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Blockchain Technology at the Service of Business

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The fact that the blockchain market is slowly but steadily expanding is confirmed not only by its adherents but also by various independent experts. Moreover, one interesting feature of the use of blockchain is noted – it is almost never used for any one function. According to the results of surveys of employees of companies that use blockchain, its purpose in business is quite extensive. This includes secure exchange of information, digitalization of currencies, digital asset management, and much more. Along with the information received about the use of blockchain, the satisfaction rate of users of this technology was also announced, which, in one variation or another, amounted to almost 100%.

In addition to analyzing the current situation with blockchain, experts have formed trends in the development of this technology. We will note here only certain directions. Thus, in the healthcare sector, up to 60% of blockchain applications are expected to be introduced, which will significantly improve the storage of medical records and track the movement of medications. A closer interaction between blockchain and artificial intelligence is also predicted. And, of course, the transition of countries to the use of digital currencies will only intensify. This development of blockchain technology certainly contributes to the development of the market for services related to the development of blockchain applications. Most new and improved Web 3 projects need This fact, in turn, will not only facilitate the implementation of complex and time-consuming applications but also lead to an innovative leap in the development of both the companies themselves and entire business sectors and even countries. 

Despite this today, one of the main problems of blockchain technology is the desire of many companies to use it in absolutely all situations, regardless of the fact that it may not be useful everywhere. Therefore, the task of any company that provides blockchain development services is, first of all, to evaluate the usefulness of using this technology in each specific project. But in many cases, the use of blockchain brings real benefits.

Examples from business practice

Let’s consider a situation where a large Company has a huge network of distributors and partners with whom the company constantly interacts. In the process of working with these partners, the company often encountered problems. The problems were related to the fact that employees of distribution companies, which were scattered around the world, did not always have the competence and legal literacy necessary to draw up contract documentation correctly. For this reason, the company had constant problems associated with paying large fines for lawsuits, which competitors skillfully took advantage of. After its market ranking dropped, the company decided to use blockchain technology to solve this problem. As a result, the entire register of employment contracts began to be maintained exclusively on the blockchain. This register was available to every employee of the company, as well as to those of its specialists who were obliged to monitor both the quality of the contracts themselves and compliance with all the conditions reflected in them. And since blockchain technology was used, it was natural that it was impossible to change any data in these documents.

The following example concerns one large Platform that conducts auctions. The problem was that some of the bids were questioned by the last bidders. That is, for almost every large lot, there were three or four dissatisfied participants who filed lawsuits in court. They justified their claims by the fact that the bid was either dishonest or untimely, or the winning bid was declared non-winning, etc. In other words, the data of the Platform could not be controlled; changes to the registries could be made by both external hackers and someone inside the site itself completely uncontrollably. After the Platform lost several cases, its leaders decided to use blockchain technology to restore order. As a result, all bets came under the control of smart contracts. Each person who made a bet, as well as the date, time, and value of the bet itself, began to be entered into the blockchain, and all this information acquired the status of immutable information. Litigation stopped, and there was even a precedent when one of the Platform participants was denied a claim due to the fact that the court accepted blockchain data as evidence of the absence of the subject of the dispute.

The most significant example is associated with applications that are aimed at sites and services that provide dating services. There are often many fake accounts on such sites, both specially created and faked to resemble real-life popular accounts. Moreover, fake accounts are often created for the purpose of carrying out fraudulent activities. By turning to blockchain technology, the dating Service was able to prevent the emergence of fake accounts by verifying users. As a result of verification, the data enters the blockchain directly from the user’s device. Thanks to this, any connection to any service of a verified user will be protected from fakes. In this case, the rule on non-distribution of the user’s personal data is not violated since the blockchain only stores information that the data has been confirmed and corresponds to a real specific user. And any change in data will require updating the verification.

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