Blockchain is the transformative force harnessing businesses with enhanced transparency, security, and data visibility, something forward-thinking organizations have always aimed for! Blockchain gradually gained global momentum due to its ability to create a secure and shared distributed ledger with a decentralized network that is impossible to alter.
As businesses recognize its tremendous potential, they are leveraging it to improve their internal supply chain operations with upgraded cyber security. By using Blockchain-enabled solutions businesses can learn about how their information is being used. With a private blockchain network, you can empower conventional industries where transparency and visibility are paramount. However, it becomes highly crucial to address all the technical complexities involved in the process and ways to resolve them. This can be accomplished by hiring a professional team of blockchain developers.
Blockchain is a viable choice for conventional businesses because it can create tamper-proof solutions that are traceable, immutable, and secure. Blockchain has the power potential to impact almost every business vertical today. Blockchain has the caliber to transform some of the most conventional industries like finance, healthcare manufacturing, pharmaceutical, and significant others. It’s time to dig into how it can revamp your business operations and impact conventional industries.
Revamp Your Business Operations - Blockchain for Business
Regardless of the industry, Blockchain-enabled solutions can revamp some of the crucial departments for companies of all niches.
Blockchain-enabled solutions can automate several accounting processes like Payroll, bill processing, etc for every business domain. This automation of the financial transactions boosts the overall payroll efficiency making it less likely prone to error.
Blockchain can ensure transparency and fairness in how an organization operates with its smart contracts. Smart contracts work on a predefined set of protocols that automate the timely renewal of contractual agreements of the clients.
Managing agreements manually can be a tedious task with outdated paper documentation work. By enabling smart contracts, the entire smart contract management becomes streamlined. Now multiple contracts can be managed by the enterprise simultaneously.
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Human resource management
Human resource management becomes streamlined with the help of blockchain networks. The blockchain network has the potential to automate the background verification checks of an employee before his onboarding and employee track records.
It automates the employee onboarding routine and the verification process with the help of smart contracts.
Blockchain is the technology that never sleeps! Bank administrators are available only from 9 to 5. Thanks to Blockchain, you can empower your customer by giving them the power of allowing accessibility of their private information invoking a sense of transparency and trust.
Conventional Industries that are Leveraging Blockchain
Blockchain and Decentralized Finance(Defi)
Integrating blockchain technology into financial operations offers a decentralized finance(Defi) network with seamless peer-to-peer remittance. With Blockchain, you can make secure and seamless payments across the globe eliminating the intermediaries. Let us evaluate how.
Bank representatives follow a traditional work schedule of 9 to 5. This simply means if you submit a bank cheque, then the transaction might take one to three to reflect in the bank accounts. Even longer when it comes to facilitating international transactions! This entire process is time-consuming and charges hefty fees to transfer the funds.
By leveraging blockchain-based systems, you can process transactions and make payments within a few minutes. The entire approach eliminates the number of intermediaries making it faster and easier on the pockets. Using a blockchain network, your customers won’t need to pay the processing charge which makes this process a cost-efficient solution to a significant extent.
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Settlements & Clearance systems
The traditional system includes a simple bank transfer to go through several middlemen. It becomes a highly tedious task to facilitate the entire process, right from fund transfer to custodial services. This is when blockchain technology in retail banking enters the room.
With the blockchain network, the custodial services can be deleted ultimately, accelerating the Bank settlements and clearance process. This can alleviate the overall transactional efficiency improving the operational flow. Furthermore, it eliminates the dependency on multiple middlemen proving to be a cost-effective solution.
For banks to verify your assets, they need to conduct the asset verification process which includes connecting with brokers, custodian banks, and concerned authorities.
Not only does the process get tumultuous but it also becomes expensive for banks to manage the outdated paperwork that is likely to cause inaccuracy, more error-prone.
Blockchain can revolutionize the method by replacing the paperwork with a shared distributed ledger that securely stores the data. This keeps the confidential information of customers private and safe which makes blockchain a highly reliable technology in the fintech industry.
KYC verification is another tiresome process where the banks need to undergo a time-consuming and resource-intensive process to process the identity photo, address checks, and other documentation. This process stretches around 3 months and is quite expensive for banks to conduct the verification process of customers.
The blockchain in banking simplifies the verification process by verifying the information stored in the distributed ledger. The bank authorities can verify the customer information on the blockchain network which eases the entire process. It saves banks a whopping amount of 169 million dollars annually.
Blockchain has the potential to streamline financial flow, expedite transaction time, and facilitate data verification seamlessly. Blockchain in banking is a feasible solution not only for the customers but also for the entire banking sector. Partnering with the Blockchain development service provider can simplify your process flow making it a cost-effective solution. This will future-proof your business against any turbulence.
Harnessing the Healthcare Ecosystem with Blockchain
Healthcare is a crucial sector that is prone to duplication and counterfeit products. The tampering of patient data can lead to some serious consequences or a medical hazard. Blockchain integration in healthcare has the transformative potential that keep patient records secure, safeguard them from any fraudulent activities, and streamline the supply chain for pharmaceutical products.
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Safeguarding Patients’s Medical Data
Blockchain app development can keep the patient’s medical data secure and intact. It gives patients the ownership to share their personal medical information selectively and have optimum security over their confidential data. With the help of blockchain integrations, it becomes impossible to alter any information about the patients. Any possible alteration can be traced as the data gets stored over a decentralized database.
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Keeping the patient’s sensitive data secure
Blockchain healthcare apps only allow authorized healthcare practitioners to access the data. Hence, data management becomes easier for both the healthcare professionals and administrators involved. This is of mutual benefit to healthcare administrators, hospitals and patients as it protects and secures medical data from any data breaches. Quite a win-win situation here!
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Streamlining supply chain operations
Another big scam in the healthcare industry is the counterfeiting of pharmaceutical products. To ensure that the medical products are authentic, it becomes imperative to streamline the supply chain operations over a decentralized chain of networks.
To enhance the overall visibility of the pharmaceutical product and track the records in case of any tampering. In case of any data breach incident, the authorities
can track the updates in their blockchain network and trace it to the point where it started.
Blockchain integrations in healthcare infrastructure provide a concrete way to optimize the supply chain operations, creating an environment of trust among patients. Furthermore, it ensures the authenticity of the medical information and the products circulating in the ecosystem.
Claiming insurance manually can be a tedious task. With smart contract automation, medical claims can be automated and settled easily. Smart contracts that operate on a predefined set of protocols can verify the medical diagnosis and bills, reducing the steps needed to claim the insurance manually. This drastically reduces the manual labor and the steps needed to verify the claims.
Thus, Blockchain is the transformative force harnessing every person involved in healthcare infrastructure, right from the medical professional to the patients.
Blockchain surge in the Supply chain Industry
Today, the supply chain industry has removed the barriers for customers and brands to connect on an international level. The traditional supply chain has mismanaged databases and outdated documentation processes leading to data silos. Hence, keeping track of the products and claiming their authenticity becomes quite a challenging task for all the retailers, logistics suppliers, and manufacturers.
Blockchain-enabled solutions can help streamline the entire supply chain ecosystem providing end-to-end visibility of the product inventory. Blockchain app development enables tracing the inventory process of the products so retailers can ensure product authenticity. Hence, the several challenges in the supply chain like time delays, multiple errors, and counterfeit goods can be resolved by leveraging blockchain application development.
Bottom Line
Blockchain offerings have the potential to optimize the business operations of almost every business vertical today improving end-to-end visibility and traceability. Blockchain-enabled integrations can be major upgrades in your existing business system invoking a sense of trust and reliability amongst your end users.
Leveraging blockchain for end-to-end offerings you must consult a reputable service providers that can develop cost-effective solutions for your custom requirements. Consult the right Blockchain companies to future-proof your business and stay ahead of the competitive edge. Create the blockchain synergy for an upgraded efficiency and cost-effectiveness of your business operations
