Earlier this year, professional services network Deloitte released it’s 2018 Global Blockchain Survey. The report includes the results of a survey of 1,000 blockchain-savvy executives from seven countries and nine industries.
According to the report, 74 percent of respondents say their organizations see a “compelling business case” for blockchain technology. Additionally, 34 percent say their company already has some kind of blockchain system in production.
Looking ahead, 40 percent of respondents said their company plans to invest $5 million or more in blockchain technology in 2019. And 41 percent of respondents say they expect their organizations to deploy a blockchain application within the next 12 months.
Blockchain is the technology behind the once buzzworthy cryptocurrency known as Bitcoin. But while most of the noise around crypto has died down, blockchain is still heating up. Blockchain can be used to simplify payments and contracting and it’s also being used to automate processes.
The technology is currently being used to develop a wide array of business solutions. Here are 10 different ways the technology can be used to streamline your operation.
The financial applications for blockchain are what have garnered it so much attention. Overall, the technology cuts out the need for middlemen meaning it can result in faster and less costly financial transactions.
Blockchain-based ledgers can be used in all aspects of supply chain management from payment and audits to tracking inventory and assets.
Money Laundering Prevention
This technology can be used in anti money laundering (AML) compliance to identify and stop suspicious transactions automatically.
Know Your Customer
Blockchain can help streamline the Know-Your-Customer (KYC) process at banks by creating tamper-proof records of account opening information that can be stored and shared with relevant parties.
Smart contracts are an element of blockchain that allow for self-executing transactions. In real estate, smart contracts can facilitate purchasing and leasing transactions.
Blockchain can be used in anti-forgery efforts to detect counterfeit documents related to several regulatory processes including travel, citizenship, immigration and employment authorization.
With blockchain, health records can be securely stored and maintained in a central location that can be accessed by both the patient and healthcare providers.
Due to the highly cryptographic nature of blockchain, this technology can safely store files with end-to-end encryption and allow file sharing with verified users.
Blockchain can be used by universities and other higher education institutions to store, chare and authenticate education credentials and certificates.
In the recruitment, blockchain solutions can help authenticate the skills and qualifications of candidates and automate the hiring process.
Many companies have recognized the potential of blockchain and want to invest in this innovative technology. The problem is knowing where to start. Treehouse Technology Group is working with companies to integrate blockchain in ways that increase efficiency and free up valuable resources. If you’re interested in transforming your operation and want to work with a company with a successful track record, contact TTG for a free consultation. We specialize in helping companies develop robust solutions best suited for their specific business needs.