The buzz around bitcoin has embedded cryptocurrency into the minds of company leaders who deal in global finance. However, blockchain, the technology behind bitcoin and other cryptocurrencies, has the potential to disrupt nearly every aspect of business and industry as we know it. Over the coming decade, more tech-savvy company decision-makers will be turning to blockchain to simplify and secure everything from pre-employment screenings to supply chain accountability. So, what are some of the other blockchain applications that exist? And how can they benefit your company?
What is blockchain?
To understand blockchain applications, you must first understand its basics. Blockchain is a massive, shared, decentralized database that logs completed transactions and updates automatically. Because the database updates and maintains the chain of records within each transaction, no central authority confirms these transactions. Instead, all computers connected to the database have identical copies of the blockchain record. Today, users employ blockchain primarily for financial transactions but, as Mike Almeida, president of Empire ATM Group, stated in a Business News Daily interview, “There is no end to the list of applications blockchain can be used for. Blockchain technology can make many aspects of our life easier on a mathematically provable platform.”
Here are a few examples of potentially beneficial applications for blockchain technology:
- Smart contract — Computer programs automatically carry out the terms of a contract across different organizations in a blockchain network without divulging sensitive information. Business leaders can bypass regulations for common transactions, lowering costs and making contracts unbreakable.
- Digital identity — With ID, account login, birth certificate, and passport applications, blockchain can help fight fraud and identity theft problems. According to an UpWork article, Ameer Rosic, founder of Blocgeeks, said, “Blockchain-based authentication systems are based on irrefutable identity verification using digital signatures based on public key cryptography.” One huge bonus: No more forgotten passwords!
- Supply chain — Blockchain can help determine the location of a product, offer transparency into its condition, identify who owns it, where it’s been, and more. According to an article in The Economist, blockchain can produce permanent digital records that contain timestamps and increase visibility into the product’s state through every step of the supply chain. This can assist those along the supply chain in predicting when each shipment will arrive, better managing inventory, reducing waste and spoilage, providing better quality control, and resolving disputes.
- Financial services — Blockchain enables inexpensive, near-instant secure funds transfers because there are no intermediaries. The technology also allows users to streamline securities and commodities trading on the stock market, according to the Business News Daily article, allowing those who record and confirm transactions to finalize them within minutes rather than days.
Another blockchain application lies within the often lengthy and expensive employee recruitment process. The experts at Parkar Consulting & Labs demonstrated such a solution when they created a blockchain application concept for the professionals at xScion, a consulting firm that helps health care and financial services leaders improve their business processes. The professionals at xScion wanted a method their executives could use to perform faster and less costly background checks on job candidates without involving a third-party provider.
Parkar experts experimented with Hyperledger Fabric, an open-source blockchain framework, to demonstrate a modular plug-and-play concept to enable real-time applicant information and background verification. In similar applications, blockchain can ensure verified data security, cannot be tampered with, and is not controlled by a single entity. With the blockchain solution, xScion professionals would be able to quickly perform background checks and reliably verify candidate information, saving significant time and costs in the hiring process.
Additional blockchain services
The consultants at Parkar offer much more than concept solutions for employee information verification. In fact, they offer a variety of blockchain services. For example, Parkar experts can help with smart contract applications to facilitate, verify, and automatically execute contract terms. They can also provide digital ID authentication records that integrate all stages of employee work history from hiring and contractual agreements to payroll and other types of transactions. With experience providing solutions for the health care industry, Parkar experts can help ensure clinical trial authenticity and the privacy of clinical trial participants. From insurance fraud risk prevention to asset tokenization and more, blockchain applications offer cost-effective, secure, cloud-based solutions with permission-based access. Is it time you reap the benefits?