Three Use Cases of Blockchain Technology for Enterprise Software

Blockchain promises to revolutionize the industry beyond cryptocurrency. With wide applicability in the market, the combination of this technology and creativity can solve known problems that affect our productivity and represent a high rate that is time consuming.

Flavia Fonseca He specializes in corporate communications and public relations. Here, she shares three uses of blockchain technology

Flavia
Flavia Fonseca, Corporate Communications and Public Relations Specialist

The first association with blockchain is almost incompatible: cryptocurrency. The close connection with the financial market is understandable because figures related to cryptocurrency attract the attention of anyone interested in this technology. An example of this occurred in 2020, when the “discord” between Bitcoin and other financial institutions escalated to the point where Bitcoin capitalization bypass US bankAbout 222 billion dollars And approached Rasmala PayPal. Stunning numbers, but still not enough to determine the application of such an innovative technology.

The use of the blockchain at the company level is related to the application, which is constantly growing. Among the many usage hypotheses, there is such a certainty that the blockchain is a fertile source of technological innovation that it is up to human ingenuity to implement it with a positive effect – and this is not difficult. Blockchain has already proven to be a stable technology over the years. Besides, more and more companies, including traditional sectors, are realizing the need to improve their systems, or else they will fail to achieve what technology makes possible. Moreover, this is A demand that was gradually asserting itself.

Thus, it is up to us to ask: How can blockchain revolutionize B2B software?

Blockchain is very versatile. No wonder that 81 of the top 100 companies in the market use blockchain technology, either by developing solutions or still in the research phase. Companies have shown a growing interest in working with blockchain solutions due to the benefits that this technology brings. It is expected to be mined by companies in the IT industry, such as Microsoft And Samsung But many are still surprised when companies from other sectors not only join this list, but also top it: Walt Disney, Coca-Cola, Nestlé, McDonald’s

While each of these companies has its own specific reasons for adopting the blockchain, the innovation power it provides has a high potential for improvement. They are commonly used in the fields of payments, banking, supply chain, logistics, and Blockchain as a Service (BaaS), and there is still much to be explored. I speak from my experience – before I began my career in corporate communications and public relations, I was a corporate attorney. I wasted countless hours checking the details with the details of documents with unlimited values ​​to make sure they are correct. The special attention to corporate global documentation required me to check the tiniest details with ‘eagle eyes’, which was, in practice, a waste of time and investment in something technology could do for me.

With this in mind, I decided to look for three ways to implement blockchain technology outside of the cryptocurrency junk market. What I’ve found surprises anyone who hasn’t looked at innovation with pioneering eyes.

There are many applications for the B2B marketplace where blockchain can be useful. In my own case, it’s worth mentioning one I got to know after I started working for the tech company I developed. connect software Create a tool called CB Blockchain Seal for SharePoint. The functionality of this solution speaks well of software integration and delivers on what it promises: documents, in a huge list of formats, are digitally stamped, prevent fraud, and the date and time stamp can be checked using the browser component – something an auditor would be thankful for! Audits often look for the authenticity of documents, which are often expensive and time-consuming, which makes a quick check much appreciated.

The diversity of the applicability of the blockchain could also support the avoidance of counterfeit food and beverage brands. European wineries are using the blockchain to ensure this The authenticity and quality of their brands. The combination of taste and sensations, not to mention the techniques of winemaking, often strongly influence the prices and reputation of bottled wine. Exotic processes that support the exclusivity of the brand affect the financial value and the attractiveness of similar products. Hence the need to implement an effective method to ensure the authenticity of the products and the blockchain is a definitive answer to this question to distinguish the original bottle brand from the counterfeit one.

We can skip the part where we address the connectivity that the Internet brings into our daily lives (this has been a topic for 20 years), but when it comes to IoT connectivity, it’s still a hot topic. You have certainly heard – if you are not already a happy owner – a home appliance with an Internet connection. But you may not have heard that the Internet of Things and Blockchain talk so well. One sector that sees this innovation in practice is the supply chain. Blockchain technology is making a huge difference in the Internet of Things industry. Supply chain telemetry data is collected at various stages and transmitted to a center that stores this data for future analysis. The role of the blockchain is to check this data for later validation. Updating the phases using the blockchain provides a transparent and security-enhanced method, without compromising autonomy.

There is still a lot to create with blockchain technology. But if we take into account the innovation potential that this technology brings to itself, in such a “short time” of exploration, there is surely a lot to come. One thing is for sure: Concern about information security is becoming more and more prevalent. It makes perfect sense for us to apply the technological developments that we have on our hands in a democratic and accessible way.

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