Generally, we are used to hearing about blockchain with Bitcoin and Cryptocurrency. However, its application goes a long way past any resemblance of advanced resources. Indeed, blockchain is by a wide margin, perhaps the most problematic and progressive advances within recent memory. Further, in this blog, we discuss in detail some real-world problems and how blockchain resolves real-world problems?
Besides, pretty much each and every mechanical area is hoping to receive blockchain innovation and receive its rewards. This begins for the normal fintech organizations, to even the media enterprises and medical care.
Anyway, what makes blockchain this massive force to be recognized with? Indeed, with the end goal of this read, we have assembled a rundown covering a portion of this present reality issue and how blockchain offers compelling and proficient arrangements. All the more all in all, we will likewise realize what is the center issue blockchain is attempting to tackle?
Top 5 Problems: How Blockchain Resolves Real-World Problems?
1. Expensive Supply Chain Management
The Problem: Absence of transparency and communication between departments, quickly evolving markets, and increasing costs throughout the Supply Chain and buyer demand drive the requirement for improved speed, quality, and services. A well organized supply chain can guarantee maximum productivity with minimum fraud activities and overhead expenses.
Blockchain in Supply Chain – How Blockchain Resolves Real-world Problems?
Blockchain can be applied to resolve numerous difficulties of the Supply Chain industry. For example, keeping complicated records and product tracking, to create less corruptible and enhanced automated options in centralized databases. Let’s discuss in detail how blockchain resolves real-world problems.
The product history, directly from its origin to its current time, can be monitored through blockchain technology. Likewise, this sort of accurate provenance tracking can be utilized to encounter fraud in any part of the supply chain. Also, the real-time monitoring of a product in a supply chain with the assistance of blockchain can reduce the overall expense of moving items in a supply chain.
2. Identity Theft Vulnerability
The Problem- It is considered as a crime in which an imposter gains personally identifiable information (PII), like Social Security Number (SSN) or Passport numbers, etc. to impersonate another person.
Blockchain against Identity Theft – How Blockchain Resolves Real-world Problems?
Blockchain holds the possibility to secure sensitive information from malicious activities because of its complex features. Everybody can get to your freely available reports with the transparent nature of blockchain. However, it offers substantial security as nobody can change your information, ensuring information is kept secure. The technology contains a decentralized ledger holding digital assets secured through cryptographic keys. Thus, it becomes challenging for hackers to manipulate stored information. Blockchain’s reliable validation technique, cryptography, ensures protection against data attack. In this way, it provides a superb opportunity for the government and people to prevent identity theft.
3. Mismanagement in Healthcare
The Problem- The current medical care offices utilize centralized systems for recording and managing patient information, which are less secure and subject to misinformation. In addition, the current system doesn’t work with the simple exchange of patient records from their primary care provider.
Blockchain Managing and Protecting Patients Record – How Blockchain Resolves Real-world Problems?
Today, blockchain is by all accounts a reasonable answer for storing the health and medical history of patients. It can help make a decentralized log of patient data that is transparent and available for all hospitals to access. It also resolves the inter-hospital communication issues as the agreement can be reached without the contribution of any third-party. Hence, it avoids the single failure point. However, the technology empowers patients to have full control over their data. Additionally, with the help of innovation, any unauthorized modification can be easily identified.
4. Digital Copyright and Piracy Issues
The Problem- Large media houses are continuously fighting legal wars against illegal and piracy distribution of media. This is also one of the critical issues that music businesses are going through. They illegally download musical works and make it available to different consumers in violation of copyright laws.
Blockchain Prevents Piracy and Copyright Issues – How Blockchain Resolves Real-world Problems?
Blockchain offers a very satisfying approach to demonstrate ownership and to trace the usage of copyrighted work on the web. As piracy is one of the significant concerns, with the assistance of blockchain technology, the artist/creator can securely put their content on immutable ledgers. This will assist them to understand once a copyright infringement happens. On that basis, take lawful actions. It offers transparent and real-time tracking, in this way records each time the content gets accessed. Moreover, the technology intends to facilitate the payment of the actual artist through cryptocurrency.
5. Government Systems And Public Sectors
The Problem: Most of the Public sector and local governments globally rely on age-old techniques and systems for their processes, which are slow, costly, and account for corruption
For example, inner data breach can deliver sensitive information about governments at high risk. At that point there is the situation for the labor-intensive process, which takes up a lot of time and also causes great expense.
Besides, being a centralized system, it accounts for a ton of misuse and corruption from within. This can result in increasing doubt between the government and its people, which commonly means even more issues in the state.
Blockchain in Govt. & Public Sector – How Blockchain Resolves Real-world Problems?
The Blockchain-based government models permit organizations, governments, and people to safely share resources within the distributed ledger with true serenity. Since the structure is unchanging, you don’t have to stress over fraud or data manipulation.
Apart from that, following the decentralized idea of blockchain, it makes government activities more transparent, consequently supporting individuals’ trust in the system.
Finally, using smart contracts, many labor-intensive tasks automation, which can smooth out the process, help in reducing cost and time. However, to build such apps, you can outsource your project or hire blockchain developers remotely to get the solution for such issues.
Recommended Read: 5 Significant Blockchain Use Case: Food Industry
Due to the potential of Blockchain technology, numerous large and small businesses are adopting blockchain to make ready for what’s to come in the future. Here we have referenced a couple of real-world issues and learned how blockchain resolves real-world problems? Yet there are other industries too where technology is playing an essential role. Blockchain can settle the issues identified with government and public sectors, real-estate, cross-border payment, manufacturing, and automation along with other industries.
The field of blockchain is booming and will stay a rapidly developing space for organizations across the globe. Seems like blockchain technology has a promising future in numerous enterprises. Despite the fact that numerous doubters don’t accept that blockchain needs to penetrate some sectors and that it can’t improve their efficiency. However, numerous specialists feel that the future belongs to blockchain technology.
Now, what you are waiting for, it’s time to bring your own application of blockchain to life. The blockchain technology is evolving and delivering a hell lot of solutions for real-world problems. Well, for this you don’t have to struggle a lot in finding the right partner to build a Blockchain app. At Supersourcing you can find expert developers or a team of developers to build your application of blockchain or any type of software/application. Check out the list of top agencies to take your idea live.