How Healthcare, Finance, and Supply Chain Are Leveraging Blockchain

• Amber Smith
• September 20, 2023

Blockchain technologies help solve a number of important problems, such as ensuring information security, reducing costs, and maintaining the sustainability of enterprises. Companies and governments recognize that blockchain-based solutions can accelerate innovation as well as help in the digital transformation of business and society. Against this background, mass adoption of technology is expected in all industries. 

Blockchain is a decentralised, distributed, and continuously updated database consisting of blocks, each of which contains information about transactions or other events. The blocks are interconnected using cryptographic methods, which ensures the security and integrity of the data. Blockchain technology became the basis for the creation of cryptocurrencies, and it is thanks to them that blockchain became known in wide circles.

Blockchain technology promises massive change across many industries, but it cannot replace legacy systems overnight. Companies have established business processes based on traditional approaches. Therefore, for the development of the blockchain market, effective integration of the technology with the existing IT infrastructure of enterprises is necessary. We are talking about implementing solutions for connecting blockchain systems with traditional databases, workflows, ERP platforms, etc. 

Healthcare Industry 

One of the benefits of blockchain for medical data is patient-managed medical records. The patient owns and controls access to medical data. This removes barriers to patients obtaining copies of medical records or transmitting them to another healthcare provider. Blockchain can ensure that medical data cannot be changed by anyone, including doctors and patients themselves. Because patient records are stored on a decentralised network, the data is more resilient to loss and hacker attacks.

Another scenario for using blockchain in medicine is supply chain management, as well as the fight against counterfeiting. Counterfeit and substandard drugs are a common problem in the pharmaceutical industry. The global market for counterfeit medicines is estimated at $200 billion.

Blockchain has the potential to revolutionise medical research. Technology can speed up research, open up access to data, and strengthen control over results. In turn, eSIM card technology allows you to be connected everywhere, have the Internet, and use it at any time. A virtual SIM card is a technology that allows you to install an application from the App Store or Play Market and get a virtual number. Thus, thanks to Yesim.app, even while abroad, you will be able to access both your medical data and your cryptocurrency wallet.

Existing limitations to the use of blockchain in medicine include issues of scalability, data transfer latency, interaction between different systems, data security, and confidentiality. 

Blockchain And Finance

In the financial sector, blockchain is most often used to speed up transactions, make them cheaper, and increase their security. Let’s take, for example, such a popular service as money transfers. The introduction of blockchain technology when making transfers will significantly increase the speed of transactions and reduce or even completely eliminate commissions. The digital SIM Card technology used in Yesim.app helps cryptocurrency traders stay connected around the world. In addition, the eSIM card provides a secure connection and allows you to respond promptly to market changes wherever you travel. 

Blockchain can greatly simplify life not only for banks but also for their clients. No financial transaction today is possible without identity verification. As a result, bank clients have to constantly use all kinds of codes and passwords. Blockchain allows you to go through the identification procedure only once to create a special identification certificate. In the future, it will be used to confirm any transaction, while users can choose who they agree to present such a certificate to, and all personal data will be reliably protected. 

Supply Chain 

Making the supply chain of goods transparent and visible to stakeholders will help manufacturers build consumer trust in their products and ecosystems. Therefore, today’s distributed supply chains need a system that will ensure compliance with security standards for all parties with access to a complete set of product history data. Working with supply chains, as well as with blockchain, requires being constantly connected. The most modern and convenient solution when travelling abroad is virtual SIM сard technology. It will allow you to make calls using a virtual number, which is available in the eSIM card application.

It is the blockchain that will provide understanding and control of the value chain, because everything will be reflected in the list of actions visible on the blockchain in real time. If there are defective segments in the supply chain, then with blockchain, they can be easily traced back to the enterprise or production site level. Instead of shuffling around a bunch of paperwork, invoices, files, data, and emails, manufacturers will be able to rely on a blockchain-based system to confidently track goods throughout their journey.

Conclusion

Thus, despite the decline in interest in cryptocurrencies, blockchain has the potential to become one of the key technologies of the future, which will have a significant impact on the economy and society as a whole. For the successful development and implementation of blockchain, it is important to consider not only its advantages but also its potential risks and problems.