Chris Martin
Blockchain Technology is based on distributed database and unlike traditional centralized databases, it is more transparent, secure and immutable. Here are 10 Use cases for Blockchain Technology by Sofocle Technologies - Blockchain Development Company
Blockchain was first introduced when Bitcoin came into the market. Apart from the cryptocurrencies, there are many other industries where blockchain technology can bring revolutionary changes and supply chain finance is one of them.
sofoCap is a blockchain based application for supply chain finance developed by Sofocle Technologies which uses smart contracts for supply chain financing. It builds a trustworthy supply chain ecosystem and removes frauds from the system.
Another important industry where blockchain technology can improve the process is product supply chain. Most of the supply chain management systems are based on centralized database where all the data stored at the center of the system and each node access that. Centralized databases are easy to alter and hack without consent of all the nodes involve in the process. Blockchain technology is immutable and secure and it can not be hacked easily. It is easy to track and trace the exact status of the product in the system by using blockchain technology.
Insurance industry is another sector where we can apply blockchain successfully. In Insurance industry, claim process is one of the most painful areas for insured and insurer both. By implementing blockchain technology insurance process can be automated .
sofoInsure is a blockchain based application for insurance industry which utilizes, AI, smart contacts and mobile app to automate the insurance process.
Blockchain is decentralized ledger which known for the bitcoin. The security and encryption features of the blockchain makes it a perfect choice for the management of the healthcare industry. Here are 2 use cases of blockchain technology for the health care industry by Sofocle-
1. Streaming Health Care Supply Chain via Product Tracking and Validation
2. Smart Contracts for awarding Patients Compliance with Health Coins
Find out more on the full story.
Cyber Crimes are increasing day by day specially in the era of digitalization. In such scenario, blockchain technology can be used to secure the cyber world. We all know that blockchain is secure and incorruptible and is the right approach to secure the transactions over the internet and any kind of databases.
Find out more about how Blockchain can be the perfect solution for securing the cyber world.
The Blockchain is already being used with mining products such as diamonds, which are imprinted with a tiny QR code that links to a digital token verifying their quality, ethical extraction, and authenticity.
Blockchain has features like immutable, transparent and secure which makes it a safe choice for mining industry. All the data is strored on all available nodes and no one can alter that data without the consent of each and every node.
Fin out more about how to secure mining industry by using blockchain technology.
Land Registration process is full of fraud and glitches and most of the times land registration process lacks the transparency. Blockchain technology can bring transparency and trust in the whole process. Find out how smart contracts can reduce the risk of registering fake details and how digital signatures can make this process immutable and secure.
Blockchain (PTP) Procure-to-pay process is a multi-channel process that connects a client with one or more service providers & allows for identification and authentication. Blockchain technology can improve the authentication and validation of these transactions and helps to accelerate the process with security of the system. Find out more about how blockhain technology is a better way for P2P transactions.
Are you ready for the blockchain?
In a Blockchain Scenario, an Electronic Health Records (EHR) can be managed utilizing Distributed Ledger, Cryptographic Identity Management and Smart Contracts. With traditional models of database management, there is no guarantee of data integrity and security while by blockchain technology utilizes distribute ledger and smart contracts which makes it immutable and secure.
