Blockchain is defined, in its most basic terms, as decentralized, distributed ledger technology which records the provenance of digital assets. Sometimes called distributed ledger technology (DLT), blockchain makes the history of any digital asset immutable and transparent by using decentralization and cryptographic hashing. The technology behind Bitcoin and other virtual currencies, Blockchain is an open, distributed ledger capable of recording transactions between two parties effectively, in a verifiable, and permanent manner. [Sources: 2, 10]

Blockchain is perfect to deliver this information, as blockchain provides instant, shared, and fully transparent information, stored in an immutable ledger, accessible by permissioned members of a network. Different types of information can be stored in the blockchain, but so far, the most common usage has been as a transaction ledger. Well, you can digitalize your property assets and store it in the blockchain. Blockchain-based real estate management software and other tools will be used by the property giants to maintain a registry. [Sources: 1, 7, 8, 9]

Blockchain-based financial products could be programmed to distribute globally as well. These solutions streamline the investors experience, enhance the investors trust, and open up the possibility of accessing larger pools of investors. Blockchain facilitates access to alternative funding models, facilitating developer investor management, and providing transparency of investments and ongoing ROI tracking to investors. Blockchain offers bank institutions a unified version of audited information, safe data exchange, unchangeable transaction monitoring, and real-time payment settlement. [Sources: 4]

Blockchain for supply chains allows for transparency through shared records of the ownership and real-time locations of parts and products. Blockchain-based solutions could assist with addressing counterfeit medication issues by effectively monitoring and tracking each transactional step of a supply chain among manufacturers, wholesalers, pharmacists, and patients. The immutable data and authentication characteristics of blockchain-based solutions could help for independent platform-based KYC and Due Diligence reports for verifying and setting confidence parameters on past events. [Sources: 3, 5]

While the distributed, immutable, encrypted nature of blockchain solutions may assist in these types of enterprise challenges, blockchain has much more going for it. That is because blockchain is not the kind of disruptive technology that can stick it to the traditional business model with an inexpensive solution and rapidly outperform the incumbent. While blockchain may save users money in transaction fees, the technology is far from cost-free. [Sources: 0, 2, 9]

As blockchain hype grows, vendors are flooding the market with promises, and solutions primarily focused on achieving efficiency gains. We are living in a world where blockchain has opened doors for startups and small businesses to develop solutions solving structural problems in a number of industries. Blockchain has the potential to address a multitude of real-world problems, while also offering better business models and economic structures to us all. [Sources: 0, 5, 8]

Blockchain is an exciting technology, and it really does address an existing, real world problem. If blockchains take the route that web technologies have taken to enterprises, we can expect that innovations with blockchains will be built around one-use applications, creating private, local networks where a number of organizations are connected via distributed ledgers. Beyond keeping those safe, blockchains could also be used to accelerate cross-border transactions, improve transaction transparency, and enable digital identity verification. It could enable listing of properties in a unified, decentralized Blockchain database, to provide trusted data on listed properties. [Sources: 2, 6, 7]

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SOURCES:

[0]: https://www.gartner.com/smarterwithgartner/the-cios-guide-to-blockchain

[1]: https://www.ibm.com/topics/what-is-blockchain

[2]: https://hbr.org/2017/01/the-truth-about-blockchain

[3]: https://www.forbes.com/sites/bernardmarr/2018/05/14/30-real-examples-of-blockchain-technology-in-practice/

[4]: https://consensys.net/blockchain-use-cases/real-estate/

[5]: https://ontochain.ngi.eu/news/how-solve-real-world-problems-blockchain-based-solutions

[6]: https://solutionspace.blog/2021/12/21/what-problem-blockchains-actually-solve/

[7]: https://www.classicinformatics.com/blog/blockchain-technology-applications

[8]: https://101blockchains.com/problems-blockchain-solve/

[9]: https://www.investopedia.com/terms/b/blockchain.asp

[10]: https://builtin.com/blockchain