Blockchain Technology: Analyzing New Business Opportunities

This report examines the transformative potential of blockchain technology beyond cryptocurrencies, focusing on its ability to create new business opportunities across various sectors. It highlights how blockchain's decentralized and digitized transaction capabilities can reduce costs, enhance transparency, and accelerate processes. The report explores applications in financial services, supply chain management, healthcare, food and retail, and organizational management, emphasizing improved security, traceability, and efficiency. Furthermore, it discusses how blockchain facilitates the Internet of Things (IoT) by securing data and enabling smart devices and automated systems. The analysis underscores blockchain's role in fostering innovation, improving product quality, streamlining operations, and ultimately driving better business outcomes by offering enhanced tracking, identification, and security solutions.

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BLOCKCHAIN TECHNOLOGY
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Block Chain Technology and New Business Opportunities
Block chain technology can be considered as the digital record of the transactions that
came into application during the invention of bit coins, which is also termed as the crypto
currencies. The block chain technology decentralize and digitize the transaction through
multiple computers connected in peer-to-peer network (Lee & Pilkington,2017). The block
chain mainly have the structure of the blocks of the individuals ‘records as blocks. These
blocks are connected together as single list called chain. The block chain is mainly concerned
with the digital ledger technology that is used to create the back end of this crypto currency.
This create many records at the same time, which enhance the security of the transaction
since the transaction made could not be tracked or altered, easily. The block chain technology
mainly benefit the transaction by reducing transaction cost, maintaining transparency and
making the transaction faster.
There are wide application of the block chain technology rather than removing the
middle links from the crypto currency transactions. The block chain technology can
revolutionize various applications apart from generating just the virtual currency (Ølnes,
Ubacht & Janssen, 2017). The idea of using block chain is just the initial part. The major
application of block chain can be seen in helping the new entrepreneur to rise up and create
various new business opportunities.
By installing the distributed technology, the social networks could be more secure and
faster than before. The block chain system plays an important role in play in financial
services in order to increase the profitability. Using the block technology, The Company can
improve the potential risk management and minimise the cost. The block technology is one of
the reason that the online accounting software company can flourish and gain the large

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attention in the eyes of people as well as the software and the companies that have online
business sectors(Saberi et al., 2018)..
With the evolution in the business and financial services, the block chain in turn can
also be aiding the enterprise company exponentially. The block chain can help in creating the
change in the traditional organisation by not allowing the intermediary between the company
and the customers, block chain and the crypto currency technology can help the postal
operators to extend their simple roles with the provision of the transaction (Cachin, 2016). In
order words, the transaction will take place between the seller and the buyer and no third
party merchant will aid the transaction. The block chain help in the building a financial
market in a secure and reliable way, by eliminating the third parties the security of the
transaction during transfer.
With the block chain based on the computational task in the company easing
multitasking in the organisation. The block chain technology has facilitate the internet of
things in the new revolutionary ways. The digital ledger can be used under the organization in
the distributed ledger gives more information and the control than before (Liu, 2017).
Through the application of this technology, the smart apps can be upgraded through the
innovation in the far different ways than before. The block chain technology help in building
smart devices and enabling the multitasking in smart appliances as if washing machine could
colour detection could save clothes from damage, the amount of the water used and others.
They also help in increasing efficiency and help in self-automated system. The block chain
ledger provide security to this Internet of things by encrypting these applications to secure
ownership and transferability which help in security because it can help in the tracking of the
appliances that has been transferred much easily (QI, LI & WANG, 2017). The block chain
ledger system ensure that information is only accepted and released to the trusted parties.

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Using the IOT of things the project can be upgraded with innovation making the human life
much easier.
The ledger technology offers the management platform for analysing the vast amounts
of data .The block chain can be used in the case of the supply chain to keep the track of the
goods that has been transported by the manufacturer for sale. This can help in maintain the
quality of the product and check the date of manufacturing of the perishable goods. The
technology is expected to store, manage, protects and transfer of the products in the
organisation (Sun & Zhang, 2016). The supply logistic management can use in the
application of the block chain industry in tracking the orders that has been out for delivery.
The present condition of the product at the state as well as the map on which the product at
each stage. This enable the safety of the product as well as the quality guarantee until it reach
to the consumer. This also track the payment process in order to make sure that the
transaction has been fulfilled.
The block chain has been shown the revolution in the healthcare industry as well. The
quality of the drugs or products that have been manufactured and have been out for delivery,
with the block chain the product manufacturing and the delivery date can been tracked. This
is done in order to check the drug is not expired or damage until it reach the medical
organisation. Another application can be implemented in the case of maintaining the records,
identification and securing the patient information (Cachin, 2016). The hospital records could
be encoded and stored on the block chain with the private key securing the details of the
specific individuals. The authorised personnel only can access this information. The same
strategy could be used to do help in gaining information in the block chain and automatically
sent to the insurance providers as the proof of delivery (Keddie, 2014). The application of the
block chain helps in bringing the general health care management, regulation compliance
testing results and managing healthcare supplies.

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The food and retail industry can be more technologically innovated. The food industry
can be used in the organisation can help in maintaining the quality of the food. The
harvesting date of crops and the health of the animals raised for meat can help in bringing the
organisation for maintaining the quality of food. Through block chain technology, the
constant check of the health of the food cereal and the meat can be taken in consideration
(Chatterjee & Chatterjee, 2017). The day of harvest until the day of delivery can be tracked
through block chain and this can help in knowing the freshness of the product in the
organisation.
The block chain technology could be a help in organisational management, the
organisational employee records, the proper timestamp can help in keeping the track of the
organisational production. The organisational production per employee can be kept in track
through the timestamp of the work done in the shift. This help in tracking the eye over the
progress and personal development of each employee of the organisation (Underwood, 2016).
The progress report keep in track with the profitability and productivity.
The block chain can used in bringing new aspects and opportunities can be generated
in various fields of business sectors. The business sectors could be financial, technical, data,
supply chain or health. In the manufacturing sectors, the block chain can be used in order to
maintain the quality while it is other application there are can be a help better tracking, better
identification and better security of the organisation and products that have been dispatched.
The new opportunities can help in building opportunities for the innovation and easier way of
working (Zyskind & Nathan 2015). The better ideas can be generated using this technology
will bring better result as well as the better quality. This technology will help in adopting the
needs of the organisation. The block chain can bring options of choosing an effective and
better way of up gradation.

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