In the last few months, the blockchain technology has experienced many ups and downs. From Bitcoin prices skyrocketing to the instant downfall of prices, Blockchain presented itself as the new internet. However, it is still in one of the top trends in 2018. Not only reputed organizations are looking forward to adopting this technology but latest startups are also trying to yield the benefits of DLT (Distributed Ledger Technology). And thus, the list of Blockchain use cases is expanding amazingly.
In this article, you can know a few innovative ways the blockchain technology will be used to transform our lives in the coming years, including those Blockchain use cases as well which show that it is already in use.
Every HR manager would agree to the point that the hiring of employees is one of the arduous processes in HRD. Verifying an applicant’s information contained in the resume or CV is expensive and time-consuming. In fact, even the pre-employment screening process may not provide the HR representative with the proper assurance that the obtained information is complete and accurate.
Similar to advantages that DLT offers to the voting landscape can also help enhance the employment screening process. Ultimately, this will benefit to hire employees they see fit for the job.
Sooner or later, we can see blockchain-based employment screening services. And expect them to offer fast, reliable information in the following categories:
Not only the coming of such services would enable employees to manage who can have access to their information but also will make information available for those who want to access it. Therefore, we can count the revamping of HR process through Blockchain as one of many Blockchain use cases.
Legal services are now looking forward to the blockchain technology to serve their clients efficiently. A law firm can provide legal services that use speed and security of blockchain technology by turning legal contracts into self-executing programs on a blockchain network.
The potential of blockchain technology can revitalize how law enforcement stores, shares, and secures data. As this year unfolds, so will the DLT solutions providing companies for law enforcement.
Law enforcement firms at almost every level, whether local, state or federal, make extensive use of various database platforms for collecting and managing these datasets. Whenever a law enforcement officer takes an action, it requires to create data about it and safely store it. No other technology can help achieve such objectives like distributed ledger technology.
Hence, by transitioning from centralized and non-centralized databases to DLT, agencies can increase efficiency, accessibility, and accuracy of the data they manage. Also, DLT enables agencies to share data with whom they want to share, across towns or globally, making it one of the potential blockchain use cases.
DLT (Distributed Ledger Technology) not only serves various industries, it equally serves cross-organizational workflow management requirements of particular companies.
Since the majority of commercial enterprises follows set operating procedures, blockchains can better operational safety, efficiency, and cost.
By shifting procedures, processes and policies to smart contracts on a private blockchain network, an organization can enhance its operations and yield benefits of DLT.
Blockchain Solution Providers have started to tap into this market. The months further are likely going to make this competition more stiff as cloud-based workflow management services surface.
Industries that are liable to stringent regulatory requirements, where sticking to the compliance is a challenge. Blockchain lays the foundation for an innovative set of advantages that can aid industries and help their regulators work together efficiently and amiably.
By shifting those regulatory compliance verification processes onto the blockchain technology, industries can provide regulators an immutable record ledger. It will have complete audit capability incorporated into the system.
The use of this technology to solve regulatory compliance requirements already has a name: reg-tech. You may see this term being used a lot this year as the number of more reg-tech solution providers will increase.
For those companies and individuals who need secure cloud storage, Blockchain can prove to be the apt solution for them.
By utilizing end-to-end encryption, DLT cloud storage can help you keep your data secure in transit. It means that not even the cloud storage company can have access to your data, as it will only you having the key to your blockchain records.
Thus, we think Blockchain cloud storage to be at the priority for DLT companies in 2018.
A third-world nation’s economic landscape influenced by the blockchain technology is the last thing you would expect to see. Countries have started using the blockchain technology to leapfrog their economies. By using the innovative technology of Blockchain, they can vision of creating an accessible economy system.
In Government bureaucracies, there is a dire need for improvements in efficiency and accessibility. The one who has gone to a government agency would know that how slowly they work and provide information. The silos created by government agencies in processing confidential information make government records an apt target for the blockchain technology. In fact, legislators are researching on how the state can use blockchain technology to manage government records more efficiently.
As the number of blockchain use cases increases, government records may be on the blockchain technology, including these:
In 2018, it has become significant that Blockchain brings so many opportunities for blockchain development companies. But to achieve success in the blockchain development landscape won’t be as easy as one would think of other web development services. Only those having a thorough understanding of DLT (distributed ledger technology) mobile technology, and complete regulatory compliance will win over the market, or create new ones.
If using the blockchain technology is part of your plan for 2018, Oodles Technologies welcomes you for a free-of-cost assessment of your blockchain related projects. Choosing us for your Blockchain visions can be a right decision as we are proficient in developing robust blockchain apps, as well as, mobile app development, and cloud technology.