Blockchain is an innovative technology that first arrived on the world scene in the form of Bitcoin, the largest cryptocurrency, but now is being implemented in many different areas. The potential for blockchain is so massive that even technology giants such as Amazon, Microsoft, Google and Facebook are trying to create their own blockchain. Financial industry giants are also beginning to get into the blockchain action. Blockchain is here, and it’s here to stay.
Blockchain technology promises to save businesses time and money. Sectors such as real estate, insurance, finance, healthcare, supply chains and voting all stand to benefit greatly from the implementation of blockchain technology. Blockchain technology has brought along with it smart contracts. Smart contracts are essentially self-executing contracts that run on the blockchain. The most popular blockchains to run smart contracts on are Ethereum, Qtum, Ethereum Classic and EOS. Businesses can run smart contracts on these cryptocurrency platforms and create dApps so that people can interact with their smart contracts as easily as visiting a normal website. This is the potential of blockchain and smart contracts.
Let’s look at how business supply chains can be positively impacted by blockchain technology. A blockchain for supply chains would necessarily be private and operate in a business-to-business manner. The public would not be allowed to view shipment details, for example. Only relevant parties would know shipment details, updates and routes. Blockchain technology would eliminate the need for tons of paperwork. All the paperwork involved leaves opportunities for costly mistakes to be made by people. As trucks go driverless, blockchain technology such as this could be even more useful. An empty truck would be quickly linked up to a package that needs to be picked up automatically through the blockchain. You wouldn’t need someone to figure out which truck is currently closest to the pickup location.
(Red semi truck speeding down the highway.)
With professional dApp development, smart contracts could be added to the blockchain and employees could easily interact with the smart contracts. Zero computer coding skills would be required with proper dApp development. It would be as simple as typing a website address into your favorite internet browser. To get started in this exciting new area, your first step would be to contact an experienced blockchain developer.
Using blockchain won’t only benefit the companies involved. It will also benefit the customer. Customers would benefit by getting their packages quicker due to a more efficient process. Blockchain would also improve resource optimization. The closest trucks to the pickup location would be quickly sent out on the job. Inefficiencies would be removed from the process of matching trucks to jobs. Tracking systems could become even more detailed than current tracking emails that are sent out to update customers on their package’s status. All this would create a shipping system that would be better for everyone involved. That’s the power of blockchain technology.
There are many other business sectors where blockchain can be potentially revolutionary. If you’re eager to improve your business with dApp development and blockchain technology, then there’s no better time to get started than today.