Bitcoins and cryptocurrency are the new buzzwords of the internet. But, do you know the technology behind these tokens? It is none other than the blockchain technology. One might ask, the blockchain technology and helping society, what’s the connection? Well, it is being used for transforming society and benefiting millions of lives. If you want unmatched security and speedy data transfers, choose blockchain. In fact, the enterprise blockchain technology has the great potential to remould every industry.
Why should you trust blockchain technology?
The blockchain technology offers countless benefits. The most interesting feature of blockchain technology is that it operates through a decentralized platform. So, it requires no central supervision while it still remains resistant to fraud. It maintains independence from financial institutions and governmental agencies. People can use it as a digital signature too. Moreover, blockchain records transactions in an open and permanent manner to the ledger. Even the blockchain market size statistics have shown an interesting trend.
The global market size for blockchain technology has been increasing at a constant rate since 2016. According to Statista, the market will reach $2.3 billion by 2021.
Blockchain technology has a promising future. Then why should any potential blockchain developer leave this golden opportunity?
Many businesses have taken a step forward towards the adoption of the blockchain. So, why should you opt for blockchain technology.? Not only enterprises but startups have also shown a keen interest in this booming technology. That is why more and more entrepreneurs and startups are adopting blockchain today.
In fact, if you’re dealing with slow and complicated processes, blockchain is a solution worth exploring. Today, various global supply chains, healthcare, and many other industries are exploring new ways to use blockchain. Though this is transforming the traditional business models, blockchain has enough benefits to beat the former. These benefits include greater transparency, enhanced security and improved traceability. Besides, increased efficiency and the high speed of transactions with reduced costs make blockchain the best option for industries.
Blockchain startups: How they contribute to the society
It is clear that blockchain technology can do many things. This includes increasing the sustainability of industries and improving people’s lives. Blockchain has proven that technology can contribute towards the betterment of our well-being. So, let us take a look at some blockchain startups that have done their bit for the society.
Many a time shopkeepers may sell fake products and eatables to their customers. This might include food products and beverages with the wrong ingredients. Often such retailers don’t even have any idea about the counterfeit goods they are selling. If any consumer finds out that the seller has cheated him or her, it can be detrimental for a business. They might lose their customer base. So, one might ask how does Provenance make our lives better?
Provenance is a UK based startup that enables retailers to bring integrity and transparency to their supply chains. It even has built a traceability system for products to get rid of opaque supply chains.
First of all, consumers can benefit a lot from this as they can trace the origins and histories of any product. It also helps businesses for building trust with their goods and supply chain. This is because it helps shoppers to choose any product that they need in a wise way. In fact, Provenance raises money from strategic investors for revolutionizing consumer trust. It has proven that blockchain technology can fight the battle of counterfeit goods.
Have you ever heard of an education-based blockchain startup? If no, then ODEM is the world's first decentralized on-demand education marketplace. Why was it necessary to come up with such a startup? Well, the major reason is the pathetic current scenario of our education system. The costs of education are increasing at an exponential rate. Besides, the number of student loan debts are increasing due to lack of jobs. Making education accessible to everyone has become a challenge now. That is why ODEM has come with a new idea to help students and teachers.
The ODEM uses the power of blockchain technology. Also, it uses a smart contract-based payment platform for all its operations. This enables students and professors to interact and take part in learning.
In fact, each process can happen without the involvement of intermediaries. This also means students can get greater access to quality education at affordable cost. This will create a common place for top professors to market their expertise and brands too. Besides, they are helping to bridge the educational gap for millions of students on a global level. Further, this blockchain-based platform is aiming at delivering short-and-medium-term academic experiences.
Do you know that Asia is producing the largest share of counterfeit medications in the world? It is a serious issue and a sad state of affairs. In fact, the counterfeit drug trade is a multi-billion-dollar market. Why provide doctors and hospitals when the medicines are not even safe for intake? Well, that is why FarmaTrust has come up with a great initiative.
The FarmaTrust is an innovative blockchain startup and a multinational collaboration. It aims to secure and optimize the pharmaceutical supply chain. They are offering both commercial and social solutions for tracking the pharma industry. Moreover, their global tracking system is tech neutral and regulatory neutral. Also, the tracking system plugs into existing ERPs in the developing world. So, it is a boon for all regulators, NGOs, pharma companies and even private companies. They can create safer and trustworthy relationships with the pharmaceutical supply chains.
This blockchain solution is saving millions of lives by eliminating fraud in the black market. It also helps in stopping the counterfeit medication. Besides, it is creating and promoting safer e-commerce experiences for online medicinal purchases.
Blockchain technology is the newest trend in this digital era. It helps in documenting all transactions in a proper way. Besides, it reduces all issues related to time delays and human errors. Industries must adopt this new technology to reduce their costs. It will revolutionize the whole face of business.
So, if you want enterprise blockchain technology to be a part of your business, what are you waiting for? There is not a better time than this. Hire the best blockchain development company to launch your startup. Are you prepared to be one of those startups known for a good cause?
Sonal Mehta is a Content Lead at SoluLab, a leading Blockchain development company in USA and Canada, started by ex-vice president of Goldman Sachs and ex-principal software architect of Citrix. SoluLab Inc provides full spectrum, 360-degree services to enterprises, startups and entrepreneurs helping turn their dreams into awesome software products.