How can blockchain technology be used to solve major real-life problems?

blockchain technology
Man looking through glass business vision blockchain technology

Blockchain is a novel Information Technology innovation that continues to take over several platforms within the IT sector. Robust distributed systems technology is one of its unique qualities, making it a versatile security technology that makes factors like data leaks and security abuses almost impossible. Thus, its features can be mastered to solve some of the most prevalent real-life problems. Blockchain is highly immutable and secure, allowing the achievement of transparency in management, and security in communication, which are essential in solving mismanagement in healthcare, eliminating intermediaries in supply chain management, and mitigating privacy threats and copyright issues.

Blockchain applications make it easier and less expensive to access the history of a product across the supply chain and make it easy to spot fraud within the supply chain management process. Blockchain is being used in a growing range of industries. Supply chain finance, for example, is a funding model in which banks connect upstream and downstream businesses to provide scalable financial goods and services. According to Arunachalam et al., supply chain management is a critical organizational process. Thus, it is relevant to understand how blockchain applications can improve the supply chain management process by providing the tools to administrate the entire process. However, the lack of cross-department communication, transparency, and dynamic markets driven by changes in consumer preferences is a hitch that prevents organizations from achieving their operational goals and strategic aims. The technology’s transparency, lower processing costs, and real-time data capabilities benefit a supply chain. Therefore, blockchain becomes a critical element of supply chain management due to the capabilities that this application provides to the entire process. In recent years, academics and industry practitioners have paid close attention to blockchain technology (BT), which is transforming a wide range of industries (Chang & Chen, 2020). As we can notice, traceability is critical to achieving customer satisfaction in supply chain management.

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Also, inaccurate forecasts due to a lack of reliable historical information on supply chain operations are an obstacle in organizational performance in manufacturing industries. As well, operational wastes are the underpinnings reasons for insufficiency and wastes. According to Kouhizadeh & Sarkis (2021) and Lambert & Enz (2017), blockchain can solve this problem by-product visibility across the entire supply chain, cutting down the management costs validating against artificial materials. This tool provides companies with inherently traceable processes, distributed ledger, and near real-time data. However, the complexity of convincing all stakeholders to adopt blockchain is significant due to the management challenges associated with this application. (ca) As well it is essential to be aware that blockchain is still undergoing initial tests in supply chain management. In general, supply chains have not mastered the implications, cost, and security of adopting blockchain (Chen et al., 2021).

Despite this, there is evidence that there are existing blockchain frameworks that demonstrate reliable product traceability as well as higher product profits  (Chen et al., 2021). (r) Nevertheless, according to Musigmann et al. (2020), blockchain technology (BCT) improves the logistics associated with supply chain management, increases the levels of effectiveness, and addresses real-world digital problems in diverse industries. In general, by facilitating transactional defense, BCT enhances the five functional fields of the supply chain: responsiveness, intelligence, deductive, monitoring, and organizational excellence (Chang & Chen, 2020).  Blockchain has the potential of improving traceability and transparency of material across the supply chain. Thus blockchain is valuable in situations without a central intermediary. We can conclude that blockchain will improve transparency and cost-effectiveness throughout the supply chain.

How Blockchain Overcoming Security Issues in Healthcare EHR?

The secure distributed systems of blockchain and the immutability of blockchain are critical to improving healthcare management. In real-life situations, the healthcare sector faces diverse problems associated with its administration and supply chain management. (sp 1) According to Hölbl et al. (2018), insecure data storage, manual document storage, and independent healthcare networks are clear examples of issues in this industry. Thus, it is relevant to note that blockchain applications provide a viable solution to all these problems in the healthcare industry. (sp 2) Currently, the healthcare industry requires a linked structure of stakeholders that includes digitized beneficiary results, clinics, patient health reports, lawsuit settlements, and so on (McGhin et al., 2019). Therefore, blockchain applications provide formation to the administrative processes within the medical sector. The healthcare industry will reshape itself with the aid of advanced technology, creating a clean, healthy, and reliable digital environment for better, customized patient service and management (McGhin et al., 2019). 

As we can notice, there is an increased need for cost optimization, maximized quality assurance, and collaboration. Also, in the Journal of Medical Systems, the authors mentioned that there is a latent need to condense complexity in this sector, foster trustless association, and create secure and immutable information to improve the processes within medical institutions (Hussien et al. 2019). As well Omar et al. (2020) discussed in their article how despite significant advancements in emerging technology and care options, inadequate sourcing, purchasing, forecasting, and delivery procedures continue to plague providers. In particular, the contract process is inefficient and time-consuming (Omar et al., 2020). If we reflect on this, we can note that current technologies have failed to fully address security, trust, and alliance, dues to security, privacy, and full ecosystem interoperability limitations. (ca) However, according to Sharma & Sudhanshu (2021), there are some challenges regarding the adoption of this technology in this sector.

Some of the difficulties include behavioral economics, organizational and technical adjustments. According to their article, limited dependent variables include: lack of data privacy and security, lack of infrastructure related to BCT, lack of data standardization and scope, lack of high risk associated with patient data, increased development and maintenance costs, scalability issues, high data ownership related issues, lack of trust, lack of data storage capability (Sharma & Sudhanshu, 2021). Also, technical expertise, poor strategy, vision, and mission, low support from a high level of management, and low awareness related to legal issues create difficulties in adopting this technology (Sharma & Sudhanshu, 2021).  (r) Nevertheless, in the article of Gaynor et al. (2020), the authors mentioned that blockchain has multiple opportunities for improving healthcare. Three key fields where blockchain technology can help address new healthcare challenges include data sharing, contracts, and supply chain management (Gaynor et al., 2020). There are more benefits than counterarguments regarding the integration of blockchain in healthcare processes. There are high possibilities of realizing benefits with adjustments like mapping and convening the blockchain ecosystem. While it is not a cure-all, blockchain has opportunities to improve healthcare management.

What are Argumentations about the innovation of Blockchain?

Blockchain is potentially excellent for application in copyright protection applications. (sp 1) According to Pech (2020), companies usually face copyright theft vulnerabilities. Thus the characteristics of blockchain improve and make more efficient the protection of copyright. According to Jing et al. (2021), the copyright knowledge contained in the blockchain is special, correct, and timeless and can be queried using blockchain cryptography.  (sp 2) Also, centered on the consensus process of blockchain, the framework provides an adequate and secure authentication approach for coding copyright (Fisher, 2019). Therefore, we can notice how blockchain applications improve the entire process of copyright. Furthermore, the copyright data is maintained in decentralized networks on the blockchain, making it resistant to tampering and embezzlement (Fisher, 2019). Several authors have discussed how fragmented ownership of copyright, lack of transparency, and piracy directly affect their processes.

Qureshi & Megías Jiménez (2020) asserted that blockchain has a substantially strong potential to have a broad application in managing and protecting copyrights. Pech (2020) noted that since registers on blockchain applications do not mandate a centralized system, the time required to record data on blockchain s reduced to minutes or seconds. As well, guarantees complete and consistent data creations and the copyright owners. (ca)  However, there are some difficulties regarding the integration of this process to diminish copyright vulnerabilities. According to Tam (2019), some of them include blockchain technology’s technical limitations of blockchain technology, the register’s management, and funding, and the challenges of integrating data from several bases.

Nevertheless, blockchain has the potentiality to improve ownership of copyrights. As stated in the article of Cai (2020),  in practical implementations, the blockchain-based distributed music copyright management scheme performs admirably because it improves efficiency and management. According to this author, blockchain is beneficial in monitoring ownership and preventing forgery and piracy vulnerabilities. The framework is designed to address the copyright depository’s current issues, such as uncertain ownership, low piracy costs, widespread piracy, and the challenge of copyright control, security, and distribution (Cai, 2020). Industry-wide application of blockchain in copyright protection should be adopted as improvements are made to improve its performance.

As we can notice, there are diverse manners and fields in which blockchain technologies are helpful to address significant real-world issues. Blockchain technology can be used in a variety of industries for supply chain management, encryption, preventing data errors, and lowering total drug development costs to boost productivity. Using blockchain technologies to incorporate processes reduces risk and increases efficiency. In both the private and public sectors, distributed ledger technology is used to take advantage of the advantages of a shared transaction mechanism. There are different limitations regarding this technology. However, the benefits in the supply chain, health care management, and copyright make this tool a viable one. In general, BCT improves internal processes by making them more effective and efficient.

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