How Blockchain App Development Helps Businesses Solve Industry-Specific Woes
Use Case Study By Terasol Technologies
With the five-year compound growth of Blockchain technology being 46.7%, we can clearly see that the technology itself is evolving beyond crypto and helping multiple industries cater to complex business woes.
Although the movement of blockchain technology beyond crypto is a slow process, its implementation via. Blockchain App Development is making a significant impact in industries such as banking and healthcare. If you’re wondering how this unique technology can assist you in answering complex business stay tuned!
What is Blockchain & its Key Elements
Blockchain technology can be defined as a shared database technology or ledger which holds entries and data that are verified by the peers in the same network and has end-to-end encryption. Any valuable information and virtual asset can be tracked and traded using blockchain app development with ease.
However, unlike your regular user databases blockchain works a little differently. In this, every data is stored in the form of encrypted blocks and these blocks of data are connected to previous and upcoming blocks forming a chain of data i.e. blockchain. Here’s a brief insight into some of the key elements of Blockchain Technology used for Blockchain App Development:
a.
Distributed Ledger
Every data block in the blockchain can be accessed by users present in the network they can view each data block to understand and analyse the data flow.
b.
Immutable Records
The data block updated in the blockchain is irreversible. Once it is on the blockchain users can only view it but can not edit or change the data available.
c.
Smart Contacts
Smart Contacts are a set of rules that perform as an access control system which ensures that only related staff and stakeholders can access the data.
Benefits Of Blockchain App Development
Now that you know how blockchain technology works at its core, it’s time we take a deep-dive into ways Blockchain App Development can help you enhance your business operations effectively. Here’s a detailed list of unique perks of integrating blockchain technology:
- Since blockchain data could only be accessed by the people added in the business network it ensures that the data flow and consumptions is safer and accurate.
- Blockchain stores immutable data which cannot be altered by the third party or even business admins. This allows businesses adapting to blockchain app development to be more transparent.
- Blockchain works as a distributed ledger in which users can access any data they need in an instant this saves up time in data sharing and verification.
Hence, integrating blockchain technology with the help of can help enhance your online operational aspects such as data security, accessibility, and productivity.
Blockchain Technology Use Cases
Although the use of Blockchain technology isn’t widespread yet market leaders in different industry have used Blockchain app development to scale their services. Here’s how different industry leaders are using Blockchain technology to accelerate their operations and conversions:
Consensys: Blockchain For Faster Payments
Consensys is digital payment service provided that’s on a journey to transform the world of Finance Transaction using Blockchain Technology. It uses advanced Blockchain suite to help businesses perform transparent, fast, and secure transactions.
The company offers multiple blockchain based solutions that allows individuals and businesses to digitize their assets, launch decentralized payment networks, and access comprehensive security audits for their businesses.
Chainalysis: Blockchain Solution For Effective Law Enforcement
Chynalysis offers crypto investigation software which is the next Sherlock Holmes for cybercrime. The solution performs intuitive transaction tracking of the cryptocurrencies and creates a consistent and robust dataset which can be accessed via APIs.
This makes it easier for cybercrime experts to track data and identify individuals indulging in illicit online behaviour. Hence, making it an essential court-room tool for law enforcements to fight against online cybercriminals misusing Cryptocurrencies.
Factom: Blockchain Technology-Based Solution For Healtcare Industry
Factom is a digital record platform that helps hospitals and medical facilities to securely store and share patient related data. The Blockchain technology used for data storage makes it easier for doctors to effectively track patient’s medical history and upload their progress securely through a portable Medical Wallet.
Lockheed Martin: Blockchain Technology Integration For Supply Chain Management
Lockheed Martin is an US based defense giant that has recently embraced Blockchain technology for supply chain management. The blockchain based supply chain management connects the original equipment manufacturers to engineers and experts so that they can securely access the equipment they need for building state-of-art defence equipment.
It not only helped the company to monitor their business but also to keep a track of their clients securely with the help of Blockchain Technology.
Blockchain For Digital Transformation
From the discussion above we can conclude that Blockchain can be used in businesses to transform their security, data storage, and business operations in multiple ways. With strategic implementation of Blockchain technology you can cater to multiple complex business woes in one go.
At Terasol Technologies, our team have worked on multiple blockchain based projects and offers industry-specific blockchain app development. If you’re planning to integrate blockchain or create a blockchain based application, reach out to our experts today to get started right away.
