Bitcoin may be the number one buzz word in the blockchain industry at the moment. But the technology behind it has come a long way from the original idea of transferring digital currencies.
There's no denying that Bitcoin impacted the global financial industry. Today, blockchain software development companies are coming up with new ways of using this currency.
It seems like there are several new blockchain development startups popping up every month. Let's take a look at some of the industries where blockchain companies are already making revolutionary improvements.
Supply Chain Management
This is an industry where blockchain technology has already proved it's worth. Multinational companies like Walmart have invested a lot of money in blockchain technology. They are seeing a potential to change the way we manage supplies and logistics.
Frank Yiannas, the Vice President of Food Safety at Walmart put his team on a mission. They had to track down exactly where a random box of mangoes came from before arriving at the store.
It took his team six days and 18 hours to find the answer.
Yiannas knew there had to be a better way. When he was introduced to a solution involving blockchain software development, he was skeptical but decided to give it a try.
Walmart teamed up with IBM. Together they came up with a blockchain solution to track and record products on their journey through the supply chain. From the field and onto the store shelves.
This enabled Yiannas to find the product the blockchain software system. He just had to type in the product code of the item he was looking for. In a matter of seconds, he could view all the details.
He could see when and where the mangoes were harvested, processed, cleared customs, and finally entered the store.
Legal procedures are often time-consuming. They require a lot of paperwork and are associated with heavy bureaucracy.
This can lead to a lot of problems like contracts going missing, getting mixed up or falsified, and so on. Several blockchain software development companies now propose a solution to this problem.
Since contracts are binding, the original contract can be recorded on the blockchain where no one can change it or tamper with it.
Another example where this would be useful is in developing countries with poorly enforced land tenure laws.
In these countries, a land contract or deed could be recorded on the blockchain. That way, there would not be any doubt about who the real owner of the land is. No corrupt government official would be able to change that on his own.
Or take a look at smart contracts, which are already being used across many different industries.
These are contracts that self-execute when the requirements have been met. The parties involved don't need to worry that the other side will not live up to their obligations.
The Future of Blockchain Software Development
Blockchain technology is disrupting the business world. Every year, it's only getting stronger.
Are you interested in being part of the future? Do you want to learn about blockchain technology and take part in the development? Then visit our knowledge center today!