What are the benefits of applying Blockchain within any industry?

[Hasan Raza]

Is blockchain only for cryptocurrency? Provide your suggestions.

 

[Ralphjoe]

Blockchain technology has a lot of benefits that it can give to other sectors of an economy. One of the benefits it portends for other sectors is that it gives the sectors high security being that no one can hack into the system or hack into them.
Another benefit is that there is no one that can manipulate the system because it is not a centralised system of record but a decentralized system of record and transaction processing which will benefit any sector.

 

[Kayzzy3]

Is blockchain only for cryptocurrency? Provide your suggestions.

One benefit that should encourage business, sectors and even individuals to plug into the blockchain technology, is ease of transactions.

Also payments can be made to and confirmed in any part of the world in seconds with great privacy and confidentiality.

Benefits are too numerous.

 

[Robust]

Block chain is not only applicable to crypto currency.
Block chain technology serves so many benefits in businesses by : Powering the business, giving greater transparency of the business, increase efficiency of the business, gives better security and improve traceability of the business.

 

[cowantussie]

benefits to learn more about using blockchain in your industry.
Greater transparency. Transaction histories are becoming more transparent through the use of blockchain technology. ...
Enhanced security. ...
Improved traceability. ...
Increased efficiency and speed. ...
Reduced costs.

 

[Jlife]

I don't know any other uses of block-chain because as far as I know I think blockchain is only for crypto currency but for cowantussie please explain how blockchain technology can be used for the following things that you have just mention. I am very much interested to learn from you.

 

[cowantussie]

I don't know any other uses of block-chain because as far as I know I think blockchain is only for crypto currency but for cowantussie please explain how blockchain technology can be used for the following things that you have just mention. I am very much interested to learn from you.

Across global supply chains, financial services, healthcare, government and many other industries, innovators are exploring ways to use blockchain to disrupt and transform traditional business models.
1. Greater transparency
Transaction histories are becoming more transparent through the use of blockchain technology. Because blockchain is a type of distributed ledger, all network participants share the same documentation as opposed to individual copies. That shared version can only be updated through consensus, which means everyone must agree on it. To change a single transaction record would require the alteration of all subsequent records and the collusion of the entire network. Thus, data on a blockchain is more accurate, consistent and transparent than when it is pushed through paper-heavy processes. It is also available to all participants who have permissioned access. To change a single transaction record would require the alteration of all subsequent records and the collusion of the entire network. Which can be, you know, a headache.

2. Enhanced security
There are several ways blockchain is more secure than other record-keeping systems. Transactions must be agreed upon before they are recorded. After a transaction is approved, it is encrypted and linked to the previous transaction. This, along with the fact that information is stored across a network of computers instead of on a single server, makes it very difficult for hackers to compromise the transaction data. In any industry where protecting sensitive data is crucial — financial services, government, healthcare — blockchain has an opportunity to really change how critical information is shared by helping to prevent fraud and unauthorized activity.

3. Improved traceability
If your company deals with products that are traded through a complex supply chain, you’re familiar with how hard it can be to trace an item back to its origin. When exchanges of goods are recorded on a blockchain, you end up with an audit trail that shows where an asset came from and every stop it made on its journey. This historical transaction data can help to verify the authenticity of assets and prevent fraud.

4. Increased efficiency and speed
When you use traditional, paper-heavy processes, trading anything is a time-consuming process that is prone to human error and often requires third-party mediation. By streamlining and automating these processes with blockchain, transactions can be completed faster and more efficiently. Since record-keeping is performed using a single digital ledger that is shared among participants, you don’t have to reconcile multiple ledgers and you end up with less clutter. And when everyone has access to the same information, it becomes easier to trust each other without the need for numerous intermediaries. Thus, clearing and settlement can occur much quicker.

5. Reduced costs
For most businesses, reducing costs is a priority. With blockchain, you don’t need as many third parties or middlemen to make guarantees because it doesn’t matter if you can trust your trading partner. Instead, you just have to trust the data on the blockchain. You also won’t have to review so much documentation to complete a trade because everyone will have permissioned access to a single, immutable version.

 

[Jlife]

Across global supply chains, financial services, healthcare, government and many other industries, innovators are exploring ways to use blockchain to disrupt and transform traditional business models.
1. Greater transparency
Transaction histories are becoming more transparent through the use of blockchain technology. Because blockchain is a type of distributed ledger, all network participants share the same documentation as opposed to individual copies. That shared version can only be updated through consensus, which means everyone must agree on it. To change a single transaction record would require the alteration of all subsequent records and the collusion of the entire network. Thus, data on a blockchain is more accurate, consistent and transparent than when it is pushed through paper-heavy processes. It is also available to all participants who have permissioned access. To change a single transaction record would require the alteration of all subsequent records and the collusion of the entire network. Which can be, you know, a headache.

2. Enhanced security
There are several ways blockchain is more secure than other record-keeping systems. Transactions must be agreed upon before they are recorded. After a transaction is approved, it is encrypted and linked to the previous transaction. This, along with the fact that information is stored across a network of computers instead of on a single server, makes it very difficult for hackers to compromise the transaction data. In any industry where protecting sensitive data is crucial — financial services, government, healthcare — blockchain has an opportunity to really change how critical information is shared by helping to prevent fraud and unauthorized activity.

3. Improved traceability
If your company deals with products that are traded through a complex supply chain, you’re familiar with how hard it can be to trace an item back to its origin. When exchanges of goods are recorded on a blockchain, you end up with an audit trail that shows where an asset came from and every stop it made on its journey. This historical transaction data can help to verify the authenticity of assets and prevent fraud.

4. Increased efficiency and speed
When you use traditional, paper-heavy processes, trading anything is a time-consuming process that is prone to human error and often requires third-party mediation. By streamlining and automating these processes with blockchain, transactions can be completed faster and more efficiently. Since record-keeping is performed using a single digital ledger that is shared among participants, you don’t have to reconcile multiple ledgers and you end up with less clutter. And when everyone has access to the same information, it becomes easier to trust each other without the need for numerous intermediaries. Thus, clearing and settlement can occur much quicker.

5. Reduced costs
For most businesses, reducing costs is a priority. With blockchain, you don’t need as many third parties or middlemen to make guarantees because it doesn’t matter if you can trust your trading partner. Instead, you just have to trust the data on the blockchain. You also won’t have to review so much documentation to complete a trade because everyone will have permissioned access to a single, immutable version.

thank you so much , I think this is one of the best post of today, I didn't understand that blockchain has so much uses because I have been thinking that it can only be used for cryptocurrency transaction , thanks for giving me the best of what I Ask.

 

[FreshKaz11]

Is blockchain only for cryptocurrency? Provide your suggestions.

I guess when blockchain is been added to a company I don't think no any one or hacker could get access to the company profile if they think of hacking the company database as well.

 

[cowantussie]

thank you so much , I think this is one of the best post of today, I didn't understand that blockchain has so much uses because I have been thinking that it can only be used for cryptocurrency transaction , thanks for giving me the best of what I Ask.

You welcome feel free to ask at anytime and I also will learn from you

 

[eLdavis]

I have learnt so much, i have always taught blockchain was used only for crypto currency. Based on what have been said blockchain can by companies to run private transactions

 

[Jlife]

You welcome feel free to ask at anytime and I also will learn from you

Thanks

 

[Richard92]

Thanks

One benefit of applying blockchain to every industry is because it is an easy way for transaction of cryptocurrency business and it also a quick mode of payment with cryptocurrency.

 

[Jlife]

One benefit of applying blockchain to every industry is because it is an easy way for transaction of cryptocurrency business and it also a quick mode of payment with cryptocurrency.

Oh if blockchain technology can be used in this area that you have just mention then there is a possibility that in the nearest future cryptocurrency and blockchain technology will be adopted as mode of transaction. I can't wait for it.

 

[Kunkun]

The blockchain technology is indeed versatile in its usage as it's not only useful for crypto but can also be applied to other sectors, for example in a business it could achieve reduced coat at a greater speed and efficiency and also transparency and traceability

 

[Dowenship]

Is blockchain only for cryptocurrency? Provide your suggestions.

Yes I think. If We read the project of satochi the block chain requires blocks and node to complete a transaction. That's why we call it block - chain.

 

[Miraclesam]

I'm totally against this lock down of a thing. I mean the first wasn't friendly seeing how the people in my street suffered to feed themselves and pay Bill's. How they were denied visit to their love one and a lot of hunger and death to due to random operations

 

[Ceeny007]

If other industry employ the block chain technology it is going to really help them and their clients because it offers top tier technology as it can't be hacked.

 

[tyrim88]

Is blockchain only for cryptocurrency? Provide your suggestions.

Blockchain which is a digital ledger through which transactions can be confirm and e-commerce can be carried out through a peer to peer network,has other ways it can benefit individual and organisations,an organisation can store its data in a blockchain and it will remain the way it is kept,voting can also be done via blockchain network.

 

[Justin]

There are two major benefits of using blockchain, one you can decentralize, two you can automate the work. For example, instead of creating a normal contract, you cna create smart contract and automate you contract terms.