Blockchain was first introduced to the world as the technological backbone of Bitcoin and other cryptocurrencies. However, it has long since outgrown the industry and is now used in many applications.
One of the most interesting uses of Blockchain is when it’s paired with RFID and NFC, which really opens up its potential. Let’s take a look at the possibilities below.
Table of Contents
Blockchain is the underlying platform or network where ‘blocks of data’ are stored. Innately, each block has its own unique identifier, and in cryptocurrency it serves to represent a transaction.
A block of data contains the history of details, including the date, time and amount that was exchanged. The chain gains a new block, and this can be accessed by participants in the network.
Blockchain Business Applications
It’s easy to see why Blockchain is such a useful thing to have, especially in industries that require decentralized data and unparalleled accessibility.
A simple example is any business that utilizes a supply chain for its products. Inventory is made easier as it’s on a digital ledger which anyone with authorization can access. Other examples include digital and secure payments, marketing campaigns and ‘smart contracts’, among others.
Blockchain and NFC
NFC, or near field communication is a wireless technology that allows devices to communicate with each other. Potentially, NFC can streamline processes in the Blockchain to make it even more efficient.
Here are the many benefits of combining NFC with Blockchain
Protection and security of data, no matter who owns it, is now more important than ever. Blockchain is the perfect answer for anyone who wants a secure database since it’s not easily hacked or changed.
Blockchain platforms will not allow unauthorized access, which is what separates it from cloud platforms. Investors in Bitcoin, for example, will want to put their assets in a secure digital wallet when they make a profit using bitcoin era.
In this day and age it’s important for businesses, especially the big organizations to take care of their customer data lest they lose their trust. Blockchain is quickly emerging to be a top solution in these cases.
Tracking Products and Goods
Having a fully digital supply chain management solution can just be a matter of implementing Blockchain technology. Those who want theirs to be modernized can set up NFC tags on each product so it can be scanned, and its details entered into the system.
Blockchain technology also has anti-tampering and fraud measures to ensure the products are original. NFC tags that are uniquely designed is one way for consumers to know whether they’re buying authentic goods and products.
Taking Technology One Step Further
With Blockchain, every step in the supply chain is now monitored, and every product tagged with an NFC marker that carries all needed data and information. In the system, the data is secure and safe from prying eyes, and the tag can be checked for authenticity.
Blockchain gives businesses the ability to check data in real-time and keep track of transactions in the same way.