Blockchain technology and its application in business. iTizzi Software Development Company, Kyiv, Odesa, Ukraine

The importance of blockchain in business

The use of blockchain technology allows companies to reap many business benefits. They are able to significantly reduce the cost of customer service and improve its quality. This system also helps to improve the competitiveness of the company and create its modern image. A blockchain company can also generate savings related to, inter alia, IT infrastructure maintenance, data collection, and storage and distribution of documentation. Entrepreneurs from all over Ukraine have the opportunity to apply to iTizzi for the development and commercial implementation of innovative solutions based on this technology.

Use of blockchain in business – Kiev, Odessa

In the near future, blockchain may become a useful tool for companies from many industries. Next, we indicate the industries where this potential is greatest.

Financial industry

This sector was the first to realize the potential of blockchain technology. It is used by banks, foreign exchange and cryptocurrency exchanges, leasing companies, insurance companies, and lending institutions, among others. This system allows you to securely store various types of documents and transaction information. Customers can be assured that they will not be altered in any way and that access to them will also be retained after expiration or termination of the contract.

This technology makes it possible to significantly simplify and speed up the procedures associated with the provision of credit, leasing or insurance. The system can also include invoices associated with paid installments or contract terms that remain unchanged. Blockchain also allows remote authentication and document signing.

Blockchain for the medical and pharmaceutical industry

Doctors, nurses, pharmacists and other healthcare professionals can access electronic health records thanks to blockchain technology. Thus, information about the health of patients will be collected in one place in an appropriate way. This system can also be used to collect and store data from clinical or epidemiological studies.

Implementation of blockchain solutions in the real estate industry, Lviv, Dnipro

Thanks to blockchain technology, it becomes possible to speed up and simplify real estate sales transactions. The system can include contracts, notarial deeds, as well as all the necessary information, for example, about the legal history of the building. This technology also allows you to run virtual fiduciary accounts or sign / develop smart contracts – sales contracts are automatically concluded in the system after both parties comply with certain conditions of the transaction.

Energy

Blockchain technology allows companies in the energy sector to sell electricity directly. As a result, they can lower distribution costs and offer lower prices to end users. Blockchain also improves and speeds up the settlement of trades.

Blockchain for the administration of Ukraine

Blockchain can significantly reduce bureaucracy in government institutions. This technology can also be used to organize referendums and elections – it supports the process of identity verification and vote counting. In 2005, Estonia became the first country in the world to use this tool for national elections.

Blockchain ecosystem applications – transportation and logistics industry

The blockchain system can be used, among other things, to maintain a register of drivers, store information about the history of vehicles, share trips or rent cars without intermediaries. This technology also has great potential in the logistics sector. It allows you to track and control deliveries in real time, improves and accelerates the exchange of information between all participants in the supply chain, which leads to increased security and transparency. The system can also store shipping documents, permits and contracts. Blockchain also allows companies from the logistics industry to enter into smart contracts (Blockchain smart contracts: writing and testing them is possible at iTizzi).

Accounting industry

Accounting can also use modern blockchain tools. This technology significantly improves their performance, and also allows you to secure stored records and ledgers, electronic invoices or other documents.

Thus, blockchain is not only a system used in the cryptocurrency market, but also has great potential in many sectors of the economy. Companies adopting tools based on this modern technology can reap many benefits by increasing their competitiveness and streamlining many of their business processes. It is dynamically developing and improving, becoming an important element of economic growth.