Blockchain ensures transparency by allowing every stakeholder to have access to entire money trail – unlike traditional centralized databases. This accessibility does not pose threat of data confidentiality, integrity, and availability (CIA) because Blockchain information blocks have immutable architecture.
The organizations with Blockchain facility do not have to wait for regulatory verifications. This fault tolerant technology provides seamless operations as regulatory bodies can get access to blocks remotely. The automated process ensures accomplishing days-long verifications to complete in minutes.
Notable Use Cases of Blockchain
Supply chain and logistics
The time required to transport one freight unit multiplies by the factor of delays caused at each stop. Blockchain eliminates the need to make manual payment verifications.
Fake drugs are inflicting massive financial losses to registered drug manufacturers. Blockchain eliminates drug counterfeiting by disallowing every possibility of data tampering.
The lengthy paperwork is no longer a compulsion in real estate as Blockchain is an appropriate alternative. The technology offers smart contracts which automate the process.
Banking Financial Management
The concept of traditional banking is likely to diminish owing to the rise of Blockchain. This technology empowers customers by replacing centralized banking with highly transparent approach.
Clinical Healthcare Trials
Some companies manipulate health records in their favor to attain increased sales. Blockchain obstructs this manipulation and prevents the practice of unreported clinical trials.
Enterprise Security Management
Each block remains tamperproof and encrypted with cryptographic hash. Any modification of record requires the consent of more than 50% of nodes. Thus, tampering is impossible without generating consensus.
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