Using blockchain outside of finance

The sphere of finance is a leader in the use of blockchain platforms and developments, because any transactions are complemented by security and efficiency. This is not the only area where the technology is used, especially in the case of corporate solutions, when several organizations have access to the same data and it is necessary to obtain data on the history of operations. Possible blockchain implementation environments include:

• telecommunications and media;
• production;
• healthcare;
• the science;
• trade in retail goods and consumer goods;
• public administration.

Since 2021, the popularity of using technology is moving into the following niches:

Information exchange. Often the receipt of information, further exchange is limited by different technologies and confidentiality principles. Blockchain and DLT programs enable companies to work with information, exchange it with guarantees that it will not get to third parties, but only to trusted individuals. At the expense of privacy, companies can share information outside of the organization, strengthening interaction and trust with other customers throughout the ecosystem. This direction is convenient in medicine, because service providers can obtain information about specific patients to simplify the work. Blockchain will be useful for intelligence organizations to quickly communicate threats or other information to specific departments.

Personal information and digital identity. Blockchain helps to securely store and manage various data, and the users themselves are the true owners of this or that information. Customers have the ability to create, manage digital identities. Due to the blockchain, a high degree of protection and security of data storage is achieved with the ability to identify an individual, excluding fake or stolen information. Similar applications can track contacts, honey. cards, accounts.

Grant funding. With the help of the blockchain, the burden on control and reporting on financial results and other reports is reduced. Studies have shown that working with new technology for efficient grant payments has increased the quality and transparency of all transactions, making payments more efficient.

Operational accounting. The parameter is especially important for large companies, including various planning tools, tables and other processes. Blockchain allows you to improve transaction control, provides transparency and the ability to audit all transfers within the company.

Transparent supply chains. In logistics, blockchain allows you to track the movement of goods, minimizing counterfeit shipments, illegal activities or work with poor quality products. The technology will help to verify the origin of meat products, jewelry, drinks, etc. Due to the implementation of the development, the government will be able to comply with the rules of trade, tariffs, it will become easier to monitor shipments.

Work with the client base. With the help of non-fungible tokens (NFT) in the form of collectibles, people and large companies have the opportunity to create a community to attract new customers, fans, thereby promoting services or products. NFT is a modern method of protection, diversification of income, excluding the fact of speculation or fraud.

Monetization of content, creativity. Any kind of art, from the creation of paintings, poems, songs to serious scientific inventions, can be easily monetized using the blockchain. Users will not need to prove ownership, create patents or obtain other documents for their products. Smart contracts embedded in intellectual property automatically confirm copyrights, and the monetization of such a product in the digital world becomes much easier and more valuable.

The decentralized focus of the blockchain is not an ideal solution at the moment. There is room for advancement in technology in 2023 and beyond. Among the disadvantages in comparison with centralized infobases, one can single out insufficient performance and the need for large amounts of memory for efficient operation. Information on the network cannot be changed, which is considered a plus, but in some cases it can be a minus, causing difficulties in data processing.

Blockchain in trade is gradually being introduced, the main difficulties are related to the legal norms of different countries. Since the information is stored in a decentralized database, and the processing is carried out immediately in different places, the biggest legal problem is the regulation and taxation of cryptocurrencies. Malta is the first country to start introducing financial technology regulations.

Pros of Blockchain and Management Perspectives

Blockchain is a modern technology that is actively used in the field of finance and trade.

It has a number of distinct advantages, including:

• Immutability and stability.
• Open access to truthful information about products, transactions.
• Ability to meet the needs of today's customers.
• Easy control of the entire production process in the field of trades.
• Company transparency.
• Increasing brand loyalty, strengthening trust in a particular company.
• Counterfeit protection.

As a result of all the possible advantages, it is necessary to highlight the managerial development prospects with the help of the blockchain marketing agency. The first thing to highlight is the strategy, because with the help of the blockchain, the CEOs of companies can easily interact with the heads of the IT sector. By introducing blockchain into their business, any leader in 2023 will be one step ahead of their competitors. The second perspective concerns finances, but many directors are afraid of the full-scale introduction of development into real business. The leaders of the financial sector will be flexible in implementing the technology, any regulatory and financial risks will become easier to analyze and control.

Corporate implementation of technology is not yet very common in the world, so it is difficult to accurately talk about possible risks. However, cryptography applications can greatly increase the efficiency and reliability in verifying transactions, and a digital identifier will be responsible for confidentiality.

Blockchain has been working for more than 10 years, new developments appear every year, improvements to old ones, but many countries perceive this as a curiosity with minimal regulation from the state. Given the functionality and large number of blockchain programs in different sectors, in 2023 and beyond, we can expect the creation of a regulatory framework and technology that will be applied around the world.