In this day and age, where digital and anything tech-related continues to grow, develop, and advance at an exponential rate, digital transformation has become more than just an option, but rather a necessity and inevitability.
Digital transformation or DX refers to the process of organizations “going paperless” or integrating digital or technological systems into their day-to-day business processes. Instead of utilizing merely old, traditional business methods, digital transformation enables companies to go beyond that and take the path of digital, also in order to reach peak digital maturity.
Today, so many businesses around the world have already welcomed digital transformation with open arms. In fact, a lot of well-known businesses and corporations are already at their peak. Digital transformation helps organizations develop business processes, yes, but more than that, it also helps accelerate customer experience, improving customer satisfaction and meeting customer demands better. This explains why a lot of well-known tycoons across the globe has gone digital.
Over the years, digital transformation keeps getting better and better. In fact, different trends are introduced each year to cater to the different needs of varying businesses in distinct parts of the world. One of the most renowned and talked about trends include blockchains.
What is Blockchain?
Before anything else, let’s define what blockchain is.
Blockchain is a term that comes from two words: block and chain. The block refers to any relevant digital information while the chain relates to that of a public database. Basically, a blockchain is relevant information stored in a public database. Once a block stores new information, it automatically adds up to a series of chains, forming the blockchain.
Now that you know what a blockchain is, it’s time to enumerate the different ways you can utilize this other than for mere cryptocurrency or Bitcoin.
Aid In The Healthcare Industry
The healthcare industry has got to be one of the largest industries ever to exist, and blockchains can do the trick here. In fact, blockchains can do a lot of extraordinary things in the medical and healthcare sector. Considering that this system is easy to customize or centralize. Blockchains can help save lives and cut healthcare costs by storing loads of necessary and relevant information through the blockchain. From there, it can serve as an aid in the healthcare industry for when medical teams need to monitor an ageing community and the like.
Creating Financial Avenues For Impoverished People
The same blockchain technology and system used to provide financial vouchers can also work as a bridge to the poverty gap all over the world. If you still didn’t know, blockchains can act as some kind of bank institution for people who don’t own a single bank account.
With that, and with just a smartphone, you’ll have such a convenient way to access money. Additionally, blockchains are decentralized systems; hence, you don’t get charged when transferring or receiving payment. Since remittance is costly, this then disrupts the socio-economic landscape, helping people who are short of cash.
Retail Loyalty Reward Programs
Blockchain can further accelerate or improve the retail industry by becoming the new go-to for loyalty rewards. Blockchains can help incentivize consumers to return to their store or boutique of choice. Additionally, it can help eliminate fraud and waste that are usually associated with paper- or card-based reward programs.
Even for those who are still quite sceptical about cryptocurrency or blockchain in general, it still shows a lot of promising offers and benefits after all, and, not to mention, a variety of valuable applications. If you’re someone who’s very passionate about blockchain or digital transformation in general, you might want to research more on the different uses of blockchain other than serving as cryptocurrency, particularly in Bitcoin. No technology or innovation has been accepted right away, anyway. Who knows, blockchain might just define the future.