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Blockchain Technology & its Uses

Blockchain technology changes the world by making the centralized system outdated and bringing the decentralized system into play. Any organization can improve its process and take it to new heights by using Blockchain Technology.  

Goal of Blockchain Technology  

The primary purpose of using Blockchain Technology is to prevent unauthorized persons from editing and misusing data. Blockchain Technology is used to store data in blocks which together form a chain & hence Blockchain. Blocks are immutable & stored in a decentralized database. When new data arrives, it keeps in a new block, and once the block fills with new data chained to the preceding blocks. Various kinds of information stored on a blockchain, but the most common use has been a ledger for transactions.

Use of Blockchain Technology in different industries  

Banking and financial services  

Blockchain technology is a revolution for banking and financial services as it enhances customer experience. Blockchain solution provides innovation, speed, and easy collaboration across organizations. It reduces the old processes, paperwork, and costly intermediaries.  

Microsoft Azure blockchain solutions give tangible business outcomes, and working with this eliminates protracted friction. Let us see how Microsoft Blockchain solutions have helped the banking & financial services industry.  

Blockchain Technology Banking & Financial services - Evolvous

Img: uses of blockchain technology in banking & financial services

    • Trade Finance: Microsoft blockchain solutions help reduce counterparty risk, enhance audit transparency, and improve the predictability of working capital. Bank of America Merrill Lynch collaborated with Microsoft with a blockchain-powered shared data repository to automate the credit assessment. The timeline for issuing SBLC decreased from 3 to 5 weeks to a mere 3-5 days.   
    • Regulatory Compliance: Microsoft blockchain solutions aid in up keeping and documenting compliance reports with government regulations. With the help of Microsoft blockchain infrastructure, UBS enabled each participant to put their dataset on the Blockchain for review using the Massive Autonomous Distributed Reconciliation system.   
Automotive

Blockchain technology created a new chapter of innovation in this sector when it comes to Blockchain applications in the automotive industry. Using Microsoft Blockchain solution, automobile companies can create a more transparent and efficient platform to integrate vehicles. Blockchain can also prove beneficial for spare parts procurement & distribution.   

Automotive - evolvous.com/evolvous-old

For example, Toyota Material Handling partnered with Microsoft & developed a new support solution for field service technicians. The new solution named T–Stream is an all-in-one solution that combines with GPS systems to get technicians to job sites more reliably & in less time than before. Technicians can now effectively use the tool to automate mundane activities and focus on delivering more value to the customer.  

Healthcare  

Transforming supply chains, delivering protective equipment, swiftly creating treatments, tests, & vaccines are some of the latest problems faced by the healthcare & life sciences industry because of the COVID-19 pandemic.  

Microsoft’s blockchain solution is helping healthcare companies to gain customer trust and work on customers’ health data by providing these companies tools for data protection and privacy. Microsoft offers faster access to trusted information, thereby securing permissioned data exchange across many stakeholders.   

Blockchain Healthcare - Evolvous

Microsoft has created the COCO (Confidential Consortium) framework to enable organizations to implement secure and scalable enterprise blockchains. The Coco Framework is an open-source system that allows high-scale and confidential blockchain networks that meet crucial enterprise requirements.   

Professional Services   

Blockchain technology is becoming increasingly popular in professional services such as Law, Finance, & Insurance. Using Blockchain, organizations are simplifying their business processes and focusing on customer satisfaction.  

Microsoft’s Blockchain solution and Azure Data Explorer have helped LinkedIn, one of the largest professional networking sites, overcome operational issues, streamline logs, and build scalability.  

The future of Blockchain Technology  

Blockchain technology is gaining thrust in recent times because of its decentralized database management & immutability feature. It is ready to disrupt the way business is being carried out across various industries. As more people understand the benefits of this technology and more people are getting trained in implementing it, the adoption will be fast paced. 


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