Blockchain: Transforming the Way Business is done in Different SectorsBy CIOAdvisor Apac | Wednesday, April 10, 2019
Blockchain is capable of changing the way business is done. As a distributed, tamper-proof ledger, it reduces intermediaries, reduces costs, and increases speed and reach. For many business processes, it also offers greater transparency and traceability. Businesses are starting to put it to work and about 84 percent of executives said that, their organization is at least have some involvement with blockchain technology, according to PwC's blockchain survey.
After a project using blockchain, Coca-Cola and the U.S. government are looking for a secure listing of workers that will help address the issue of constrained work all around. This will also document contracts for work using the advanced validation capabilities of blockchain. Nearly 25 million people worldwide work under limited working conditions and nearly 50 percent are in the Asia-Pacific region, as per the International Labor Organization.
In addition to adding transparency, blockchain applications can help predict future medicines applications and guarantee medical license confirmation. Blockchain can help open Medical platforms such as the Blood Chain, the first open human blood donation center in the world to receive 112.5 million offers each year, identify demand in the different geographic region and even benefactors can track recipients. An organization called ProCredEx late began Professional Credentials Exchange to doctor credentialing with a private Medicare claims processor, a private Medicaid care and advantage plans supplier, as well as the Spectrum Health System based in Michigan.
It cannot be amended or modified when any data or record goes ahead of the blockchain, and its authenticity is guaranteed. Industry experts assert that blockchain may be helpful in identifying whether any piece of art is original. The blockchain is a trusted file, and from the discovery to the present possession it could deliver a lasting record of history. Innovation in blockchain provides a better way to track art as it moves from one owner to the next. The individual can secure it with a computerized token every time an artist makes a work of art.
Blockchain may be a new name in the technology world for different sectors, but it's definitely the last one. However in the early stages, from their very first application of cryptocurrencies, the technology has gained enormous popularity. With each passing day, more areas of applications are discovered and tested. Once the technology is embraced and accepted globally, the way the world is living today will be transformed.