Initially, blockchain was closely associated with the development of cryptocurrencies. Today this direction, namely blockchain development, finds application in various fields. Let’s consider what it is and what functions can be delegated to the blockchain.
Blockchain development is the development of systems that work with blockchain distributed ledger. The blockchain system is designed to ensure the distribution and immutability of data, the validity of which can be verified by anyone. In addition to cryptocurrencies, this approach is predicted to have excellent applications in other areas.
Today, according to a global poll by Deloitte, blockchain is recognized as a relevant and in-demand technology, and its development is approved by more than 83% of respondents from among the CEOs.
First of all, blockchain is mainly used in the corporate environment – in processes involving two or more companies working with each other.
Here are a couple of examples of how you can implement such technology in business processes:
- One of the scenarios for the application of technology in the city may be the translation of the issue of documents from paper form to digital. At the same time, the blockchain allows you to prove that the document is legally binding and has not been changed. Therefore, it can be incorporated into the processes of drawing up factoring contracts, for example.
- Another application is the use of this technology in voting and public projects, when it is necessary to prove that information within the system has not been changed.
- Supply chain control is another area where blockchain development will be relevant and useful. Supplier tracking, supply tracking, reporting – all this is perfectly implemented using the blockchain distributed ledger.
– Another area of application of this new IT direction was highlighted by TrendLine – this is the tokenization of traditional financial instruments and assets.
Do not forget about crypto as cryptocurrencies remain one of the most important areas of application for blockchain development.
The advantages of blockchain development are in its adaptability to the needs of a particular business. Such solutions can be implemented both in industrial business processes and in legal practice, international infrastructure processes and, of course, adapted to the particular needs of each individual business.