be. However, various regulatory concerns need to be addressed while using blockchain.
Interesting Use Cases of Blockchain Technology
The history of blockchain technology is quite interesting! It all started with the financial use case, and now it is broadly used across sectors. We are noticing blockchain in different circumstances. And most of these being out of financial.
Companies like Bumblebee Tuna use blockchain to give consumers increased certainty that what they eat is captured in a way it is all ethical. Bumblebee requires a lot of supply chain management systems. So they've used blockchain to provide every level of transparency from the fisherman to the shippers, and the grocery stores access the data on the same distributed ledger. This provides a clear picture to the customers and ensures it is genuine, trustworthy, and open.
Golden State Foods is one of the enterprises that provide food for the biggest fast-food chains globally, including McDonald's. So they've moved the entire beef supply chain that goes to their hamburger process to a shared distributed ledger. So they've made the process fun and exciting. The boxes that hold the hamburgers have thermometers and RFID chips in them. The data is logged on the blockchain so that customers can see an object’s movement from one place to another. So you can be assured that the temperature of those hamburgers hasn't gone low or high but at its perfect point, ensuring that the meat was never frozen. So now you see, customers can trust blockchain. Not the Golden State Foods or McDonald's.
Now that we see cryptocurrency being evolved through and by blockchain. It is pretty fascinating! The crypto space has adopted blockchain to make the digital asset
-based transactions - more transparent, more secure, and more scalable. It made us skip the middlemen step, interfering with the processes. Like Bitcoin and Ethereum has shown great potential.
Today, numerous blockchain networks are being built, integrated, and applied to make the business more easily accessible and services more affordable. Blockchain is not just about cryptocurrencies. Believe us or not, it is more than what you imagine.