The impacts of blockchain technology stretch far beyond just cryptocurrencies like Bitcoin. The technology is capable of revolutionizing the market with its secure, transparent, and decentralized nature. Recent statistics suggest 81 of 100 public companies are considering blockchain’s potential, and according to Yahoo Finance, the technology’s impact is markedly escalating, outpacing the adoption rate of cryptocurrencies. The rise in the number of applications of blockchain technology in areas such as supply chains, human resources, and even in the case of digital identities reflects the deep transforming potential it holds for the operations of businesses and governments. In this post, I will describe three ways blockchain is impacting industries and share my personal experiences to make the descriptions more relatable.
Increasing Transparency in Supply Chains
The unchangeable ledger feature of blockchain technology is aiding countless industries with supply chain management. The tracking of goods from their origin until delivery ensures transparency and authentication while minimizing fraud. A good example of this is the TradeLens platform by Maersk and IBM. It connects more than 300 companies across 600 ports and provides real-time shipping data, which drastically reduces the amount of paperwork needed, cuts delays, and reduces the time to access organic and luxury goods.
I witnessed this firsthand when a buddy of mine who runs a coffee shop used a blockchain system to track beans from farm to café. Using a QR code to check the beans’ entire journey brought customers joy and greatly improved trust in his brand. Businesses gain from blockchain’s story-building capability and transparency as well. It offers efficiency and sheds light on the brand at the same time.
| Aspect | Details |
| Example | TradeLens by Maersk and IBM |
| Benefits | Real-time tracking, reduced fraud, verified authenticity |
| Impact | Used by 300+ companies in 600+ ports, cuts delays and paperwork |
| Source | Shipbob Inventory Management |
Enhancing HR with Secure Data Management
Secure storage and verification of certificates and qualifications are transforming human resources through the use of blockchain technology. This shifts the need away from expensive and time-consuming third-party verification. It can also work with systems like the Controlio app, which is known as an advanced worker tracker. The Controlio app allows performance data to be stored securely, making the data vault tamper-proof, thus reinforcing analytics trust.
When I was employed at a startup company, dealing with international hires’ credentials was a long, tiresome process. A lot of the time, the documents would be delayed or not credible; a blockchain-based system would have provided instant and trustworthy verification. Due to blockchain technology’s capability to store sensitive data, as well as provide control through applications, HR can hire more strategically and manage teams with greater efficiency, decreasing risks and saving time.
| Aspect | Details |
| Example | Blockchain for credential verification and worker tracking |
| Benefits | Secure data storage, faster verification, tamper-proof analytics |
| Impact | Reduces reliance on third-party services, enhances trust in HR processes |
| Source | Insightful Employee Monitoring |
Empowering Digital Identities
Digital identity management is changing for the better due to blockchain technology’s decentralized structure as opposed to centralized systems, which makes them increasingly vulnerable. Estonia is the world leader with blockchain-based ID techniques, issuing governmental identification and allowing citizens’ access to services like voting, banking, or healthcare. Switzerland and Finland are looking into self-sovereign identities where users can control them freely.
While attending a tech conference, I recall learning about how blockchain-based IDs could assist refugees in proving their identity without the physical documents, which, due to circumstances, are often misplaced. This is, in my opinion, an astounding use of technology. By removing risks of data breaches and providing control to users, blockchain technology is working towards a safer and more accessible digital world.
| Aspect | Details |
| Example | Estonia’s blockchain-based ID system |
| Benefits | Decentralized, secure, user-controlled identities |
| Impact | Enables secure access to services, explored by multiple countries |
| Source | PwC Estonia Blockchain Report |
Final Note: A Bright Future for Blockchain
Beyond cryptocurrencies, blockchain technology has innovative applications for supply chains, human resources, and digital identities. It can transform modern industries because of its strengthening capabilities regarding transparency, security, and efficiency. Although there are hurdles to overcome, such as scalability and energy consumption, the promise it holds toward building trust and simplifying processes is extraordinary. The Controlio app demonstrates how integrating blockchain into current systems enhances its effectiveness. The more it gets embraced by public and private institutions, the more blockchain will change our work and social interactions in a digital environment.