- What Blockchain-based applications are used in organizations?
Blockchain can be useful in tasks where the speed and reliability of data transmission are important. In my view, these two aspects are neсessary in almost any area of our modern life.
A smart contract is an algorithm of certain actions that runs only when the specified conditions are met. A smart contract can be created for just about any operation or task and allows to conduct transactions with money, real estate or other assets transparently and without intermediaries.
The main scope of application of smart contracts is trade, property transactions, insurance, taxation, gambling, inheritance. In real business, smart contracts help the company grow and increase profits.
Logistics and supply chains
Blockchain helps to optimize the processes of raw materials monitoring, food tracking, warehousing, inventory management.
The distributed structure of the technology allows several companies to interact on the platform reliably and conduct business without fear. This methodology also makes blockchain much more secure and accurate tool than centralized server systems that are controlled by operators.
Using a blockchain system will remove the need for the involvement of third parties. It allows to store and transfer funds to each other (without banks), identifying individuals, registering transactions and concluding contracts. Besides, the use of blockchain will significantly speed up payments, reduce operating costs and ensure a high level of security and anonymity of cross-border payments.
According to my forecasts, blockchain has already defined the future of FinTech and, in general, it will make our life more convenient and simple.