In continuation of Blockchain for Beginners, Lisa Short in this final part talks about the applications of Blockchain technology in the healthcare sector - since its usefulness lies beyond just the scope of the financial domain. Blockchain possesses innumerable advantages in terms of cost reductions and securing identities with which individuals and businesses alike can access healthcare, government services and education facilities. Moreover, the technology allows SMBs to systemize their problems and solve them in a cost-effective manner.
One of the most profound benefits of this technology is that it empowers individuals and businesses to have an identity that is immutable, and that very identity allows them to access services like healthcare and education i.e. their blockchain enabled identity becomes an asset.
Blockchain offers massive cost reductions to businesses having that identity. It is a tool that empowers transparency, immutability, automation and a decentralized workflow.
Small and medium sized businesses are agile and keen to reduce costs, so the way to educate SMBs to build on this technology is to introduce work associations and communities that are similar and hence, have the same problems that can be resolved via Blockchain.
Blockchain also helps to streamline the supply chain process as it ensures transparency from producer to the buyer.