How BlockChain will change organizations
How BlockChain will change organizations
Organizations are arguably the biggest beneficiaries when it comes to BlockChain and its use since the application avenues are numerous and distinguished. The best factor to note with BlockChain is that it makes organizations have confidence that transactions will be safe, secure and verifiable which are the most important factors in the digital era. BlockChain has brought with it an extensive system of operation that organizations will benefit from and this is what business enterprises and potential clients must look towards as the positive triggers that should inform their switch to the network. In the current BlockChain application models, two industries have massively benefited and they include:
Real estate industry
BlockChain is being used in property registration in the real estate industry. A buyer purchases a property and registers the details of the transaction in a blockchain and once the Miners have reviewed and followed the process with an approval, the transaction block can be added to a blockchain. After the process is completed, no one can manipulate the information or registration details and this makes for a secure registration process for the property.
Money transfer
The primary platform that has experienced a lift with the use of BlockChain is the money transfer industry. The seller pays a commission which ensures the transaction is secure and visible to both parties. This is the same basis used in transaction of bitcoin. Take for instance, if Herbert transfers 150 bitcoins to Lakeisha, a transaction will be created and positioned in the form of nodes within a BlockChain. Miners will review the transaction and once approved it will be set as a block within the blockchain. This will be visible to all parties that have a stake in the transaction and the best thing is that the information will be secure and trustworthy.
Organizations that will be transformed by BlockChain
Insurance
Insurance fraud has been a major worry for many insurance firms and organizations and BlockChain couldn’t have come at a more appropriate time. With BlockChain, insurance agencies will find it easy to get the medical records and such information needed for an insurance claim. Processing a transaction and documenting the same will therefore become easier and it will also streamline the time period for payment claims. A major positive with BlockChain is that organizations required to pay insurance claims will also be able to register the transaction and ensure that double payment of the claims is avoided which will save them a fortune.
Digital banking
Bank transfers attract a lot of fees and penalties in the case of transactions that don’t meet a preset threshold or condition. But with BlockChain, instant payouts are possible and the banks and third-party institutions are eliminated from the chain of transaction agents.
IP world
In the Intellectual Property world, organizations handling IP rights and for creative artwork can use BlockChain to good effect. Verification of art pieces can be done using BlockChain whereby the platform is used to encrypt copyrights to a piece of artwork with the information placed as a block and the record registered on a blockchain.
Music industry
BlockChain is bound to change how the music industry is run whereby artists will ultimately be paid fairly and transparency on royalties and the records of transactions captured. BlockChain will also ensure quick turnaround when it comes to payments which will enhance the efficiency of the organizations that handle artists and music labels.
C2C e-commerce
The organizations that will be the biggest beneficiaries of BlockChain technology are the ones that house C2C e-commerce. BlockChain will make it possible for customers who don’t know each other to transact in an open and verifiable manner with accurate records of transactions.
Physical assets
Organizations that deal with the sale of physical assets will find BlockChain to be a valuable technology that will ease transactions. The organizations will have the chance to have digital tokens which unlock specific services and the physical objects or assets which will make transacting a straightforward process that will be fast and efficient.
Registration of persons
BlockChain can be instrumental when it comes to the organizations that handle the registration of persons. It can be used as a public ledger for people who got married, births registered as well as keep a record of personal information including identity. And since it is secure, irreversible and cannot be altered; it serves as the perfect record.
Equities trading
An interesting utilization of BlockChain will be in the Equities trading industry where organizations looking to assist clients trade in shares will make use of the platform to handle finances and ensure that the transactions are secure and systematic.
Smart Contracts
BlockChain will be an ultimate winner when it comes to Smart Contracts since it will be used to execute terms of a set contract. Like with the music industry or donor money to beneficiaries, instead of finding a notary for a sale, it will be possible to store the contract on a public ledger and wait until terms are fulfilled for it to come to effect.
Voting
Election bodies and organizations monitoring the voting process will find BlockChain to be a very useful resource. One can check whether their vote was counted and still maintain their privacy and anonymity. It will be possible to structure ID verification and also eliminate the need for paper ballots hence moving the platform to the online setting.
Counterfeit control
Organizations charged with handling counterfeit control will also have the capacity to call on BlockChain in the process of verifying products, identifying diverted goods and clearly reviewing any stolen products especially pharmaceutical and electronic elements.
Bottom line
Organizations will find BlockChain to be a worthy platform that will satisfy their peculiar operational needs. BlockChain and its revolutionary journey has become a sensation and bitgale.com offers a wealth of information on its evolution and future prospects.
