– Ola Lind, Chief Strategy Officer of Future FinTech Group
Researchers and practitioners have shown that the advantages of blockchain and distributed ledgers extend beyond cryptocurrencies like Bitcoin. The technology, notably blockchain, can revolutionize businesses, governments, and countries’ operations by providing new methods of organizing procedures and managing data.
Blockchain is essentially an open-source digital ledger. A ledger run by a worldwide network of computers records transactions. This decentralized network of computers, as opposed to a bank or government, guarantees that all transactions adhere to the terms agreed upon by all parties. The outcome is a robust, trust-based system in which all transactions are readable, and the ledger is almost tamper-proof. Blockchain technology may be used for any transaction, from currency exchange to land registration. The use cases of blockchain transcend cryptocurrency.
Utilizing blockchain technology will transform the region in so many ways. Here are a few ways the technology can transform some regional sectors.
Boosting medical tourism
Utilizing a blockchain network in hospitals, diagnostic laboratories, pharmacies, physicians, and regional nurses can store and exchange patient data. Healthcare blockchain applications can identify grave errors and enhance the performance, security, and transparency of the industry’s medical data sharing.
Also, a blockchain-based platform for storing health data, including information on healthcare facilities, medical practitioners, and drugs, will make the work of health inspectors easier and more efficient; adopting blockchain technology will also help boost medical tourism within the country, providing quick access to high-quality, comprehensive information about healthcare in the country.
Transforming financial remittances
The use of blockchain technology has the potential to transform financial remittances, a crucial aspect of the region’s economy. Using cryptocurrencies can enable low-cost transfers that circumvent established operators. Customers can transfer money from their mobile wallet to another mobile wallet at a fraction of the cost that a conventional operator would charge.
Furthermore, crypto and blockchain-powered remittances could be far-reaching, with quicker transfers, more efficient international payments for businesses, and lower error rates and costs for banks and remittance firms in the region.
Cybersecurity
Cyberattacks threaten our digital world. When Equifax reported its 143 billion-consumer data breach in 2017, everyone went berserk. Blockchain can eliminate these nightmares by preventing unauthorized access and tampering. Decentralized blockchain is excellent for high-security environments. All the information on the blockchain network is authenticated and encrypted using a cryptographic method, leaving no single point of attack. Due to peer-to-peer connectivity, it’s easy to spot malicious data attacks with the blockchain network.
Enhancement in security in the supply chain
Blockchain technology may provide supply chain and logistics companies with real-time data access, partner privacy, traceability, and better monitoring of supply chain updates. It may improve supply chain security and visibility. Businesses and customers would be able to track things’ quality control from origin to destination. Organizations like Walmart, using blockchain technology, implement food traceability systems that manage invoices and payments. Microsoft’s cloud platform Azure uses the technology to streamline logistical tasks. This blockchain-based solution will increase confidence and transparency in supply chain management transactions.
Boost the efficiency of corporate operations
Smart contracts are blockchain-based programs or scripts that execute themselves. They establish the conditions of a contract between parties. Smart contracts may assist in simplifying operations that transcend many databases and enterprise resource planning (ERP) platforms.
Smart contracts built on the blockchain benefit companies that may assist with confirming loan eligibility and implementing transfer pricing agreements between subsidiaries. Smart contracts may boost the efficiency and reliability of corporate operations in the region. It may also save expenses and eliminate the need for intermediaries.
Crypto Credibility campaign
With its varied applications, blockchain technology is already reshaping different regions of the world and bringing several innovations altering our everyday lives. The more knowledgeable we are about the capabilities of blockchain technology, the more we will be able to apply the technology. That is why FTFT Capital, earlier in the year, launched the #CryptoCredibility campaign to bridge the gap between mass adoption and the current dynamics of the crypto ecosystem by providing a platform for blockchain innovation and education.
Blockchain is being hailed as “the new internet” and is already driving transformation for businesses and countries across multiple sectors. If applied knowledgeably, blockchain technology is set to transform the region.
