Blockchain Consultancy and Advisory
Since the advent of Blockchain technology, there has been a massive shift in the way industries are moving towards digitization. Decentralization allows for a completely transparent and efficient system that has an irreversible dataset representing every exchange that has been made. Blockchain uses a very high level of encryption to protect these exchanges with the entire blockchain network’s computing power acting as one.
Bitcoin was the first of many blockchain applications to create decentralized currency. It made the idea that transactions could be processed with no need of a middle-party possible. And, it exponentially grew the security, speed, transparency, and permanency of information transfer a possibility. The implications of Cryptocurrency have since been felt in the past few years and they are only growing.
Financial technological solutions can leverage blockchain tech for simplifying the transactional process. The transparency that an irreversible ledger provides would make financial operations smooth-running. Moreover, the ability to create smart contracts would significantly decrease the possibility of defaulting on payments.
If doctors could have universal databases that collected medical information of patients, medical treatment would become a lot quicker. A distributed ledger can be used to accomplish this without having to require massive storage. The end-to-end encryption that blockchain provides would solve the problem of confidentiality for patients.
Identity theft is exceedingly common in countries that have a centralized system of storing identity information of citizens. The identity badges, driving licenses, social security numbers seem to be hackable and/or replicable. Using blockchain technology you can leverage the irreversibility of information incidents to make permanent records of identity verification that are not stored in any cloud. They are instead stored on a blockchain of computers. It makes storage of identity details obsolete.
Voting could go digital with no scope of manipulation by any parties involved. All would be able to vote online, and it would be put on the blockchain ledgers on each computer in the blockchain. The irreversibility of the transactions would make the votes permanent without any possibility of changing them once cast. In fact, politics would be one of the most effective blockchain use cases.
The supply chain industry has become much more complex and cumbersome. The amount of time taken for a payment between a customer and a vendor, or a manufacturer and a supplier is notably long and tedious. The products once received, are extremely hard to trace back to its supplier which in turn makes it difficult to eliminate defects in food products, consumer goods, industrial equipment or digital offerings.