Traditional Businesses Evolving With Blockchain
As technology has developed over time and the world has witnessed digital innovation, the benefits of these changes are very much clear in today’s business scene. Blockchain technology is one such powerful innovation. It has captured the imagination and interest of business owners across the globe.
Does it really help traditional business in securing and decentralizing data? Does usage of blockchain technology remove intermediaries? These are some of the important questions asked today by business owners, especially those who own traditional business.
The answer to all these questions is a strong yes.
Here are a few of the ways blockchain technology provides some of its unique benefits and how it revolutionizes the way we interact with data:
- The chronologically recorded data is highly secure and are time stamped.
- The decentralized transactions that take place are transparent and are not altered or deleted.
- It provides a strong ledger system.
- Its decentralized and distributed network of system creates confidence in the data.
- Blockchain provides trusted systems for information management, data, and digital assets that can be accessed in real-time.
- It provides complete digitalization of businesses.
With the above-listed benefits, it becomes more clear that Blockchain technology is an undeniable technological innovation that business should consider.
The next important question that comes up is: what projects business can implement based on the benefits of blockchain technology in traditional business?
There are multiple benefits of this technology to business, and they do not limit it to the exchange of cryptocurrency. In this setting, Blockchain Community India through its strong community network provides a collaborative platform to help the traditional business make the best use of blockchain technology.
Here are a few of the projects in traditional business and industries wherein blockchain technology plays a vital role and these should be followed through:
- Public Projects: The Indian Ministry of Electronics and Information Technology proposed a blockchain project named Vajra planned by the National Payments Corporation of India for different payment organizations. It is to provide robust and secure exchanges on their online stages or mobile applications. The government of India’s Niti Aayog also proposed the possibility of using a blockchain ledger system in the management of state-provided schemes such as the supply of fertilizers for agricultural activities and use this technology in many more areas. These government projects leveraging blockchain technology will be a big step towards digitalizing India.
- Education Industry: There is a wide range of benefits of blockchain-based ledger technologies for education. Data such as maintaining accurate student attendance records, courses, payment towards tuition certification etc. are well maintained by blockchain open-source software. With increased focus on online learning, there are currently multiple platforms that are leveraging the blockchain projects in education, some of these being — Cubomania, Shikapa, Woolf, Blockchain University, Jalapeno Inventive, etc.
- Hospitality and Travel Industry: Blockchain technology provides better ways to make a transaction and store and use information through cryptography or high-security encryption. Hotels can accept digital currencies across the globe without compromising on their data security. This technology also enables the hospitality industry to flawlessly do their customer identity verification through fingerprint or bar code. Artificial intelligence has also enabled semi or fully automated, human interaction software called chat-bots to cater to customer queries and responses. For example, of the projects being LockChain, a direct marketplace, powered by blockchain technology, that allows hotels and other hospitality companies to rent out their property.
- Healthcare Industry — In the healthcare industry there is a volume of data related to patients identity, medical prescription, medical inventory, specialized medicare, securing patient data, etc. Blockchain technology maintains both privacy and transparency related to medical data thus maintains the sensitivity of the information. Across the globe, healthcare companies use blockchain technology for securing data. There are digital platforms that use the benefits of blockchain technology, for ‘Patientory’ is one of the enormous libraries that maintains data pertaining to patients and healthcare.
- E-Commerce Industry and Supply Chain: Blockchain projects in the manufacturing industry enable the breakdown of smaller processes in a manufacturing unit. By tracking all the processes, it can enhance the quality of processes, keep precise details of inventory. For E-commerce companies, it provides a sturdy platform for automation and integration of supply chain processes and information. It also keeps a robust track of the product life cycle and its tracing. It enables sharing and securing intelligence of the manufacturing industry. Some of the top companies using blockchain technology in Indian logistic sectors are Primechain Technologies, Signzy, Imaginnovate, etc.
Blockchain and AI provide Greater Transparency, Increased Efficiency, Better Security and Improved Traceability. Hence a way forward to these projects would enable businesses to flourish.
In this scenario, India’s leading open-source network Blockchain Community India uses the knowledge of tech people and the talents of business minds to help with projects that can assist a significant role in informing and bringing Blockchain into the daily lives of people.