1. Think about using blockchain in enterprise applications to provide more flexible, secure and efficient business processes and distributed, independent markets.

Blockchain allows asset owners to track and trade things of value, such as outstanding invoices, on a transaction “chain” that is more secure, transparent, private and self-coordinating.

This capability increases the speed and flexibility of cash and asset management.

For example, you are afraid of buying fake goods because one manufacturer transfers production to several middlemen, and then you buy it through the middlemen, not the manufacturer.

If all data was decentralized, peer-to-peer, and transparent, then you could buy and pay directly from the manufacturer.

2. The automated market for other assets will be diversified.

In essence, blockchain-based transactions can reduce the need for third-party supervision because the software itself is a controlled open architecture and is visible to all parties involved in the transaction.

If a company can publish valuable information to multiple potential buyers, and its content can be trusted and authentic to all buyers, and sellers cannot resell, then there will be open and transparent competition when making purchases.

environment, sellers can also get better prices.

3. Reduce business transaction friction.

Managing expenses is a challenge for most organizations.

But blockchain can enable companies to create self-managed networks for suppliers and partners, enabling contract automation, instant payments, tracking of cargo shipments, and visibility of the entire supply chain.

For example, if a company transports perishable goods in refrigerated containers, IoT sensors on the truck might call a smart contract on the blockchain when the container temperature exceeds a certain threshold.

This will cause the corresponding order to be cancelled, and it will also be able to automatically create a new order so that a second shipment can be sent immediately, and trucks with faulty refrigeration equipment can also be sent to repairs.

4. This type of network reduces transaction errors and information omissions by reducing or eliminating human-computer interaction.

And, by connecting buyers directly with sellers, transactions become faster.

Manage and secure decentralized private records.

The traditional industry practice is to rely on third parties, using firewalls and restricted access to protect their most shared information databases.

Frequent data breaches show that this approach is not ideal.

A fundamental advantage of blockchain is that each individual data record or element is encrypted with the key of a blockchain member.

Cybercriminals may need to obtain every key of every member to gain access to all blockchain data.

This is not to say that blockchain can guarantee 100% security of all data and help reduce the possibility of large amounts of private records being exposed.

5. A logical application would be employee or student records, where employers, educational institutions and even industry accreditation bodies would be able to add new qualifications, grades or job locations if needed.

Imagine giving employees a key that allows them to access all of their employee records as part of a secure blockchain that encompasses HR.

Individuals can securely share their college transcripts or employment history with other companies or educational institutions without having to rely on unreliable and easily forged faxes.

Trace the origin of products and ingredients.

Blockchain can help ensure product quality and safety by simplifying how products and ingredients are tracked and located in use.

For example, suppose an automaker forms a quality-focused group that includes parts suppliers, component assemblers, a quality control supplier company, and a regulatory agency such as the National Highway Traffic Safety Administration.

chain.

Then the recall process for defective parts will be handled faster.

This realization makes perfect sense when you consider that thousands of lives are lost every year due to defective car parts.

6. Verify identity and verify published information and data.

Create better user control mechanisms.

User information today can easily be manipulated, distributed to third parties, and even sold, creating revenue streams for social media platform owners that are never shared with the users of the information.

Blockchain can disrupt all of these activities.

It gives users control over their own information, and exactly where it resides.

No platform is accessible without permission.

Users can decide who can access their information.

They can deal directly with advertisers and third parties as they choose, rather than like others.

Moreover, users can choose to share their information with advertisers on any platform and receive fees.

In summary, blockchain is a chained data structure that combines data blocks in a sequential manner in chronological order, and is a cryptographically guaranteed distributed ledger that cannot be tampered with or forged.