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When blockchain technology was first introduced to the public, it was primarily associated with
cryptocurrency. However, blockchain has far greater potential than just digital currencies. In fact, some
of the world ‘s leading companies are already integrating blockchains into their daily operations,
unleashing new efficiencies, capabilities, and business benefits.
Now, experts anticipate global spending on blockchain will reach $17.9 billion in 2024, with a five-year
CAGR of 46.4%, Business Insider reports. In this article, we explore some of the most innovative business
use cases for blockchain that go beyond cryptocurrency. We also make predictions about how
blockchain will be used in future, unexpected business environments.
The Origins of Blockchain in Business
To understand how blockchain will be used in business, it's important to first understand what
blockchain is and how it works. Blockchain is a distributed database that allows for secure, transparent,
and tamper-proof transactions. Blockchain received its “public debut” in 2008 in association with
Bitcoin, a “purely peer-to-peer version of electronic cash,” as Forbes reports. However, blockchain can
be used in a variety of industries and business applications besides cryptocurrencies alone.
Blockchain is the result of three technological innovations: the internet, cryptography, and computer
science. Humankind needed all three technologies to advance significantly before blockchain could
begin to emerge as an industry-transforming innovation. In fact, blockchain is often associated with the
“fourth industrial revolution”—a collection of technological advancements that are disrupting traditional
industries and creating new opportunities.
Fundamental Features of Blockchain
Before we explore some of the innovative business use cases for blockchain, let's consider some of the
key features that make blockchain so valuable.
First, blockchain is transparent and immutable. Transactions are recorded on a public ledger that is
tamper-proof and cannot be changed. This provides scrupulous accountability and security for
businesses and their customers. Blockchain therefore provides trust to companies and their customers
by enhancing security and reducing the risk of fraud.
Second, blockchain is decentralized. There is no single authority that controls blockchain transactions.
Instead, a blockchain network is distributed among many different computers around the world, making
it resistant to common cyberattacks and outages that result from a single point of failure.
Blockchain in Private Industries
Already, private corporations have adopted blockchain for successful use cases that have no association
with cryptocurrency. For example, Walmart has transformed its food supply chain using blockchain.
Walmart partnered with IBM to integrated blockchains (1) to trace the origins of mangos sold in their
stores, and (2) to trace pork in their China retail locations, Hyperledger Foundation reports.
As Frank Yiannas, former Vice President of Food Safety at Walmart, describes: “I really had an ‘aha’
moment once I deeply understood the technology… Blockchain with its decentralized, shared ledger felt
like it was made for the food system.
Blockchain has been adopted by several other large companies, including Microsoft, Dell, and JP Morgan
Chase. These companies are using blockchain to improve efficiencies, create new capabilities, reduce
costs, and even create new services for clients.
The Top Five Business Use Cases for Blockchain
Now, there are several reasons why business leaders are integrating blockchain for business functions
outside of cryptocurrency. Below are five of the most innovative business use cases for blockchain that
go beyond cryptocurrency. These examples represent just a small fraction of the potential applications
for blockchain technology today.
These use cases represent unique and innovative solutions to common problems. But these examples
represent just the beginning of the many ways that blockchain will be used in business environments.
Blockchain Adoption and Integration
Private sector blockchain integration has challenges, largely related to governance and compliance. For
example, businesses need to ensure that they have the proper systems in place to manage blockchain
data. They also need to make sure that their blockchain implementations align with existing business
processes and procedures.
Governance and compliance issues can be especially challenging for companies that plan to use
blockchain in an open, permissionless manner. In these instances, blockchain users must make sure that
they have the proper systems in place to ensure data integrity and security. Business leaders must
ensure relevant personnel are prepared to use blockchain as well.
The integrations themselves are complex processes that require careful planning and implementation.
Business leaders must determine what blockchain technology is best suited to their needs. They need to
consider how blockchain will impact the overall ICT architecture and impact “decision supply chains”
within critical lines of business. Also, business leaders may find that their blockchain implementations
are not feasible or scalable without the right initial strategy.
These challenges underscore the importance of careful planning and implementation when integrating
blockchain into business environments. By addressing these issues early, businesses can maximize the
benefits of blockchain technology while minimizing potential problems.
A Driving Force for Good
Data is ubiquitous and necessary; increasingly, data exchanges are the lifeblood to private and public
sector organizations and their relationships with other entities. That’s why blockchain truly is part of a
new industrial revolution—blockchain improves upon existing data functions in just about every way
through fundamentally new organizational and technology structures. Ultimately, blockchain can
become a powerful driver food good in both sectors.
Partner with Uvation as You Begin Your Journey with Blockchain
The blockchain experts at Uvation can help you as you take your first steps into this exciting new digital
space. Contact one of our experts directly to discuss blockchain opportunities with Uvation today.
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