A blast of cryptocurrencies happened in 2017, which has gained traction of the entire world of investors into this modern gold coins. Bitcoin has lined up with the list of children with better qualities and features. As of now, around 4900 cryptocurrencies are listed in the coin market cap. But, sure, this may vary in a wide range while you check. When I have peeped through the coin market cap two months before, it was around 2900+, but now it has grown drastically that the numbers have amused me!
This is just the evidence of the dramatic growth of cryptocurrencies and the blockchain platform! None of the tech enthusiasts is a novice in blockchain technology anymore. Every tech professional is scrutinizing ways to enhance enterprise blockchain services in their sectors. Let’s discuss the four major ways at which this shared ledger technology can change the enterprise world!
Top 4 Demands that Enterprises Look For From Blockchain Technology
Blockchain has surpassed around a decade successfully with the cryptocurrency use case. But, the vast application of blockchain for enterprise solutions is yet to be innovated to the wide areas. As blockchain is the evolving technology, its expansion in sectors is slower. Here’re the top 4 zones that can be incorporated with blockchain in enterprise solution!
With blockchain’s decentralized financial system, the amount of transparency and cost reduction are immense. Small, medium-sized enterprises are paying large amounts of intermediary charges in banks and other central authorities on global transactions.
Larger enterprises have their global market and money exchanges, thereby leveraging the low or negotiable inter charges. Decentralized finance can pave the way for negotiable transaction fees, intermediaries, single-point technical failures, reduced reconciliation costs, human errors.
Blockchain in digital identity platform can share data of the particular person across the corporate or enterprise network. By distributing the employee’s qualifications, work history, designation, previous CTC, and many more details can help the human resources team to verify the reputation of the person in no time!
The human resources department can save lots of time and effort by integrating the digital identity of every employee. Devoiding BGV processes can save millions for the entire enterprise sector.
The healthcare industry has evolved in such a way that it has created paperless medical records in centralized servers. But the sensitive patient information is prone to be hacked with central authority servers, hence as the evolution of electronic health records(EHRs), it must be decentralized across the globe with blockchain technology.
Blockchain in healthcare paves the way for shared collaterals required for the research scholars, ease of consultations, accurate diagnosis, head to tail supply chain of medicines, standard quality inspection, and many more features. Many giant leaders in the healthcare industry have already stamped their footprints in twinning blockchain technology!
Enterprises encounter a number of contracts every year on employee’s workmanship, mortgages, projects, insurance claims, finance, copyrights, NDA, SOW, RCA, and much more. To experience the conflict-free contracts, enterprises can step ahead with smart contract protocols built on the blockchain platform.
As smart contracts are developed on the blockchain platform, they inherit the features of the technology. Immutability, decentralization, negotiating third-parties, and tamper-proof security walls are the key aspects of smart contracts.
Wrap up of enterprise blockchain applications
Every enterprise is no more a novice in implementing blockchain solutions for its everyday processes. Improvising the transparency, distribution, end-to-end integrated supply chain, and operating with no central authorities are the high demanding features of every sector. So, no one can deny the blockchain incorporation in the world! Blockchain is here to rejuvenate the world!
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