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Blockchain technology stirred a wave of 'what ifs' around the globe after its introduction in the digital space. Inspired by those 'what ifs,' we took the assistance of our blockchain development team to compile blockchain use cases and their implementation in enterprise solutions. We are a blockchain development company experienced in providing a range of blockchain app development services, including Ethereum blockchain app development. We assist financial institutions, nonprofits, government bodies, and startups to use Enterprise Ethereum to build, test, and deploy permissioned blockchain industry use cases and solutions.
Benefits of Enterprise Ethereum Use Cases by Industry
Distributed ledger technology like blockchain holds substantial potential for enhancing efficiency, reducing costs, and real-time information. Ethereum blockchain extends this potential and enables four key enterprise solutions.
- Lower costs in trust establishment and coordination with external entities
- Enable new business opportunities with multi-sided markets and digital assets
- Enhance the business network with operational efficiency and accountability
- Advanced business models against legacy process models
Enterprise Ethereum Use Cases and Applications by Industry
Ethereum is a blockchain platform that enables inventive characteristics like decentralization, transparency, automation, and immutability. We can apply these elements across various industries. At Oodles, we believe that the following are the most significant Ethereum blockchain use cases for industry solutions.
- Banking and Finance
- Digital Identity
- Energy and Sustainability
- Government and the Public Sector
- Healthcare and the Life Sciences
Banking and Finance
Banking and other financial services often deal with archaic operational processes, like slow payments and settlements, security vulnerabilities, and limited transparency.
Ethereum blockchain based financial solutions can address these challenges by enabling accountability and transparent governance systems, secure technology infrastructure, and efficient business process models. Additionally, they can also enable financial instruments’ digitization to provide greater liquidity, reduce counterparty risk, and facilitate access to a larger capital base.
Also Read: Enterprise Ethereum: A Platform for Private Blockchain Solutions
Digital Identity Management
Currently, data breaches are soaring high. It is becoming increasingly difficult to manage users’ identities and personal information securely. Digital identity theft and fraud are rampant these days, impacting millions of individuals negatively. Put simply, individuals have no control over their digital identities and information.
An Ethereum blockchain-based digital identity management system provides a unified, tamper-proof, and interoperable infrastructure. It benefits enterprises, users, and IoT management systems.
Energy and Sustainability
Oil and gas companies struggle with siloed and fragmented infrastructure and several other issues related to efficiency, transparency, and optimization.
Enterprise Ethereum blockchain enables them to significantly increase process efficiencies while lowering costs associated with operations and distribution. When combined with IoT and AI-powered devices, an Enterprise Ethereum-enable power grid can have automated billing and settlements in real-time, and much more.
Government and the Public Sector
Traditional governments are heavily reliant on outdated systems and processes, and inefficient organizational structures. Security vulnerabilities are another area of improvement for the public sector. Ethereum’s distributed encrypted ledger and smart contract functionality can enable governments to establish trust, increase efficiency, improve accountability, and develop high-performant government operations with more agile, secure, and cost-effective structures.
Healthcare and the Life Sciences
Data silos, misinformation, and lack of information sharing between healthcare stakeholders plague the healthcare world. Ethereum blockchain solutions can improve data sovereignty and permissioned information sharing. It can lead to efficient, secure, and fast medical data management, including drug and medical device tracking. It can significantly improve patient care, expedite medical discoveries and advancements, ensure authentic and credible drug distribution across global markets, and more.
