Thirty-two years have passed since the internet opened up to the public. The last time the world changed was after the public launch of the internet in 1991. Blockchain technology has had a similar impact on the world so here we are talking about Top 5 Blockchain Adoptions. The popularity and the hype surrounding blockchain surpasses that of the internet. Many big and small industries have incorporated the technology, and many more are in the process. Blockchain has evolved from a concept backing the emergence of cryptocurrencies to a ground-breaking tech enhancing efficiency across industries. It is the endless possibilities that catalyze blockchain adoption across multiple sectors.
What Is Blockchain?
Blockchain utilizes distributed ledger technology (DLT). It is a shared and distributed ledger or database that records transactions. While many confuse blockchain with Bitcoin, it is a mere technology that facilitates the recording and tracking of Bitcoin transactions. The primary function of a blockchain network is to maintain a secure and decentralized record of transactions. To simplify, blockchain facilitates speedy and secure transactions. Since speed and security are two factors that many businesses need more, their efficiency takes a hit. This is why blockchain adoption is soaring.
Since blockchain uses DLT, data stored on the blockchain is immutable, i.e. once data is fed to a node (smallest unit of a blockchain network), it is impossible to modify or alter. The immutable nature of blockchain guarantees fraud-proof transactions. Unlike a traditional database that collects data in tables, blockchain collects data into groups known as blocks. A new block is created every time a new record is to be stored. Once filled, the block is linked to the previous block, creating a chain of blocks. Thus the name blockchain. A blockchain facilitates the tracking of both tangible (real estate, gold, car) and intangible (intellectual property, brand, patents) assets.
In a blockchain network, every member (node) shares a single view of the truth. Hence, blockchain empowers businesses to have complete transparency and visibility. With total visibility over business processes, risk management becomes a cakewalk. The result is enhanced customer satisfaction, which leads to better retention, which is exactly why businesses are increasingly adopting the technology. As of now, more than 65 big and small industries have already adopted blockchain. In this blog, we will discuss 5 real-world examples of blockchain adoption.
Top 5 Blockchain Adoptions in 2023 You Should Know About
Blockchain In Finance
Legacy systems and traditional processes hold back the evolution of the global financial system. Fraud and crimes are common occurrences, and delays are the norm. The involvement of so many intermediaries and paperwork hampers efficiency. Blockchain-based financial solutions replace legacy paperwork with automated systems, reducing time and improving efficiency. They also replace intermediaries through automation, minimizing the chances of fraud. Finance is one of the first beneficiaries of blockchain, as 91% of banks adopted the technology in 2018.
Blockchain-based solutions help banks increase the security of transactions, increasing the trust of consumers and stakeholders. Ripple is one of the most popular examples of blockchain in finance. It is a blockchain-based digital payment network with its cryptocurrency – $XRP. Ripple emerges as an alternative to the SWIFT payment system.
Blockchain In Healthcare
Lack of interoperability compromised privacy and hindered supply chain traceability are the three biggest challenges in healthcare. Maintaining health records is another major challenge despite the significant digitization of the process. Besides these issues, counterfeiting drugs are another life-threatening menace that the stakeholders must eliminate. Health organizations and pharmaceutical companies globally are adopting technology to address the aforementioned issues. With the patient being the central point of the healthcare system, the focus remains on providing them with the right to accurate information. Be it storing healthcare records or accelerating medical research, Blockchain Adoptions has a role to play. A popular example of blockchain in healthcare is Medicalchain. Medicalchain creates a user-focused electronic health record, allowing users to give healthcare professionals access to their health data.
Blockchain In Supply Chain
Supply Chain Management is a $30 billion industry and eliminating the inefficiencies in it could boost the global GDP by $2 trillion. A typical supply chain has more than 40 points of contact. The involvement of so many intermediaries makes modern supply chains extremely intricate. These intricacies are partly due to the incorporation of many different new technologies.
Blockchain-based solutions replace these intermediaries with automated workflows to enhance efficiency, minimize chances of human error and help businesses retain customers. Emerging platforms like Morpheus.Network help companies integrate advanced technologies like blockchain and IoT into their existing systems to reduce costs and time and enhance overall efficiency, which is the key to retaining customers.
Blockchain In Real Estate
Transfer of ownership is the biggest challenge in traditional real estate. It takes weeks or even months to transfer ownership of a property. Eliminating paperwork from the scene can revolutionize global real estate by minimizing the time required for real estate ownership substantially. Blockchain-based real estate solutions enable the tokenization of real estate, eliminating geographical barriers. Limited accessibility is another big problem that blockchain solves through tokenization. Through blockchain-based platforms, users can invest in or purchase real estate assets within a few minutes. Landshare is one of the most popular and innovative blockchain in healthcare solutions. Landshare tokenizes real-world properties, eliminating geographical barriers to increase accessibility. Landshare also has its own cryptocurrency – $LAND.
Blockchain In Food Safety
Nearly 420,000 people lose their lives every year after consuming contaminated food. 1 in 10 people fall ill due to contaminated food. Two key reasons behind contaminated food going to people’s plates are lack of transparency and poor traceability. The problem magnifies in poor countries due to a lack of resources. Fragmented food supply chains contribute to the problem. Blockchain solutions solve the aforementioned problems through digital certification, improved traceability and enhanced transparency.
Blockchain-based platforms, in collaboration with governments and regulatory agencies, continue to tackle the aforementioned challenges. Major food companies, including Nestle, Walmart, Bumble Bee Foods and Kraft Heinz, have already adopted the technology to deter fraud and improve traceability.
While there are nearly 65 industries embracing adoption, the aforementioned ones are at the forefront. Blockchain in Finance alone is a $3 Billion industry. The total value of Blockchain in Supply Chain market will be $3.2 Billion by 2026. By 2027, blockchain will account for 10% of the global GDP. As more industries realize the strategic importance of blockchain, investments in the technology will increase substantially.
Final Word on Blockchain Adoptions
Lack of transparency and poor traceability continue to affect the efficiency of modern businesses. While poor traceability affects their risk management capabilities, lack of transparency hampers the trust of consumers and stakeholders. Blockchain-based solutions help businesses solve these challenges to improve customer retention rates through improved quality, faster deliveries and timely resolution of issues. This is why more than 20% of the top global businesses are set to adopt blockchain by 2025. Be it government agencies, central banks or leading global businesses, blockchain continues to witness increased Blockchain Adoptions. By the end of this decade, blockchain could have transformed the global economy as the internet did three decades ago.