Any business planning to make an investment in blockchain technology needs to undertake a strategic evaluation to figure out whether it aligns with their business model. For a majority of companies there are not going to come across a return on investment in the first few years. An unstructured implementation of block chain technology can pave way for strategic failures. For this reason blockchain companies India conduct a strategic analysis on a case to case basis. The correct approach would leverage positive results in due course of time.
Practically the concept of blockchain technology can be applied to any industry. Mining, transport, education, banking, health care are some of the sectors where it is applied. A clear understanding would provide an overview on where its application can be implemented in the days to come. Both public and private options are included. On the public platform anyone can read. But as far as the writing option is there it can be allotted to only a few. This is going to depend upon the business type and where it can be implemented.
How can blockchain providers help a business to take advantage?
Once we are aware of the benefits of blockchain technology, the key is to be aware on how it can help a business. Mainly it is used to store transactions or records. The ledger goes on to contain tradeable information.
The ledger would be incorporated with records that can be put to use for storage purposes. For example a land title. There could be many disputes that could arise from land records. Once with blockchain technology the records which are stored cannot be altered. The changes are time stamped. Any dispute arising could be traced to the point of origin. Some of the other areas where they can be used are food safety, patent etc.
On the similar lines like a static registry. In this form a separate case might arise due to identity related information. Some of the segments where you can put it to use are police records, frauds and even voting.
In order for any transaction to be validated there needs to be a set of pre- determined conditions that needs to be fulfilled. Once you fulfil the necessary conditions the obligations are triggered. Let us take the example of an insurance pay out. The company can go on to set the conditions for the pay-out scheme. This amount is going to be only transferred in case the customer complies with the obligations of the contract. Some of the other areas where they can be implemented are music records or trading in cash equity.
Here the ledger keeps on updating as the goods along with services are being exchanged on the digital platform. One of the best uses is the drug supply chain. The supply of drug from the store to the end distributor can be mapped. Any updates on the movement of drugs will be provided .