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From theory to practice: Real-life examples of using Blockchain in various industries
Blockchain technology, often associated with cryptocurrencies, is actually a powerful tool for transforming numerous industries. It guarantees security, transparency and decentralization of data, making it an ideal solution for activities that require reliability and protection of information.
In this article, experts from the IT company Avenga will tell us how blockchain is already used in various sectors and the advantages it offers to each of them.
Blockchain in the financial sector
The financial sector was one of the first to recognize its importance custom blockchain development and its potential to fundamentally transform its operations. The technology offers not only greater security and transparency of financial transactions, but also a significant reduction in the time and costs associated with banking and insurance operations.
Blockchain in the banking sector
Blockchain offers the banking sector opportunities for radical process simplification and cost reduction. For example, Santander Bank used blockchain to create a payment system that allows customers to make real-time international transfers with low fees. This became possible due to the elimination of intermediaries and the automation of transaction processing.
Blockchain in insurance
In the insurance industry, blockchain helps streamline and automate the claims and payment processes. For example, AXA has developed an insurance product that automatically compensates for flight delays based on departure time data from reliable sources. This not only increases customer confidence, but also reduces administrative costs.
Blockchain in healthcare
Healthcare requires special attention to data security and privacy, and blockchain offers unique solutions to these challenges. From managing medical records to controlling drug distribution, this technology can significantly improve the quality and accessibility of medical services.
Medical data management
Blockchain can improve the management of medical data by ensuring its security and accessibility. For example, the MedRec project developed at MIT uses blockchain to create a decentralized database of medical records, allowing patients to control access to their medical information and share it with various doctors without the risk of unauthorized access.
Supply chain control for pharmaceutical products
Blockchain also finds application in the pharmaceutical industry, where it helps monitor compliance with storage and transportation conditions and fight counterfeiting. For example, Pfizer uses blockchain to track every batch of drugs from manufacturer to end consumer. This not only ensures compliance of medical products with established standards, but also helps identify counterfeit products.
Blockchain in logistics and supply chains
Supply chains and logistics are among the most complex and multifaceted aspects of modern business. Blockchain brings unprecedented transparency and efficiency to this space, perfecting the way businesses, suppliers and consumers interact. Transparent tracking of every stage of product delivery and optimization of logistics operations through blockchain open up new horizons for international supply chain management.
Control of the origin and movement of goods
Blockchain significantly improves the transparency of supply chains, enabling the tracking of each product from producer to end consumer. An example of this is Walmart, which uses technology to trace the origins of food products. This helps to quickly identify sources of product contamination, significantly reducing the time to remove them from the market and minimizing the risk to consumer health.
Improved interaction of market participants
Blockchain also facilitates interaction between various market participants, streamlining logistics operations and reducing costs. Maersk, the largest container shipping operator, has developed a blockchain platform in collaboration with IBM to manage and track tens of millions of containers worldwide, significantly simplifying the flow of documents and improving the efficiency of maritime transportation.
Blockchain in real estate
The sector traditionally burdened by bureaucratic processes and intermediaries finds new avenues of development with blockchain. The technology offers simplification and acceleration of transactions, as well as increased security of transactions and property management. Blockchain has the potential to fundamentally change the real estate market, making processes more transparent and accessible to all participants.
Real estate transactions
Blockchain offers the opportunity to accelerate and simplify the processes of buying and selling real estate by automating transactions and eliminating the need for intermediaries. For example, in Dubai, blockchain is used for property registration, reducing transaction processing times and increasing transparency.
Property management
Blockchain can also improve property management by automating processes related to document flow and rental payment management. Propy has developed a platform that allows real estate market participants to negotiate, conclude contracts and even make payments in a fully automated environment, minimizing risks and costs.
According to Avenga experts, blockchain offers great opportunities to numerous sectors, providing solutions that guarantee transparency, security and efficiency.
These examples from various industries demonstrate how blockchain is already transforming business processes and operations, with its potential only increasing. As technologies continue to evolve, we can expect blockchain to see even greater penetration into new areas and create new opportunities for innovation on a global scale.