The blockchain technology has always been in the news since its introduction and almost every day a new use case is being discovered about the potential use of blockchain technology. The technology is proving to be a vital asset for many companies as it provides excellent data security and privacy. The data in a blockchain network is stored using cryptographic hashing, making every entry uniquely identifiable. Access to the data is provided using a unique and highly secure key. Here are a few ways in which blockchain technology can help industries:
Revolutionizing the supply chain: The online shopping trend is on an upward trend, and it has effectively replaced the traditional methods of shopping. The change in buying behaviors of customers requires the producers to change the supply chain management. The customers demand transparency in the supply chain process to keep track of their products. Blockchain offers digital ledger that is distributed and decentralized, allowing absolute transparency for the entire supply chain process.
Tackling Counterfeit Goods: With a significant rise in counterfeit products, many companies have been experiencing losses due to flexible return policies. Blockchain can prevent these frauds. Blockchain technology enables customers to keep track of their products at all times. Retailers can use a scannable code to each product, allowing consumers to view the entire history of the product from the place of manufacturing to the last reseller.
Analyzing buyer’s behavior and decision making: Blockchain technology can connect with smart devices to analyze customer behavior. It can provide significant advantages to the manufacturers as it can give insights on the need for change in a particular product and any required change in the production quantity of a specific product.
Apart from incredible security and traceability, blockchain technology has many other use cases for industries. The technology can create markets that are decentralized allowing people to communicate without the need for any third party.