Blockchain is a buzzword that’s cropping up all throughout the tech world. Although it may not be your usual sort of vocabulary, it’s an important part of many businesses around the world. In recent years, blockchain has come out from the shadows of the cryptocurrency space and has made a name for itself. First born out of the need to enable secure yet decentralized payments (i.e. — crypto), it’s now worlds away from the financial sector from which it came. From online gaming to supply chain management and healthcare, blockchain is now a huge technological force that’s needed across the globe.
In this blog, we’re going to be taking a look into the three industries where it matters most, and see how it’s making its mark. Step aside crypto, blockchain’s doing just fine without you. Let’s see where it’s going now.
What is blockchain?
Before we take a look into the ins and outs of what blockchain technology is being utilized for at present, it’s important to understand what it is exactly. If we were to explain what it was in other industries, then we would describe blockchain as a decentralized digital piece of technology that acts as its very own record sheet for all the transactions a business uses. It’s extremely secure and transparent, and it stores all of the transactions that take place in the blocks on the chain — hence the name, blockchain.
From there, every block that is formed on this digital ledger then holds a single yet unique cryptographic node that is unable to be modified as the chain goes on. The longer it gets, the harder it is to hack — which in the first place, is already pretty hard.
Blockchain has a built-in mechanism that prevents any unauthorized access or entries.
It can be used in businesses for tracking orders, setting up payments, dealing with accounts, and many other company transactions. It’s an integral part of security processes in today’s world, and it’s the backbone of any level of security that a business may need. Now, let’s look at the industries that use this fortress-like piece of technology to secure their processes.
1. Online casinos
It may sound obvious, but online casinos were one of the first online businesses to incorporate blockchain into their processes. Blockchain gives online casinos the chance to include cryptocurrencies as a form of payment in their offerings, meaning that they can get ahead in a saturated market.
For example, when a transaction happens at a casino, such as a player buying chips for a blackjack game or cashing out their winnings, a block is then created in the chain, which has its own timestamp. From there, it creates a tamperproof record of payment and prevents any kind of data from being shared with either party.
This is particularly beneficial when diving into online blackjack for real money, where large sums can change hands quickly, and players need assurance that their funds are secure. In the fast-paced world of online blackjack, players often make rapid decisions that can significantly impact their bankroll. A player might double down on an 11 against a dealer’s weak upcard, potentially doubling their stake in a single hand.
In these high-stakes situations, the blockchain ensures that every chip movement is recorded accurately and immutably.
The safer the casino, the more advanced its blockchain and security processes are. In the context of blackjack, this means that players can focus on their strategy – whether to hit, stand, double down, or split – without worrying about the integrity of their transactions.
2. Supply chain management
Blockchain has completely switched up the way supply chains are managed, by offering up a whole new way of being transparent. Before blockchain, supply chains would have been burdened with data breaches, clear transactions that everyone could see, and delays in verifying the authenticity and the tracking processes of all goods. Blockchain comes in to prevent these issues by creating a top-secret ledger that records every single transaction in the chain.
It watches the movement of goods across the continents, and time stamps everything for complete security. This provides unrivaled transparency and traceability, making supply chains more efficient than ever before. This is needed now more than ever because the food industry has always had problems with delivery and food safety — however, now it can all be traced right down to the last detail.
Besides making lives easier, blockchain also answers many prayers — with that being, far less paperwork. It’s a win-win for supply chain managers, and a win-win for the end of chain receivers.
3. Healthcare
Blockchain has been used in both healthcare and pharmaceuticals for some time now, and it’s making waves in terms of management and security. There have always been slight difficulties relating to the security of medical records, with various malware attacks being reported in history — meaning there has never been a better time for fortified security advancements (this is partly why we’re seeing other solutions too, like secure file transfer software).
There is currently an ongoing issue with healthcare providers being unable to access patients’ data profiles from other practices, and blockchain is set to bridge this gap — and transform healthcare as we know it.
Blockchain cuts out all of these issues by using its ledger system to securely store, share, and access records across the country — in a tamper-proof environment that’s free from hacks or attacks.
With all these uses, no wonder blockchain is such a hit these days – we’re soon going to be in a world where we can’t imagine how we lived without it. That feels pretty exciting to us – and we can’t wait to see what’s coming next for blockchain!
