There are several technical features of Blockchain technologies that make it an advantageous option to consider for businesses in most industries.
Blockchain uses a distributed ledger while remaining cryptographically secured to ensure the highest levels of privacy and transparency simultaneously. It also comes with the option to have smart contract encoding.
Multiple users who do not trust each other can conduct transparent transactions with this setup without the use of an intermediary.
There are three compelling use case options for Blockchain that are worth considering right now.
Healthcare Use for Blockchain
Patient records are stored in numerous institutions using legacy silos. Even if the institution uses electronic health records (EHRs) to facilitate its transfer, some different standards and formats lessen the effectiveness of this technology.
Blockchain is useful for the recording of patient data because it can store the information on a distributed ledger. This process allows individual stakeholders to have conditional access where every interaction with the record receives a timestamp like a financial transaction.
Because the data goes through encryption, it is more secure than the standard EHR. Patients would have more control over their records, and it would eliminate inefficiencies from the system.
Asset Tokenization
Blockchain creates the potential to make illiquid assets more accessible to traditional buying and selling methods. It also allows from the fractionalization of these items so that they can be traded and settled using this technology without increasing the cost of such actions.
Entrepreneurs, small business owners, and many others could use Blockchain to unlock more liquidity in venture capital efforts. Private equity could become more accessible to the marketplace because it would no longer be limited to the institutional investor.
This use case for Blockchain removes the frictions that exist for many assets to be freely traded on the global markets. The total value of this option could be more than $11 trillion.
Supply Chain Management
Firms face issues of transparency when managing their supply chain. Blockchain would allow multiple parties to access a single database that would serve as a source of truth for everyone involved. The transactions would provide an audit trail, and any recorded transactions are immutable with this technology.
Users could see the movement of products in real-time, with all of its touchpoints, because of the ledger. That means there would be fewer counterfeiting issues, less theft, and an improvement in regulatory compliance.
This use case for Blockchain would empower consumers to find out where their products are instead of creating more administrative work on the supply end.
Additional Options for Blockchain and Use Cases
Blockchain provides several additional possible use cases to consider. It could help improve automation processes, provide stronger cloud management, and better security for multifactor authorization.
It is an option that every firm in each industry should consider because of the collaborative environment it naturally creates. Blockchain is here to stay, so the agencies that are early adopters will have the first chance to reap the benefits of this technology in the future.
Disclaimer: The author of this text, Robin Trehan, has an Undergraduate degree in economics, Masters in international business and finance and MBA in electronic business. Trehan is Senior VP at Deltec International www.deltecbank.com. The views, thoughts, and opinions expressed in this text are solely the views of the author, and not necessarily reflecting the views of Deltec International Group, its subsidiaries and/or employees.
About Deltec Bank
Headquartered in The Bahamas, Deltec is an independent financial services group that delivers bespoke solutions to meet clients’ unique needs. The Deltec group of companies includes Deltec Bank & Trust Limited, Deltec Fund Services Limited, and Deltec Investment Advisers Limited, Deltec Securities Ltd. and Long Cay Captive Management.
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