Multiple suppliers, customers, and intermediaries have a deep web of information sharing and collaboration. Moreover, monetary transactions must happen each time a buying or selling order is made. All this makes it challenging for efficiency in the industry. Visit a site about bitcoin to know more about bitcoin trading.
Blockchain has been used in many industries, such as banking, real estate, and even music purchasing. Still, the supply chain industry is ripe for disruption thanks to its high complexity and responsibilities that are difficult for any existing technology to handle.
For the supply chain industry to achieve excellence in its service delivery, it needs a technology that can maximize speed and efficiency. Blockchain is the answer; some companies are already deploying intelligent contracts for tracking goods to their intended recipients.
With the use of Smart Contracts, there is almost no need for human intervention, which significantly enhances speed and accuracy. With blockchain-powered supply chain businesses, users will improve shipping times due to only needing one confirmation of ownership instead of multiple signatures on paper. The paperwork is also automated, making the process cheaper since there is no longer a need for a workforce at each step. Let’s discuss the industries that blockchain will disrupt in the upcoming few years.
Supply Chain Industry:
Of all the industries that use blockchain technology, the supply chain industry is probably one of the most suitable for its use. The industry has challenges, such as double-checking goods is indeed possible. There are a lot of transactions that need to happen, and there be intermediaries involved in each step along the way. The paperwork process can also get complicated in some cases, which causes unnecessary delays in some transactions.
If there were even more intermediaries, tracking goods would be harder, leaving more room for error and human error. To solve these problems, supply chain businesses can implement smart contracts that remove ambiguity and simplify the process by writing automated rules in code so that once things are initiated, they cannot be changed by users unless all parties agree.
Music Industry:
The music industry is a multi-billion dollar, with a lot of money being spent, generated, and reinvested. Music streaming is now available to the general public and is very popular in many parts of the world. Some artists have had these platforms open their income avenues since they can make a living from digital sales, streaming services, and public performances.
If an artist makes a song, they own the copyright on that specific recording, allowing them to sell it to companies for use in their products, commercials, or even movie soundtracks. This problem lies in a dispute over which company is doing what. Companies also collect fees on behalf of artists, songwriters, or producers and then take a percentage of it as profit.
Blockchain technology is an excellent way to handle such transactions since it is an immutable digital ledger that users can use for transparency of these transactions, which brings us back to smart contracts. Smart contracts can be used for every transaction in a digital recording, such as royalties or payments and rights management.
Real Estate:
Real estate is another industry that can make use of blockchain technology. Multiple people come into the picture when buying or selling a property from both the buyer’s and seller’s end. It’s not just transactions but also negotiations about terms and conditions for properties. These negotiations are usually done through email since it’s the most convenient way to reach many people at once.
This process, however, is not very efficient since there is no record of who said what or made what offer first in case there are disputes about something or someone decides to back out last minute. Suppose a company implements intelligent contracts for real estate. In that case, it will solve many of these problems since it is an immutable digital ledger that cannot be altered and offers transparency in the process.
Health care Industry:
The hospitality industry is complex when it comes to transactions and payments. Not only are there buyers to deal with, but there are sellers who also need to be paid accordingly. Payments must also happen because the products or services provided by hotels, restaurants, or airlines must be paid immediately. Smart contracts can help the hospitality industry handle these issues since payments between parties become automated and instant, making both businesses and consumers happy.