Although blockchain’s payment capabilities offer great promise, the industries that find value in its immutable ledger span much further than payment processors. Blockchain benefits companies across sectors, from supply chain and healthcare to marketing and accounting.
Since its introduction, blockchain has undeniably evolved into a significant technological platform, ushering in a new era of database management. The visual guide below will present some of blockchain’s enterprise use cases, focusing on its data functions. It will also give some examples of BSV-based platforms that have been developed for specific industries.
Supply chain blockchain
One of the most promising applications of blockchain involves supply chain management. It can enhance the traceability of products while enabling faster and cost-efficient delivery for the benefit of both sellers and buyers.
UNISOT, for instance, uses BSV blockchain to enable data transparency by erasing data silos, thereby improving the food supply chain. To date, UNISOT has released nine modules on its platform. Among these is the Life Cycle Assessment Module, which allows users to view the input and output information in every phase of the supply chain.
SeafoodChain, an enterprise blockchain solution powered by UNISOT, provides a solution for the seafood and aquaculture industries through smart digital twins and product DNA. These technologies record and display insights into the complete supply chain, enabling supply chain partners and customers alike to make informed choices.
In addition, the platform’s Global Traceability, Proof-of-Quality and Product Provenance functions help enhance transparency and visibility, ensuring product quality, authenticity and sustainability.
The combination of the Internet of things (IoT) and blockchain has opened the door for new possibilities in data management. This integration increased the efficiency and transparency of the operations of various companies across industries.
Besides improving operational efficiency and transparency, blockchain also aids in organising large volumes of data as required by IoT applications. By managing data on edge devices in an IoT system, enterprises can reduce costs associated with data transfer and IoT device maintenance.
Furthermore, IoT blockchain eliminates the IoT gateway or any other intermediate device for data exchange, decreasing the time required to process data.
Predict Ecology is an IoT blockchain designed to address data management issues. The platform works by collecting, verifying and indexing environmental and ecological data, such as weather, water quality index and even historical actions taken on a closed mine site.
Predict Ecology’s blockchain-based data service model is seen to facilitate environmental modeling and monitoring, enabling a seamless collection and management of ecological data.
The healthcare industry generates large volumes of new data each day, like laboratory test results, clinical trial reports and billing information. As such, medical records are often recorded to separate databases, creating a fractionalised system.
Touted as the ‘magic bullet’ in solving healthcare data management issues, healthcare blockchain plays a key role in consolidating patient data for efficient sharing and comprehensible reporting.
This technology can aggregate a patient’s medical records from multiple sources and collate them into a single, real-time file. With this, the data becomes interoperable or accessible across various systems.
For instance, if a health service provider sends a patient’s record to another, the recipient should be able to easily comprehend the file, making the sharing of medical data faster and uninterrupted.
The ledger’s immutability ensures that sensitive information is protected from potential data breaches and hacking. Moreover, the permission-based system gives patients full control over their medical data, including how the information will be used.
A case in point is EHR Data’s blockchain-based platform, which leverages the company’s data utility to consolidate disparate silos of healthcare data into one readily accessible global patient record. The data utility works by facilitating access to patient data by providers, pharmacists, clinical researchers and public health officials.
With the readily accessible blockchain data, these parties can make informed decisions about patient care, improving health outcomes while reducing data management costs.
Blockchain AR/VR platforms
In recent months, there’s been an upswell in the number of shopping applications and platforms. Many of them sit at the intersection of immersive technology and blockchain. Indeed, digital disruption has accelerated innovations in the marketing industry. Undeniably, one of the driving forces behind this is blockchain.
While virtual reality (VR) and augmented reality (AR) have been around for some time now, these technologies are back in the spotlight due to the increasing demand for an enhanced user experience.
Transmira’s Omniscape, for example, is an extended reality platform built on BSV blockchain and AR technology. Primarily designed for brands and content creators, the platform is developed to handle large amounts of data.
Transmira has already launched an AR mobile app and a VR desktop app for its Omniscape platform. As a pioneer in the field, the company is working on combining AR and VR in a single app, giving users a whole new world of virtual possibilities.
One of Omniscape’s flagship features is its 3D body scanner, which uses several cameras and infrared scanners to generate a photo-realistic, 3D copy of a person. Transmira intends to incorporate these 3D copies into its app, which users can use as a virtual model to represent themselves.
In a time when physical movement is limited due to the COVID-19 pandemic, digital twins are becoming increasingly important to people’s online experience.
Blockchain for ERP and Accounting
Due to increased cybersecurity threats, various companies have begun integrating blockchain into their enterprise resource planning (ERP) system to improve cloud security, monitor suspicious transactions and promptly detect data vulnerabilities.
ERP blockchain’s ability to verify and authenticate identities helps reduce data breach risks while ensuring compliance with data protection laws. Likewise, RegTech blockchain’s functionality helps guarantee regulatory compliance, especially in the banking and financial industries.
The enterprise blockchain platform Kensei, developed by nChain, gives enterprises the ability to maximise the benefits of blockchain through the creation of tamper-proof documents and auditable logs, even without deep technical knowledge.
Its powerful application programming interface allows seamless integration between a company’s existing data management processes and the BSV blockchain. According to nChain, additional functionality will be integrated into the platform, providing businesses a wide range of advantages.
Blockchain: more than just money
The BSV blockchain is working towards becoming the world’s largest data management system, allowing millions of users and businesses across the glove to utilise its infrastructure.
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