what do Blockchain Applications have for businesses?

Blockchain applications is one of the interesting topics nowadays.
We can call it the core technology with promising application prospects in the banking industry.
Blockchain is the technology that is receiving great attention in the FinTech industry.

There are different types of blockchain consortiums that have merged to promote the development of blockchain applications.
One of the influential consortiums that focus on the development of blockchain technology and applications is R3.
Some of the hot topics of blockchain applications are as below.

We know that interbank payments rely on processing by intermediary nodes to do the transaction clearing mechanism.
Some parts of this complex process are transaction reconciliation, balance reconciliation, payment initiation, etc.
some of the financial institutions now focus on using blockchain technology for the payment clearing system.
Blockchain application plays such an important role in these kinds of conditions.
For example, Standard Chartered is using Ripple as an enterprise-level blockchain platform.
They are going to implement their first cross-border transaction.

Features of blockchain applications

As we see, we can name lots of blockchain applications that are playing such an important role in our lives.
Blockchain is a new paradigm of trust.
There are lots of potential business features of blockchain applications, here we are going to mention some of them.

• Automation using smart contracts/algorithms
• Traceability of all historical transactions
• Speed and efficiency of transactions by eliminating the intermediaries
• Enhanced security by encryption of the data
• Prevents tampering
• Distributed ledger
• Provides a comprehensive picture: all of the nodes see the same information to which they have access
• Availability of multiple copies of the shared data
• Transparent and predefined rules
• tokenization /digital assets

If we want to mention some of the main applications of this technology, we can name them as below.

• Land records: creating a new system to manage land record transfer and ownership
• Pharmaceutical drugs supply chain: self-regulation of the sector through blockchain-enabled trust
• Super-cart: anti-fraud identity intelligence blockchain solution for educational certificates