Bitcoin and cryptocurrencies are the first things that come to mind when you talk about blockchain. But blockchain is more than that. It has many real world applications (as well as future potential) that many people are still unaware of.
It may not seem apparent but blockchain technology is all around us. From financial services through aviation to fine arts, blockchain is at work in different industries and it is definitely transforming the modus operandi.
According to the World Economic Forum, blockchain is poised to hold 10% of the global GDP by 2025. It is further predicted that the distributed ledger technology can profoundly impact the world of business. In anticipation of this massive shift and transformation of global businesses, industry leaders are already investing in blockchain research and development.
Tech developers from IBC Group have noted an increase in the number of IBC blockchain solutions for enterprises that they deploy and test, almost every day. The application of blockchain in an enterprise may differ depending on their unique processes. But regardless of its application, all enterprise blockchain initiatives seek to harness the benefits of this technology – enhanced security, greater transparency, reduced costs, increased efficiency and immutability.
Let’s take a look at how some companies use blockchain technology in their processes.
Various enterprises in the entertainment sector are using blockchain technology for payment, app development and database. Digital music service Spotify acquired Mediachain Labs, a blockchain startup, in their bid to develop a decentralized database that will facilitate better connection between artists and licensing agreements with the tracks on their service. Meanwhile, Guts uses blockchain for more secured and transparent ticketing service that hopes to eliminate secondary ticket market and ticket fraud.
Enterprises in the retail industry also benefit from blockchain. Loyyal uses blockchain and smart contract technology for more customized rewards and loyalty programs. Meanwhile, Warranteer provides consumers with an easy access to information about the products they purchased and get warranty service in case of issues with the product. Many retail companies are also working on enterprise-grade blockchain solutions that address their specific processes.
Analysts predict that enterprises in the supply chains and logistics sector would greatly benefit from blockchain technology because of its inherent transparency, security and efficiency. For instance, IBM Blockchain lets enterprises know the status and condition of a product throughout the supply chain. In case of problems with a product, companies can efficiently and in real-time track the origin of the problem. This same process is also helpful in the food industry, particularly in tracking down potential sources of contamination or food-borne illnesses.
Aside from these real world applications mentioned above, enterprise blockchain solutions are also revolutionizing many other sectors, such as insurance, healthcare, real estate, financial services, government, charity, aviation, and even fine arts. Every day, the number of blockchain applications grows. In fact, as we continue to explore and understand the potentials of blockchain, it becomes harder to find an industry where this transformative technology will not be applicable. Considering the mammoth investment flows to blockchain R&D, we can expect to see this trust-less and ultra-transparent technology to become the new norm.