Private Blockchain: Is It Only For Fintech?
Blockchain technology has played an influential role in bolstering the development of Fintech. It has enabled true democratizing of financing, making it possible for you to manage your wealth without the need of any middlemen. The unique capabilities of private blockchain include automation, immutability, and security, making it a perfect fit for a finance-based organization.
But does it mean that private blockchain is only meant for Fintech? The answer is no. Any industry can tailor a blockchain framework and utilize a blockchain-enabled system to build trust and ensure transparency.
Supply chain has become more global and diversified over the last decade. Hence, many challenges are cropping up in the industry due to the lack of trust in data sharing between diverse companies. It is difficult, but crucial to building a network of trusted participants. As only known parties can join the network, usage of private blockchain becomes a smart option. This technology allows you and your partners to elevate your transparency and accuracy for end-to-end tracking in the supply chain.
With blockchain-based solutions in supply chain you can enjoy:
- Streamlined operations and communications
- Automation that paves the way for cost savings
- End-to-end traceability that improves brand reputation and eradicates risks
- Augmented contracting and international transactions
The insurance industry is pretty expansive. It involves various players that offer coverage solutions for accidents, health, property, and more. These days, they even protect clients from pandemics-related events that trigger claims to a sudden loss of a beloved pet. Blockchain can be used to effortlessly automate the claims function, thereby ensuring better fraud mitigation and cost savings.
Blockchain allows for data sharing in real-time between multiple parties in a traceable and trusted manner. This helps insurers to process and share evidence-based data within a multifaceted network of connections. Private blockchain mechanisms maintain sovereignty and privacy in the system without centralizing data among multiple parties.
With blockchain-based solutions in the insurance industry, you can enjoy:
- Digitized and consolidated data tracking to speed up insurance claims
- Makes insurance claims automated
- Superior safety and privacy standards
- HLF modularity and design that facilitates high scalability
Healthcare is a major industry in which several parties have to cooperate efficiently and generate thousands of data transactions. Sensitive healthcare records need added protection as their unauthorized disclosure can create major risks to the fundamental rights of individuals. Improving the system for the exchange of information and integrating workflows to bring the value of aggregated data on a cost-effective and near real-time basis is a top priority in the healthcare industry Blockchain-enabled solutions aids in enhancing trust in data sharing while reducing issues with data interoperability. Private blockchain technologies also meet the high-security criteria for access control, privacy, and data confidentiality seamlessly.
Overall, no matter the industry, Blockchain technology allows them to automate operations and reduce operating expenses. Private blockchain especially is useful in solving problems of limited trust with its superior immutability and transparency.
Knoldus specializes in building Blockchain applications with Rust with features like support for a Functional Paradigm and safety orientation. So regardless of the industry, our Blockchain solutions can effectively cater to your automation and security needs.