The influence of Blockchain Technology in the Business Ecosystem is indispensable as it impacts the lives of common people in making their lives better. This is one of the best inventions in the field of digital storage and currency technology.
The uses of blockchain spread far beyond just transactions. This technology can improve the efficiency and profitability of every business one might name. There are pressing issues in the health care industry for which blockchain technology can be efficiently deployed to help resolve the issue.
This technology touches areas in the supply chain, ERP, data management, engineering design, ordering and procurement, demand and supply management, manufacturing and logistics management, distribution industry, and more.
In the financial sector, this technology can provide for applications in monetized technology and non-monetized technology.
Artificial Intelligence and blockchain technology are the major trends in the current decade. Combining these two trends are set to unlock major frontiers. Artificial intelligence is about building machines that will be able to perform tasks that will need discriminatory intelligence for the execution of the tasks.
Blockchain behind a distributed ledger based filing system is capable of storing encrypted data that will be distributed across different ledgers. The databases thus created will be tamper proof and very robust. And this data can be read only with due permission and access rights.
Both AI and blockchain are groundbreaking technologies. Though a lot of academic proposals have been made about combining these two technologies the numbers of real-world use cases that use both of these technologies are particularly rare.
Both of these technologies work like they are made for each other. They combined efficiency in real-world execution will be enormous and too powerful. The decisions made by AI can be efficiently tracked using Blockchain Technology. In fact, block chains can be more efficiently managed than humans.
Both of these technologies are groundbreaking in their own pattern. They work in a complementary manner improving the efficiency of each other. The business performance patterns in organizations can be significantly enhanced when they are streamlined in a way to use their data very efficiently and to understand the flow in a better manner.
The value of the blockchain technology is huge and smarter networks are employed to ensure high quality in data transfer. There is an increasingly positive attitude towards this technology, and there is a lot of hope for the growth of this technology. Whether from prescription tracking for prescription medications or its application in claim adjudication, the application of this technology is powerful across all market segments.
XinFin with its XDC Protocol provides for advanced use cases of this technology for different enterprises by developing customized applications.