2nd November 2018
No doubt you’ve all come across the term ‘blockchain’ by now, a global cryptocurrency that allows you to make completely secure financial transactions online without the need to worry. This is obviously beneficial for companies selling on the internet as it puts your customers’ minds at ease where their credit and debit card details are concerned.
If you’re already using blockchain for this kind of functionality, then good job! You’re sure to be going great guns already. But don’t forget that there are also other applications you can use the technology for – which your software consultants in Hull can certainly help you with.
But first… what are these applications and how can you benefit? Payments and money transfers are the obvious use of the technology, but what about starting to make use of smart contracts, autonomous computer programs that are able to carry out contract terms, no matter what contract is in place.
These aren’t just about money – you can exchange the likes of shares, property and, indeed, anything of value in a highly transparent way without ever having to use a middleman. Normally you’d need to have a lawyer or notary involved but with smart contracts you simply have to use the blockchain ledger and away you go.
You can also use it to help reduce the chances of fraud because blockchain is able to track and manage online identities in an efficient and secure way. Authentication of identity receives a serious boost thanks to the use of digital signatures – only one check is needed to see if the transaction in question was signed by the appropriate key. The actual identity of the owner of this key is rendered obsolete!
One industry that could benefit particularly from using blockchain technology is the healthcare sector. Because such sensitive medical data is floating around so much, it’s vital that it’s processed and managed in as secure a way as possible.
Systems can be improved through blockchain use by increasing the accuracy of diagnoses through data portability, which will also have the knock-on effect of improving treatments. And let’s not forget that admin expenses will be lowered, so care can be provided in a more cost-effective way.
What about your marketing departments? You can use the decentralised ledger to process and action ad performance data, for example, as well as benefitting from a permanent record of your campaign’s delivery time, performance and duration.
Supply chains, meanwhile, can benefit from creating permanent histories of particular products, driving down costs, reducing delays and finding out what errors have been made, by whom and where. This will help to save a huge amount of time and lots of lovely money…
So as you can see, there are all sorts of ways you could potentially use blockchain, but it can be hard to get your head around so if you have any questions give us a shout here at Smashed Crab today.