While some people still think of Bitcoin as nothing more than a virtual currency, the underlying blockchain infrastructure with its own native currency provides governments and businesses the opportunity to solve key issues with data management.
Enterprise blockchain is the next step in the evolution of data systems. When implemented with the original design as intended, it functions as a single, global database for businesses to plug into from anywhere in the world, giving them access to an existing distributed infrastructure, tested protocols and a built-in incentive system.
While blockchain itself does not automatically allow digitisation, the technology addresses specific digitisation challenges. This public network gives enterprises the key features they need to integrate with the data economy: secure storage and sharing of data, data integrity to an unprecedented degree and incentivising data contributors.
If you are exploring what enterprise blockchain can do for your business, this is the place to start. Read on to learn more about enterprise blockchain and its use cases.
How businesses can benefit from blockchain
As more businesses find interest and test out blockchain solutions to improve their processes, rising to the competition will not be the only thing that will drive the technology revolution. Likewise, with the breakthrough of the Internet and moving business operations online, the primary motivation for blockchain adoption is the infrastructure it provides for an unlimited number and variety of applications.
Blockchain eliminates a central point of failure and automates processes to maximise time and resources and reduce costs—all these, coupled with data protection, security and data integrity. What makes a blockchain suitable for enterprise use is whether it allows businesses to operate on the scale they require, including payments and support of even the most complex global supply chains.
The BSV blockchain revisits the original protocol of Bitcoin, staying true to its promises of blockchain for companies. This allows the BSV network to support bigger data and computational capacity and offer faster processing at lower transaction costs than traditional methods.
Blockchain’s enterprise capabilities & use cases
- Health services industry
Upholding privacy and protection for patient data and other critical health records. Healthcare institutions can find a more productive way to run their processes with the help of enterprise blockchain solutions. For example, blockchain can eliminate the centralised system for data storage and allow a system where doctors can store and access patient medical records anywhere.
Enterprise blockchain in healthcare applications is already underway. EHR Data Inc. partnered with nChain to harness the power of BSV blockchain to address challenges such as “dirty” data in healthcare. Storing all patient data on the BSV blockchain enables doctors, pharmacies and healthcare companies to better manage patient information and access the same records real-time.
- Internet of Things (IoT)
Integrating blockchain with the Internet of Things ensures the accuracy of all data points gathered from the network as it tracks everything in real-time. This can be utilised for freight and logistics, invoice management and supply chain.
MetaStreme, an Australian start-up that offers a “wallet” for the Internet-of-Things (IoT) world, is using BSV infrastructure tools to transfer big data to the blockchain. The wallet can perform large volumes of autonomous transactions and all kinds of data unlike other wallets and has an intuitive design that doesn’t require users to have any knowledge about Bitcoin to operate it seamlessly.
- Supply Chain management
Blockchain makes it easier for enterprises to scale and achieve supply chain transparency, for it allows the expansion of suppliers and buyers while maintaining the integrity of the information moving through the supply chain process. It makes monitoring, from manufacturing to distribution, more seamless and cost-efficient.
UNISOT’s brand SeafoodChain is one among the many enterprises that are making significant development in their processes with BSV blockchain. The creator has control over the data in the supply chain, enabling them to access, store and share the data within the BSV ecosystem smoothly. It also allows auto-processing of transaction data onto the immutable ledger real-time.
Gaming companies can utilise blockchain for their real-world and online gaming services. For online gaming, using tokenised protocol to carry out token transactions within a company's blockchain-supported mobile wallet.
Crypto gaming business BitBoss started processing tokens on the BSV blockchain in 2019. The blockchain implementation now lets users transfer and receive tokens within their BitBoss wallets at reduced costs and quick transaction times. This innovation opens up new doors to experiment with new products on top of the BSV blockchain.
Blockchain can be used for efficient and proper identity and data management of the citizens for better privacy, as well as budget management for increased transparency.
Frauds and corruption still exist in governments today, and legal professionals are finding ways of how the BSV blockchain can be applied to governments for improved regulations. U.S. and Switzerland governments are working on creating a framework for upholding regulations and law around blockchain technology, using its immutable ledger of data, reforming anti-money laundering regulations, as well as regulating digital assets.
Cars also continue to advance throughout the years. With cars that can operate using sensors, electric cars and other automotive innovations, companies will soon find great use in blockchain to upgrade their systems. One viable blockchain application auto companies can benefit from is its transparency and autonomy applications through the use of smart contracts.
Smart contracts deal with issues of trust between makers and users. Share&Charge’s Open Charging Network runs on a decentralised system that guarantees a transparent and reliable messaging system for vehicles to communicate and share data efficiently with the charging and other electronic vehicles (machine-to-machine communication).
- Food safety
Food, if mishandled, can easily be contaminated—there are plenty of ways this could happen. It’s imperative for companies that handle food to have a reliable and efficient system that ensures all of their food products go through the supply chain management safe and sound. Blockchain and IoT can help create a transparent network that monitors the details of who, where and how food is processed throughout the cycle.
SeafoodChain, a platform launched by UNISOT, rolled out a pilot phase that helps consumers and the food industry in checking the source of food products. The other benefits of incorporating IoT and blockchain in the food industry include comprehensive monitoring using sensor technology and minimised data distortion in the supply chain.
- Banking and finance
Risks of fraud, scams, and hacking are real threats to traditional banking and payment systems. With blockchain implementation, companies in these sectors can see reliable data protection and cut massive costs such as settlement fees. Blockchain applications in trade finance can also contribute largely in global payments, automated compliance, as well as insurance processing.
Utilising a scalable blockchain like BSV will allow a more solid financial system and banking experience—an ideal development in a rising crypto-world. In addition, BSV technology’s fast processing, low transaction fees and lack of middleman and a BSV wallet requirement for performing transactions will best help the unbanked population.
If you’re eager to learn more about how you can move your business forward with Bitcoin and blockchain solutions, check out the Bitcoin SV Academy’s Bitcoin courses.