Talks about cryptocurrency and particularly bitcoin are everywhere. Can anyone ignore them anymore? Heck! No!
But does blockchain technology have any benefits beyond its usage in cryptocurrency? That’s a real point to ponder. The current trends show the benefits of blockchain technology to be many, which will certainly prove to be beneficial to different industries and businesses.
Blockchain technology creates an online public ledger, which can record everything in a safe and secure way. These records can be available to all users within that blockchain, thus enhancing transparency in the system.
Here are the Top Seven Benefits of Blockchain Technology beyond Cryptocurrency:
1) Usage in Research & Development:
Blockchain technology increases the capacity of the whole network, as there are several computers working together in the entire network. This brings more power to the entire ecosystem as compared to when only a few devices are available in a centralized hub.
A great example of this is a Research & Development project of Stanford University, which created a supercomputer, a distributed computing project that works on borrowed computing time from home computers to simulate how proteins fold and take shape. Other researchers will also be able to take advantage of the computing technology developed in this way using blockchain technology.
Check Stanford News – https://news.stanford.edu/news/2011/november/modeling-protein-folding-111811.html
2) Usage in Accounting:
Blockchain technology removes the human error completely because all the records within the blockchain are verified every time they are transmitted through one block to the other within a chain system. This totally removes the possibility of tampering with the data.
The accuracy of the data is perfectly guaranteed and it also leaves a traceable trail for future auditing purposes. All these benefits make it an excellent technology to be used for accounting domains.
3) Usage in Supply Chain Management:
Supply Chain Management is an important business function in all kinds of product and service based businesses. The data management has to be perfect in Supply Chain Management function as it leads to greater clarity in all the other related functions of the business.
This technology can be used to track all the movements of inventory right from the origin to the processing to the final dispensation. Quality management can also be done effectively through this. The transfer of ownership, entities involved, payments, production and process assurances can all be effectively monitored by all stakeholders.
The cost effectiveness, traceability and transparency in-built in the blockchain technology offer great benefits for all these reasons in all Supply Chain Managem
4) Usage in Quality Assurance Management:
Quality checks can be very easily tracked using blockchain technology in any Supply Chain Management situation. Any irregularities can be detected fast and the rectification process can begin immediately.
This can be very beneficial to the businesses that heavily rely on technology as they can have the problems detected fast, carry out the necessary investigations, and solve the problem quickly.
5) Usage in Voting and Election Management:
The accuracy of data management in elections and voting is very important as it can reduce the electoral frauds. Usage of electronic voting machines is also not considered a fool-proof system, as there are several claims of tampering with them.
The transparency of data management is very important in electoral process, and usage of blockchain technology can emphasize this. This could be useful in any kind of voting situation like in governance as well as stock exchange shareholder voting.
6) Usage in Stock Exchanges:
Stock Exchange trading for securities and commodities done using blockchain technology has been in vogue for some time.
The open, transparent and reliable nature of the blockchain technology is very interesting for this purpose
7) Usage in Energy Supply Management:
Energy Supply Management is the lifeline of several countries for the household establishments or commercial establishments. There are several instances in which there are heavy thefts in the energy supply chains. This creates several deficits, which can be falsely created, or may present a real crisis also.
Using blockchain technology, transaction grids can be created. These can track the energy usage accurately and provide many sustainable solutions, which can result in conserving the power and providing it for better and more uniform distribution.
Since energy is a major issue for all the nations of the world, blockchain technology can be used to track clean energy generation and usage.
Renewable energy has been traditionally tracked using tradable certificates issued by the government. These can be replaced by blockchains as preserving the documentation can be done much easily with this technology.
The business world is still a bit skeptical in using the blockchain technology but slowly and steadily the technology is making in-roads in different areas. Looks like it won’t be too far when the blockchain technology will start getting used in various fields and more and more innovative usages of it will be developed.
