How do companies use blockchain?

31 Oct 2022 By PAYCEC

Companies use blockchain for many purposes. For example:

Supply chain management

The unchangeable ledger of blockchain makes it well suited to tasks like real-time tracking of commodities as they move and change hands across the supply chain. Using a blockchain provides enterprises carrying these items with various possibilities. Entries on a blockchain can be used to queue up events in a supply chain, such as allocating newly received products to different shipping containers. Blockchain technology offers a new and dynamic way of organizing and utilizing tracking data.

Healthcare

General health data suited for blockchain comprises age, gender, and potentially basic medical history data such as immunization history or vital signs. None of this information would be able to specifically identify any single patient on its own, which is why it may be maintained on a shared blockchain that many people can access without compromising their anonymity.

Real Estate

The average homeowner sells their home every five to seven years, while the average person moves roughly twelve times in their lifetime. With such constant mobility, blockchain may undoubtedly be useful in the real estate market. It would speed up home sales by immediately confirming finances, decrease fraud via encryption, and provide transparency throughout the entire selling and buying process.