Blockchain in its most basic definition is “record” keeping hosted across a transparent network of multiple locations as a form of verification. Beyond Query defines the practical application is the management of data, from storage to transactions. This method of “record” or data management is beneficial from business operation cost reduction, being decentralized offers tamper-proof results, and streamline process.
The business application is utilized in the following areas:
Supply Chain: Often used to record the origins of materials, verify said materials, and track the path from provider to consumer.
‘Smart’ Contracts: Complete automation where two parties each provides what they agreed upon in the blockchain. Once both parties deliver agreed upon terms, the transaction is automatically carried out without the need for third-party intervention.
Healthcare: Some health care providers have used blockchain to securely store patient medical records. This piece of mind enables patients that records cannot be tampered with and is stored with a private key with limited access.
Public Records: Many public records today is available to the public. Blockchain streamlines this process by removing the need for the administrative record keeper. The result is receiving correct data immediately.
Financial: Blockchain is highly utilized in the financial industry. Banks for example technically should be open 24/7 as businesses today operate globally in every time zone. Blockchain removes the time restraint some businesses experience.
Contact Beyond Query and speak to a consultant to ensure your systems, websites, network infrastructure, and API-driven requests are not compromised.