Bitcoins are commonly heard, but what about blockchain? Basically, blockchain is a digital ledger that is continuously being updated. It is a database, so it comes in digital format and functions as a storage for information. Other than that it is used to ease business owners to track their assets and record the transactions. Sounds interesting right? If you wish to search for malaysia blockchain startup, you should read this post until the end. The unique aspect of blockchain is the asset can be in many forms. They hold a significant role too in the cryptocurrency world.
Blockchain and Businesses
Up until today, there have been a number of businesses that use blockchain technology in their business The types of business vary from healthcare to the media industry and even financial and accounting. These are the businesses and industries that would most likely utilise blockchain technologies:
General information like sex and age, as well as possibly basic medical history data like immunisation records or vitals, are examples of health data that is ideal for blockchain. Its main purpose is to trade patients’ data and at the same time, protect their data through doctors or physicians, pharmacy firms, and especially hospitals. Their data are exchanged with their consent, so it is 100% safe and secure. There’s no need to be concerned about a data breach or identity theft.
Media and Entertainment
The media and entertainment industries are very well-known as huge fans of blockchain technology. By attaching blockchain to content, it may be used to not only track but also prevent its use over the world. Royalty distribution could also be changed to make transactions more efficient. Blockchain technologies do not only benefit the artist, the producer, and the company, but they also provide benefits to the customers or consumers. With the increasing number of companies that starts to invest in this technology, it is possible to say that blockchain might be the future of the media and entertainment industries.
Financial and Accounting
Most financial and accounting services have started to invest in blockchain technologies as they bring so many advantages. Blockchain technologies have been used widely due to their capabilities in preventing fraud and guaranteeing safe and secure transactions. Due to their design and functions, they are very trusted in managing customers’ data and transactions, and they are almost impossible to be altered by anyone.
3 Main Benefits of Blockchain Technology in Businesses
With quite a number of industries and businesses showing their interest in blockchain technologies, we cannot deny that they hold numerous benefits to a business.
Enhancing Security and Privacy
As mentioned before, blockchain technologies are very safe and secure. You wouldn’t have to worry about data breaching or anything similar. It is highly understandable that our data is very crucial and important, hence why using blockchain technology would most likely prevent those incidents from happening. Everything is done with your consent and your data is stored safe and sound.
Efficient and Productive
Unlike the old ways, this technology is very efficient and productive. No human error would occur and it is very time-saving. Transactions can be processed even faster and it does not take up too much time to be complete. Apart from saving your time, it also eases you and other people as everything is accessible.
Transparent and Traceable
Transparent and traceable in this context shows the differences made by blockchain technology to a business. Unlike before, when there was no blockchain, every organisation need to keep its own separated database. With blockchain, they are able to detect the origin of a product which would help them to manage their company better.