Mtfexg summarizes 7 real-world problems of blockchain implementation

 Mtfexg summarizes 7 real-world problems of blockchain implementation

1. Supply Chain/Logistics

Companies from large-scale industries (e.g., automotive, food, pharmaceutical, etc.) will significantly benefit from blockchain. Since they constantly purchase and sell goods to different parties, utilizing the technology will help them keep track of their operations. 

Being able to monitor orders, track invoices, and enter payment details seamlessly from start to end will ensure that all responsibilities are accomplished, and verifiable from the single source of truth that is the blockchain.

2. Accounting

Blockchain is being used to optimize accounting processes. Through blockchain, accountants can easily verify the ownership of assets and record entries with ease. In turn, blockchain solutions can help organizations reduce their operating expenses while decreasing the workload of teams.

While blockchain can keep track of financial transactions, this does not mean that the technology will take over the job of accountants. The technology may be evolving at a rapid pace, but essential tasks such as auditing must still be done by a certified professional. All things considered, blockchain technology should be seen as a supplemental tool. 

3. Social Media

Social media platforms are free to use for anyone. This is because the personal information you provide online along with the content you post and consume there are the products. To counter this, blockchain in social media is more about data ownership and protection. While blockchain can also provide data security, it empowers users and lets them take back control of their data.

Users are the direct owners of the content they create via blockchain-based social media networks, therefore, the user can choose to profit off of the data they generate instead of a tech giant like Facebook letting you use their platform for free because they profit off of you.

4. Insurance

Fraud is a highly prevalent issue in the insurance industry. People who require financial relief may look for loopholes in their policies and resort to unethical tactics to acquire money. This is precisely why proper documentation of records will be vital for both clients and service providers. 

Since blockchain entries cannot be tweaked so easily, the technology can ensure fairness between both parties, especially with claims.

5. Healthcare

A person may need the services of more than one healthcare provider in their lifetime (e.g. pediatrician as a child, internal medicine doctor as an adult, and an obgyn when pregnant for women). With this, blockchain technology can provide a universal and unified source of truth that all healthcare providers can use with ease, instead of trying to gain access to each healthcare provider’s walled garden of information.

6. Public Service

Documentation errors are a common problem in public offices. Since thousands of files are kept in different drawers, disorganization can give the employees—as well as citizens in dire need of their services—a difficult time. The good news is blockchain can address this concern through the secure digitization of files. 

Blockchain’s capabilities allow workers to securely digitize physical records; automatically navigating documents will also prove to be useful for processes such as elections and citizenship applications.

7. Security

Overall, blockchain technology can eliminate insider and cybersecurity threats within organizations. Since the entries in a ledger can only be accessed by authorized employees, this can greatly reduce the risk of a database leak. In case an unauthorized individual attempts to manipulate an entry, everyone in the network will be immediately notified of this change.

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