The Ethereum blockchain has become synonymous with innovation and development in the digital finance environment. Since its launch, it has become widely recognized for its development of decentralized applications and finance, as well as the creation of non-fungible tokens, which were frequently sold for millions of dollars. They have directly contributed to developing the Bitcoin Ordinals that are now shaping the BTC blockchain.
The system itself is mainly known for enabling crypto transactions and staking, allowing investors to buy Ethereum with debit card and add it to their portfolios. However, researchers have started to see the potential of using the blockchain to perform other tasks. The business sphere is particularly noteworthy in this area, as there are many ways through which the decentralized ledger could improve functionality and make enterprises more efficient.
But how soon can the general public expect to see this development, and what exactly are the ways the blockchain could improve the business sector?
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Since its introduction on the financial scene, crypto has been a divisive topic. While some watched all developments with bated breath, looking forward to the latest innovations, others have long decided that digital money isn’t worth the risk and holds to actual value anyways. Despite its detractors, crypto continued to grow. As businesses seek further digital transformation in order to keep up with the demands of an increasingly more competitive marketplace.
Recent estimates show that the global size of the blockchain market stood at roughly $7.4 billion in 2022. However, if you believe these figures are impressive, you should know that predictive analysis indicated that the sector is expected to generate up to $94 billion by 2027. That would mean a growth rate of almost 70% in just five years. That’s good news for the industry and shows a willingness from entrepreneurs to use technology to expand their businesses.
Understanding the system
Cryptocurrencies have often been accused of having no genuine real-world application since they don’t exist in actual physical form but only in the online sphere. The blockchain could also be considered ineffectual by those who view digital finance negatively. But recent events show there’s much more to it than that. In fact, the development of the Ethereum blockchain in business has been so broad and all-encompassing that you can now read books on the subject.
The language used is typically straightforward and relatable so that readers don’t have to worry about missing out on anything important. The terminology can be a little perplexing initially, but understanding more complex processes becomes much easier once you get the hang of it. The only way to adequately implement a blockchain system at the business level is to fully understand how the blockchain operates.
As business owners became familiar with the blockchain, it became easier to understand that the decentralized ledger is a solution to existing problems in the current systems rather than a competitor that can be used to oust them from business. So, what are the possible use cases for the blockchain within the business sphere? Tokenization is perhaps the most obvious to notice, as firms can use it to digitize assets, making them easier to manage and keep track of.
The ERC-20 and ERC-721 tokens are particularly noteworthy, and so are ERC-1155, which has been gaining much traction in the business sphere because it is semi-fungible. This functionality allows users to use both fungible tokens and NFTs with just one smart contract. One of the obvious uses for this technology is in serialized packages, such as those used for medicine. The large batches can be used by distributors along the supply chain.
Traceability is also an important issue, and so is the ability to provide a reliable system that can detect counterfeits. Consumers can use a QR code to better understand how the product they bought was manufactured, as well as the journey it underwent through the supply chain. Contract management, carbon emissions, payments and all other management features can all be traced through blockchain use.
Since the information cannot be modified or changed after being recorded in the system, it also provides a safer and more reliable record. If there’s anything along the supply chain that doesn’t work accordingly, for instance, it becomes much easier to accurately identify the problem in a shorter amount of time, thereby using fewer resources that could be distributed elsewhere.
The medical field is one of the most obvious choices for blockchain implementation. While the uses of artificial intelligence have been amply discussed and debated, those of the blockchain have been a little less obvious. Ensuring blockchain transparency is one of the most critical aspects of the healthcare sector. Optimization will enable more accurate predictions of the demand figures and will allow better supply rates. It also ensures compliance with the rules and regulations to guarantee patient safety.
Electronic health records can also be improved and become more patient-centric. Data can be challenging to manage and keep secure, and it takes a resilient system to ensure its protection. Many healthcare providers have incomplete access to the medical histories of their patients. It is also possible that the patients themselves won’t be able to see their records in full. This can lead to poorly coordinated healthcare which causes medical errors that can lead to illness and even death. According to research published in 2016 by Johns Hopkins University, such medical errors are a leading cause of death in the United States, the third overall in the country.
Medical staff can verify their credentials much faster during the hiring process, and the risk of falsified documents will be significantly reduced. This increased transparency helps create a sense of reassurance among the partners working together. The Internet of Things technology can be employed in remote healthcare monitoring. However, there are several security concerns associated with the use of this tech that the blockchain could eliminate.
According to recent data, almost 90% of companies are using the blockchain in some capacity. 87% wish to invest further in the area over the next twelve months. With these figures in mind, it becomes easy to see why blockchain represents the future.