Blockchain For Bussines
Distributed Ledger Technology such as blockchain and smart contracts now changing multiple industries business process. More effective, transparent, scalable and secure business blockchain software is redefining healthcare, finance, supply chain, logistics management, insurance, transport, media, government and more to come in near future.
Distributed Ledger Technology offers many advantages within the financial sector, including transparency and traceability of transactions and exclude the third parties in the middle of value transfer activities. The good example is international payments. Historically the transfer of value has always been an expensive and slow process. Transferring funds cross-border usually requires a number of steps that include several banks and currencies before the funds reach the target destination. These complexities delay, the value transfer process and adding to the cost of a transaction. Distributed ledger allows to speed up the transfer process and reducing the cost of remittance from traditional 5-20% to 2-3%.
- reducing the cost 90%
- speed up the process 70%
- excludes intermediaries 60%
Another financial area that can benefit from implementing a distributed ledger is share trading. Secure decentralized ledger allows each party to validate the transaction, this eliminates the need for numerous intermediaries, such as stock brokers and clearing corporations.
Supply Chain Management
A Distributed ledger in the supply chain management, building trusts between producers, shippers, carriers and receivers. Distributed ledger recording price, date, location, quality, certification, and other relevant data to more effectively control the supply chain process. Quick access to this information, improving traceability and eliminates counterfeit goods within the supply chain process. Creating decentralized and immutable digital ledger of transactions, making it possible to track assets from production to delivery.
- Increase traceability of material supply chain 78%
- lower losses from counterfeit market trading 85%
- reduce paperwork and administrative costs 60%
Such clarity empowers business reputation and reduces fraud for high-value products. Implementing blockchain, improving the business administrative process. Blockchain allows each party to access up to date information, reducing the need for redundant communication, streamline auditing and validation process.
Improve medical record management
Distributed ledger provides transparency and security of patient information within the private distributed network. The patient can easily get access to personal healthcare records or transfer them to another healthcare provider. Blockchain may secure medical data from being modified by anybody, including physicians and patients themselves.
Accelerate biomedical research
Decentralized management presents the opportunity for each institution to keep full control of their own resources while co-operating with other organizations for data sharing and analysis.
Patient health data which is available to researchers can be traced in the research process with a timestamp.
Real-time data would further allow researchers to rapidly detect and isolate environmental conditions that impact public health such as epidemics.
Enhance insurance claim process
Immutable blockchain will improve the claim auditing and fraud detection process. Replacing the health plan intermediaries with transparent digital ledger will save the time and reduce the cost of the claim process. Healthcare service providers will benefit from fast access to verified and reliable patient records.
Blockchain technology in real estate aims to reduce the cost of real estate transactions by removing intermediaries involved in the purchases and reducing extra fees that go beyond the price of the property. Implications of blockchain in the real estate market are numerous, from purchasing to leasing to management. Blockchain bringing ability to streamline processes, reduce fraud and cut costs such as legal costs, land-transfer taxes and real estate commissions.
Blockchain will entirely reshape the title insurance industry. By registering real estate on a distributed ledger, blockchain could streamline the manually intensive practice of examining public records when validating titles in real estate transactions.
The centralized vertical authority has become the main organizational model in society, simply because there has not been a better alternative so far. For the first time in history, citizens can now reach consensus and coordination at the global level through cryptographically verified peer-to-peer procedures, without the intermediation of a third party.