Blockchain has been hailed by many as a revolutionary technology that could help solve issues associated with data storage, currency transactions, supply chain and many more. Its application continues to grow every day and over the last few years, blockchain has demonstrated its uses in different niches. However, before jumping onto the wave of blockchain users, companies need to evaluate how this technology fits into their way of doing business and how it will affect their overall strategy.
Blockchain which is also referred to as distributed ledger technology is credited to the emergency of cryptocurrency. There has been continued hype about how blockchain will disrupt numerous companies and in the process facilitate for the creation of new companies. So far blockchain has shown great promise in the following areas:
Corruption is a menace that affects the smallest countries to the most developed countries. If there is one thing that is common in almost all developing countries is the lack of transparency especially in the use of public finances.
Every year the government of a developing country comes with a budget for all the responsibilities they wish to fulfill during the financial year. However, more often than not, the finances are misappropriated and the public never gets to know who is to blame. Fortunately, with the blockchain technology the public can monitor every process and how much money was used in every department.
With the help of a blockchain development company, the government can provide its people with a decentralized ledger that would not only increase integrity but also increase transparency by limiting off the book deals.
Reinforcement of Democracy
For decades, many countries have been experiencing election interference where the democratic process is not always adhered to. The interesting thing about election interference is that it does not only affect developing countries, it also affects major economies such as United States.
In 2016, there was speculation that foreign intelligence agencies were responsible for influencing the presidential election in the United States. How can blockchain technology remedy this problem? For starters, blockchain is a decentralized ledger that is not only irreversible but also immutable. Therefore, if blockchain development solutions were integrated to the voting process, elections would not only be free and fair but they would also be transparent.
Cutting out middlemen from transactions
Every time you want to complete a transaction or pay a company for services rendered you have to use a bank or a third pay to facilitate payment. Even in small transactions, where you are looking to buy goods from an individual you have never met or transacted with before, your first resort will either be a third party or an escrow service. Transactions that involves third parties take time to authorize, verify and charge hefty transaction fees. You also have to trust that they will handle your personal data with caution.
Instead of going through all that, you can always use blockchain technology to complete transactions as it does not rely on third parties. You can hire blockchain development team to secure your digital cash using cryptography.
Charitable organizations are set up to help people but lately it has been noted that some of these charitable organizations are being used to launder money. In other organizations funds are being misappropriated instead of being used for the intended purpose.
With help of blockchain technology, donors can now track their donations and understand how the funds were used and if any was lost to corruption or misappropriation.
Just recently countries like Sri Lanka and Mozambique experienced tragedies where there was massive loss of life. They could have really used support from other countries which is where blockchain technology comes in by allowing for instantaneous transfer of funds emergency funds across borders.
Every day millions of companies produce goods for shipment to another company or country. However, this has not been without its challenges especially when it comes to tracking the goods. More often than not, the client/buyer is forced to wait and hope that the seller will keep his/her word and deliver the goods as promised.
With blockchain technology, you can now trace the goods to the source from the initial manufacturer to the quality of the products before they are delivered.
In developing countries like India, the transfer of real estate is often marred by fraud and lack of transparency especially in public records. This has resulted into people being duped into buying properties not affiliated with the seller. Such problems can be remedied with the help of blockchain technology.
Due to the continued growth of blockchain development India, it’s now possible to improve transactions in real estate by streamlining the acquisition process and providing reliable records of the properties.
Blockchain technology has many applications in today’s world and it’s not a surprise that renowned organizations such as the UN are partnering with blockchain companies to provide solutions to social and economic challenges. Countries like Japan and UAE are also said to be in the process of incrating blockchain technology in the voting. It will be interesting to see how other countries and organizations will adopt blockchain to streamline various processes.