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Blockchain Insights: Enterprise Blockchain Solution that Will Create Business Opportunities

In 2018, about 95% of businesses and companies invested in blockchain technology testing. To date, those pilot companies are now moving to the end-user testing stage. Some of those businesses are in the field of cybersecurity, agriculture, and healthcare.

The progression of blockchain technology in the business industry can benefit consumers with many successful business ideas.

 

Blockchain Solutions and Business Opportunities

Health Care Industry

Blockchain Technology is very useful to the healthcare sector. The database of each patient from admittance to the final result has been kept secure. It is also accessible and the data are very accurate compared to the old style of databases in medical records. Whenever there are changes in the patient's records, Blockchain has a new sequential data block within the blockchain. The biggest challenge that the healthcare sector and pharmaceuticals face are drug thief and counterfeit. Using blockchain technology, these kinds of activities can be resolved or fully eliminated.

 

Uses of Blockchain in Healthcare Industry

  1. Patients medical record storage.

  2. Clinical trials through data tracking.

  3. Provide healthcare directory management.

  4. Inventory tracking equipment, supplies, and medical devices.

  5. The Blockchain technology healthcare sector is open for innovation and cost-effective.

 

Digital Rights/ Internet of Things (loT)

With the blockchain technology, businesses, companies and individuals will be benefited to protect their Trademarks and Digital Rights.

 

Internet of Things is a system that interconnects different devices that provide and transfer data over the network without human-to-human or human-to-computer interaction. And this is a good opportunity for blockchain technology.

 

Below are some of the systems where blockchain technology is used to have a reliable, secure, fast and flexible application.

  1. Automation of solar energy for the community cooperatives.

  2. Provide platforms unit-tracking for law enforcement.

  3. Automation of small internet infrastructure.

  4. To give a reliable verification of the IT industry.

 

Both Blockchain technology and loT market are excellent combinations because it will lessen the problem.

 

Insurance Industry

Blockchain Technology will benefit the insurance industry because it can easily organize, track and secured data including agreements. Processing insurance becomes simplified and the time and speed are being reduced. Risk management and fraud prevention are well improved. And the availability of policy information and owners' health history.

 

In reinsurance, the use of smart contracts in blockchain technology can make the flow of data and payment details between insurers and reinsurers more simplified.

 

Food Safety

Blockchain technology also caters to food safety to keep the food supply around the world safety. As we all know that there is more history of food. Poultry, vegetables and other produce are all grown then transported to the market, grocery stores, restaurants for public consumption. We may not know the multitude process that they follow and any failure in between the process can lead to unsafe food. Blockchain enforces compliance regulatory.

 

Blockchain could help food safety in the food supply chain in several ways:

  1. Detect the soil testing that has failed to be done by the grower.

  2. Detect the condition of the air that has not done by the tractor-trailer before delivering to the marketplace.

  3. Monitor the delays in shipment that cause food shelf life.

  4. Identify neglect in quality check while.

  5. Failure in sanitation inspection in the market, groceries, and restaurants.

  6. Use of the smart contract and IoT. The food from the harvest down to your table can monitor by the blockchain if in case there is any negligence in between the process, food will not go any further.

 

Blockchain in the food industry is now getting attention from many entrepreneurs. Several companies are studying and considering to use blockchain technology like Nestle and Walmart.

 

Estate Management

Blockchain offers better management as compared to conventional paper. 

  1. It keeps and secures the bank accounts storage information.

  2. Centralization of the storage location for vault and pre-planning.

  3. Storage of information on how the owner plans to distribute the property.

  4. Direct Storage like cryptocurrencies and stocks and other digital assets.

  5. Less need for Attorneys using smart contracts.

  6. Blockchain technology will keep the information inaccessible until the owner will die.

 

Conclusion

Blockchain technology has several applications. Blockchain will bring innovative business to different companies and government sectors. With strong security, accessibility and transparency, blockchain offers many advantages and resolves a wide range of important tasks and challenges.

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