Blockchain is the hottest technology trend worldwide. In addition to Bitcoin and cryptocurrencies, blockchain is applied in many fields and industries. In this Tech Town article, we’ll explore the applications of blockchain in each industry and examples of 5 successful blockchain applications.
What is Blockchain?
Blockchain is a technology in which all data is encrypted into blocks and joined together to form long chains. Every time a new information or transaction occurs, the old information will not be lost, but instead, the new information will be saved into a new block and appended serially to the old block to form a new block. chain (chain).
Moreover, the information of the blockchain is not only located on a single server, but it will be automatically distributed and backed up on many different servers connected to the blockchain system, from which everyone has access. You can see and check your transactions. Each block contains information about the creation time and is linked to the previous block, along with a timecode and transaction data. Once the data is accepted by the network, there is no way to change it. Blockchain is designed to resist fraud and alteration of data.
Blockchain and applications in key industries
In the production process, Blockchain acts as a ledger to monitor the production process, inventory, distribution, quality, transaction information… Blockchain will replace a smart device that grants permission. effective management to dramatically increase the productivity of supply chain management processes.
For consumers, they can check whether the product is genuine or not, which will prevent all fake and counterfeit products on the market.
In the healthcare sector., Blockchain is applied to asset management and patient health information storage, inventory management, orders, payments for medical devices as well as pharmaceuticals. While there are many smart devices to monitor these services, there are many limitations to the confidentiality of patient’s personal information. Therefore, Blockchain is a preferred option.
When applying blockchain to education, the information stored on the blockchain is not only transcript data, but also the training process, practical experience, and recruitment history of each individual. Avoid cases of candidates cheating in the process of applying for scholarships, promotions, etc.; lying about their education, work experience, and discipline. Not only that, with the smart contract feature, Blockchain also allows automatic enforcement of the terms of the training regulations, handling violations of the regulations, improving the limitations in the teaching process if necessary. students give feedback.
Food chains need to become more sustainable to enhance consumer trust and loyalty, and the key to enhanced trust is effective traceability. A distributed ledger system will assist retailers and consumers in storing transaction information and increase transparency of information throughout the product’s flow from production to processing facilities. distributors, supermarkets, retailers and ultimately consumers.
Data related to quality management, price management, financial management, sales management can all be continuously updated into the blockchain chain.
According to many experts, the current retail market is gradually shifting to online commerce, especially with the development of e-commerce platforms. That raises issues of security, supply chain management, the process of transporting goods to consumers, costs from traditional ways that create many barriers between consumers and manufacturers.
Blockchain solves that problem with smart contracts, making it easy for parties to sign, linking with multinational businesses with cost savings thanks to the elimination of intermediaries, payment solutions are also provided. mounted directly on websites, e-commerce platforms.
6. Communication and telecommunications
By deploying cloud-based blockchain solutions, it will help communication service providers optimize existing processes while enhancing network security, overhauling operational processes, processes such as roaming and identity management in its business model. From there, improve and develop better services.
7. Transport and import and export (logistics)
In the field of transport – import and export, blockchain technology helps to record data about the product life cycle in each stage of the supply chain, thereby increasing the efficiency of information exchange between stakeholders in the supply chain. including order tracking, receipts, invoices, documents and product traceability.
Specific applications of blockchain in the transport – import-export industry such as: Product traceability, document authentication, smart packaging (smart package) with digital printing code, combination of AI and IoT to monitoring means of transport and itineraries, saving costs through reducing intermediaries.
Blockchain’s great role in the tourism industry is to optimize the transaction process, process customer information from choosing agents, booking bus tickets, booking hotel rooms to places to visit… in a stable manner with high security, limiting errors and malfunctions from management systems.
Information about the process of the supply chain, the distribution of goods, the number of products as well as financial reports, sales contracts … are extremely important in the retail industry. With the advantage of high accuracy and security, minimizing damage in all stages from importing goods to selling, the application of blockchain has great potential to help the retail industry develop strongly.
In addition, the application of blockchain helps to ensure the quality of goods when there is an exchange between the manufacturer and the transport company, managing the circulation of cash flows arising from transactions to minimize damage. and can handle quickly when problems arise.
10. Finance – banking
Blockchain is really opening up a huge potential in the financial – banking sector, it has a great impact on the transaction confirmation process, cash management, asset optimization as well as business processes. other business. Blockchain technology will help reduce the time from registration to completion of a transaction or reduce the time for interbank transactions, international transfers or personal information confirmation. Up to now, blockchain has completely gone beyond the concept of “a pipe dream for the banking industry”.
According to technology experts, with advances in technology, people’s lives will change and blockchain is no exception. The scope of blockchain is not limited to cryptocurrencies, but to all human exchanges that allow completely unknown people to conduct transactions without the need for third-party authentication.
In addition to the above fields, Blockchain promises to be extremely widely applied in all industries. Currently, there are many large companies and corporations that are building their own networks using Blockchain technology. It is certain that Blockchain will make a revolution in the next few years in Vietnam and play an increasingly large role in changing the world of Information Technology.
Blockchain and practical applications
Here are 5 blockchain apps from famous companies. We’ll get some good ideas from them.
When Spotify bought blockchain startup Mediachain Labs, it helped develop solutions through a decentralized database to better connect artists and license agreements with artists. track released on Spotify’s service.
An application of the blockchain that allows consumers to easily access information about the products they have purchased and get service support in the event of a product malfunction.
Powered by blockchain technology and smart contracts, this loyalty and rewards platform enables more customized programs, allowing customers to earn rewards from various brands.
It is important to know the condition and condition of each product in the supply chain, from raw materials to distribution. Blockchain application in the supply chain allows transparency with a shared record of ownership and location of parts and products in real time.
The first healthcare company to use blockchain technology to facilitate the storage and use of electronic medical records to deliver a complete telemedicine experience. They are the actual doctors in the British healthcare system and want to change it from within.
What’s outstanding about Tech Town’s blockchain service?
Tech Town is currently one of the leading companies in the field of providing Blockchain application programming services in Vietnam, we can convert transactions to become safe, cost-effective and can extend. From blockchain application , we have become a developer of fintech applications that is trusted by major partners in the financial field at home and abroad.
In addition, with a team of experienced staff in the field of blockchain technology and working professionally, we are confident to bring satisfaction to customers and partners at home and abroad. and solution.
Blockchain application development services we provide
- Private Ethereum blockchain development
- Smart Contract Development (ICO)
- Development of the Whitelabel Crypto exchange
- E-wallet application development
- Decentralized Application Development (dApps)
- Decentralized e-commerce development
- Blockchain technology consulting
Tech Town is a technology company from Vietnam, specializing in providing technology solutions with the application of the most modern technology techniques such as Blockchain, AI, machine learning… Tech Town is also an application development company. and professional blockchain platform have cooperated with partners from many countries around the world such as: USA, Canada, Netherlands, Japan, Australia, UK, New Zealand, Singapore.
Contact us if your business has any technological challenges.