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As time passes, increasing numbers of people become aware of a newer way of securing transactions called blockchain. It uses cryptography to create digital records which are nearly impossible to hack, replicate, or misuse.
These transactions are completed on multiple computers in a chain. This is another reason the digital records are difficult to alter.
But not all of the information in a blockchain needs to be financial. Blockchain can also be used to send, receive, and record other information as well. In fact, there are some surprising business uses for blockchain.
1. Business Contracts
When blockchain is used to secure information in a contract it can’t be changed in any way. This could be a major advantage for businesses that must deal with many contracts at any given time. Examples include retailers with many suppliers and real estate agencies just to name a few.
There is another advantage for multiple businesses in a chain. Blockchain use allows them to receive the information they need without seeing information that is sensitive.
2. International Transactions
Due to the encryption in blockchain it is ideal for monetary transactions. This makes its use for international transactions desirable as well.
Payments and transfers can be done faster, more accurately, and at a reduced cost using blockchain technology. Additionally, banks would not be necessary to handle the transactions.
Because information is basically unalterable in a blockchain it can make tracking easier. If your business is conducting an internal audit, it can speed it up. Information should be more accurate and easy to find making the process much easier.
4. Risk Management
Do you remember the Listeria-contaminated ice cream that killed 3 people in Kansas a few years ago? Such events are tragic, of course.
However, blockchain use in businesses could have made tracking the origination of the bacteria faster. Within minutes every carton could have been pulled from store shelves to prevent new illnesses from occurring.
5. Insurance Claims
Businesses today usually carry more than one type of insurance. For example, they may have liability insurance to cover accidents. But they may also have workers compensation insurance as well as vehicle insurance and others.
Using blockchain for the contract as well as claims filing ensures the accuracy and quick return of payments. It also allows for quicker settlements of the claims and any legal suits attached.
This makes both businesses and claimants happy because they can put unfortunate events behind them quicker. Insurance companies also benefit because use of blockchain can prevent payment of duplicate claims.
Other than tax preparers, not a lot of people enjoy doing taxes. It’s cumbersome, time-consuming, and a general pain in the neck. Image how blockchain could change all of that. It could be used to automate the entire process.
Human errors would be prevented, time could be saved, and refunds received much faster.
7. Car and Land Titles
Car and land titles could also be filed more efficiently with Blockchain. For instance, proving your identity would be nearly effortless and there would be no disputes over it.
Processing time would be sped up. This would allow you to receive your title much quicker.
Clearly, there are many surprising business uses for blockchain. Now, if only we could use blockchain to automate and speed up the widespread use of blockchain.
Can you think of other business uses for blockchain?
This article originally appeared in Due.