Blockchain as a network of peers possessing within themselves the power to authorize transactions through consensus, in which data is recorded after encryption has presented not only an out-of-box solution to issues within specific industries it has brought in a new way of conducting business altogether. It has the power to make the majority of the time-consuming, expensive process involving intermediaries and regulators unnecessary.
The disruption that Blockchain has brought is seen as a welcome change needed to streamline many processes that were prone to hacking, being intercepted by adulterated or fake products and other monetary losses rising due to the loopholes in the system.
Its inherent advantages drive Blockchain’s adoption in various sectors – greater transparency, increased efficiency, heightened security, audit trail, improving traceability, and all of these add to reduced costs.
Some of the industries that will be reaping; these benefits are Health care, Local Governance, and Supply Chain Management. Service providers are joining hands with blockchain network and application developers to implement the technology.
Local Governance – Blockchain to pave the road to a smart city
Licenses and permits, certificates of birth or death, any authentic paperwork need to be obtained by local governing bodies. It is a well-known fact that the paper trail takes time to go through, especially if they are not already digitized. Going through outdated filing systems, not only takes time and creates administrative delays, but they are also susceptible to unwarranted changes and data theft. Bringing all of these filing systems and paperwork on to a blockchain network makes it easy to retrieve data at a momentary notice, data is securely stored as tamper-proof digital files and removes the bureaucracy that stalls the verification of documents. The city of Dubai is ready for blockchain implementation as part of its smart city transformation – digitization of visa application, bill payments and license renewals. These documents make up for the bulk of public records which will be stored and transacted securely through Blockchain.
Blockchain’s decentralized system of data storage could solve the problem of patient data sharing within the healthcare system. Currently, in many countries, a particular family is assigned to a specific medical practitioner and the family’s medical history, along with diagnosis and treatment routines, are all only available with their particular doctor. If specialized care is needed, then the complete records need to be physically transferred to the new doctor, who then will review their history, diagnose their current problems and recommend a suitable course of treatment. All of this takes time, which can be avoided by having all the records stored in a secure blockchain network. Apart from the convenience of data retrievability at any time, a centralized patient data could immensely help with research that will improve the healthcare system and give better patient experience.
Supply chain management
Global trade and the world economy depend heavily on the goods traded between borders. Shipping containers back and forth commercial ports followed by distribution after that is a massive labyrinth of suppliers, manufacturers, retailers, and shipping industry. Tracing a product from its point of origin through its entire journey until the end is not just a gargantuan task; it is full of points of interception where illegal activities and trades happen. Bringing the whole system on Blockchain – recording every invoice detail and purchase receipts with accurate time logged in to the system creates an indubitable audit trail of all transactions. This will not only make the whole labyrinth of network easily understandable and accessible to all the stakeholders, but the data stored on the Blockchain is also secure with its integrity intact, as any changes to the data need consensus from all the points on the network. Tradelens, an IBM blockchain shipping solution in collaboration with the shipping giant Maersk, has come out of its beta stage. They together have garnered the support of many ports and terminals around the globe having already more than a hundred million transactions recorded on the network.
These Blockchain solutions need massive human capital to work on building networks and applications. EMURGO Academy India is striving to develop this human capital through its pro-industry approach based Blockchain learning program designed specifically for each segment of learners – Students, working professionals and through mass upskill for corporates.
Besides learning, EMURGO Academy will be the gateway for learners to tap into the global blockchain industry by including employers from the early onset of the course.
Blockchain is the Future! With EMURGO Academy you can help build that future.