Tokenization, decentralization, and encryption are some of the favourite concepts of modern businesses. As per Gartner report, all these concepts with distribution and immutability are five pillars of blockchain technology. This revolutionary technology is capable of reshaping the future of businesses irrespective of their sizes and industry sectors. In this post, we will dig deep into the benefits of blockchain app development for modern businesses.
Let’s start with the overview of blockchain technology and its importance in enterprises. We will also go through the top benefits of blockchain app development, some popular industry-specific apps, and the future trends of blockchain technology.
Blockchain is a decentralized dataset or a ledger that is digitally distributed to enable multiple users to get access to information. This technology aim at making every transaction secure, transparent, and permanent by processing and varifying them using cryptography. Simply put, blockchain is a decentralized dataset that has the records of all transactions that participants can verify. Bitcoin is the first and most famous application of this technology.
Blockchain technology can transform operations of various industries and benefit many sectors ranging from real estate to healthcare. Today, this technology has moved beyond cryptocurrency and is getting place in other real-world applications. As the technology can build decentrialized and safe networks, blockchain app development services use this characteristic for making business apps.
As per the MarketsandMarkets report, the global blockchain market is expected to generate revenue over USD 94 billion by the end of the year 2027. As per the Statista survey, as many as 45 percent of respondents have revealed to use blockchain technology for secure information exchange. Digital currency is a second popular use case with 44 percent of acceptance. The following graph shows the result of a Statista survey of blockchain use cases.
ImageSource : statista Let’s go through some key benefits of tailored blockchain apps for modern businesses.
A reliable and experienced blockchain app development company can offer many benefits to modern businesses. Whether these businesses use a public blockchain network, private network, or a permission-based apps, they can get the benefits like-
It is one of the most important benefits of blockchain app development. Blockchain offers high level of security which is almost impossible to break. End-to-end encryption can create an immutable recore of every transaction. It can prevent fraud and unauthorized access or unwanted activity effectively. Moreover, as this technology distributes data across a large network of computers, hacking is nearly impossible. Blockchain-based apps can manage privacy issues more effectively than other apps with authorization and access limitation.
Blockchain apps can facilitate organization to process online transactions securely and effectively. These apps also handle tasks like data collection and reporting. Here, the characteristic of blockchain technology to streamline clearing and settlement directly can save cost. Blockchain eliminates the requirement of middlemen to save more money.
In other words, blockchain can handle the processes of middlemen and third-party providers to save costs. However, you need to invest more in computing resources.
When intermediaries or third-party vendors are not in the picture, companies can get the benefits of faster transactions. However, multiple factors contribute to the speed of blockchain-driven transactions. Network traffic, size of each block containing data, and the speed of establishing consensus are some of the key aspects that contribute to the speed of transaction.
Blockchain is quicker than other technologies when it comes to online transactions using apps. It is way faster than manual methods saving a lot of time and effort.
Both tokenization and smart contracts are innovative applications of blockchain. Tokenization is a process of converting the value of a physical or digital asset into a digital token. After conversion, the value is recorded and shared on a blockchain. This method is useful in buying digital arts and other virtual assets. However, we will have more applications in the future.
Smart contract is a self-executing contract that contains all the terms and conditions from both parties in the form of code. These codes or a smart contract can be stored immutably on a decentralized network of blockchain. A blockchain app development company can make a dedicated app with smart contract-related features for the real estate and other sectors.
An eCommerce giant Walmart has successfully used blockhain technology to increase speed and improve traecability. You can hire blockchain developers to build apps that offer high traceability and visibility. Such apps can help retailers manage inventory and confirm the origin of products.
Blockchain technology is useful in tracking the origins of various products including farm products and medicines. It can ensure legitimacy and originality of products. Moreover, it can confirm that items are organic.
Blockchain offers excellent control to users over their data. It can safeguard the confidential data and enable users to control it as and when necessary. Simply put, individuals and companies can decide what types of data they want to share and for how much time.
Smart contracts is an example of individual control of the user’s data. Real estate and other sectors can leverage the advantage of this characteristic.
Blockchain-powered apps are highly secure and reliable for users. Robust and secure architecture of blockchain that dispersed across the network makes it possible. It facilitates users to copy the same data across multiple devices that have different settings thanks to decentralized nature.
Another benefit of this technology is simplicity. Though apparently looks complex and complicated, blockchain is easy-to-use and user-friendly. Moreover, a blockchain app development company can easily convert it into a tailored mobile app.
Blockchain enables companies to monitor their products or services at every stage ranging from manufacturing to transportation and storage to delivery. Its enhanced transparency and inherent immutability can address counterfeiting and delays in delivery effectively. Moreover, blockchain apps can help your company establish robust security in the process.
Walmart has successfully increased transparency in its decentralized food supply ecosystem using blockchain. More companies also follow suit for streamlining the supply chain management.
Transparency results in enhanced trust over the period. When blockchain networks combine with digital payments, they can eliminate the involvement of third parties for bringing more transparency. Moreover, this transparency and better access can improve customer engagement. Blockchain app development services are useful in building solutions that can engage customers by giving them control over their personal information. Such app solutions can foster the transparent ecosystem that performs quick transactions identifying loyal customers.
Here we mention some industry-specific applications based on blockchain technology. It will give an idea of expanding scope of this futuristic technology.
Blockchain app developers can build feature-rich apps for different industry sectors. Here are some real-world applications for some core industry sectors-
Blockchain can transform healthcare organizations and enhance patient care services. An efficient blockchain-based platform can track special pharmaceuticals and offer accurate data. Cold chain logistics needs blockchain technology to enhance traceability of medicines from the point of manufacturer to delivery.
The food and beverage industry is one of the most heavily regulated after the healthcare sector. Here, manufacturers face the challenges of managing the supply chain and perishable goods. The blockchain technology can be integrated with IoT and cognitive analytics to monitor the freshness of the products and manage the supply chain effectively.
It is one of the biggest beneficiaries of blockchain technology. This technology can offer the sector real-time insights into the client’s financial history and current status. Banks and financial institutions can ensure security of transactions and automate the credit-related processes. Moreover, this technology helps them minimize operational risks.
This sector faces various challenges including demand fluctuations, economic uncertainties, and changing regulations, etc. Moreover, manufacturers need to comply with governmental and environmental regulations. Blockchain can give them necessary visibility and traceability to achieve these objectives for maintaining compliance.
Most supply chains have limited visibility due to the goods’ non-linear movement from the supplier to the customer and manual transactions. It may result in mistrust, errors, and losses. Blockchain apps for supply chain management can reduce costs and increase transparency with more accuracy and automation of processes.
As of now, blockchain technology is in a nascent stage, and therefore, it is full of potential and opportunities. However, the cost involved in developing and maintaining apps using this technology is still very high. Entrepreneurs who invest in blockchain in this early stage are in postion to get the maximum beenftis of this technology moving ahead.
As technology advances, crepytocurrencies are getting ready to play a major role in the global economy. Smart contracts and NFTs will gain ground as the next big thing across the corporate world because of tis robust security and high transparency. More companies of the real estate and BFSI sectors will opt for blockchain-powered solutions in the future.
Moreover, blockchain technology can deal with black money more effectively because of its transparent ledger system. Cybersecurity is another sector where blockchain technology’s future scope lies. Powerful encryption and immutability can make this technology a strong candidate for establishing fullproof cybersecurity.
Tailored blockchain applications can enhance security, protect privacy, and engage customers through offering them more control. When it comes to businesses, they can get loyal customer base and increase transparency with more efficiency through blockchain technology. A relible and reputed blockchain app development company can reshape the future of business.
Silicon IT Hub is a renowned blockchain app development company. Our in-house team of experienced blockchain developers build tailored app solutions for core industry sectors including retail, real estate, BFSI, and manufacturing. Contact us to leverage the benefits of blockchain application development services for your business.
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