How Established Businesses are Utilizing Blockchain for Process Improvements
Blockchain technology, once used popularly for cryptocurrencies, is a secure, decentralized ledger growing in use and design across a multitude of different industries and for various purposes.
John T. Seigfreid, Corporate Development and Strategy Senior Manager at SkyGrid, explains how established companies are beginning to use blockchain technology to improve what they do.
Thinking about blockchain as a database, “a blockchain manages and monitors and organizes data over time.” These properties come with a lot of benefits, including providing a transparent, permissioned or permissionless database that can track data over time.
Seigfreid demonstrates his knowledge of its unique use and says blockchains act as “a single source of truth.”
Blockchain is auditable, but it can be used in industries like healthcare, where it can safely and securely provide patient history, reducing confusion and allowing transparency to arrive at “better health outcomes for the patient” while continuing to fluidly track monitor patient information.
Beyond health, blockchain can be used in logistics to track and manage sophisticated supply chains and even used in luxury brand authenticity monitoring and music industry ticket and music sales.
Blockchain allows consumers, clients, and users to observe given information along the blockchain while preventing changes to the blockchain if the inputted data is rejected by the cryptographic algorithm the blockchain implements.
The transparency a blockchain provides and its extremely secure platform is one reason blockchain is commonly used in cryptocurrency markets. However, its uses continue to expand beyond these markets, as blockchain is “creating a global, transparent, single source of truth” which is vital for the future of industry.
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