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Blockchain in the real world: 3 enterprise use cases

As blockchain continues to grow in notoriety as a transparent and secure transaction technology, companies are increasingly rolling out proof-of-concept projects, finding uses from data integration to connecting IoT devices.

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While blockchain technology tends to get the most attention for its role in underpinning cryptocurrencies such as Bitcoin and Ether, vertical industries are quickly adopting it for its efficiency and transparency.

The electronic, distributed ledger technology has the potential to eliminate huge amounts of record-keeping and disrupt IT in ways not seen since the internet arrived, according to some experts.

Banking and financial services were the first to embrace blockchain ledgers as their core business functions are ideally suited to its distributed nature, transparency and immutability as a system of record.

In addition to efficiencies, banking and financial services rely on established trust between transaction participants, a time-consuming and high-friction process due to regulatory constraints, compliance and fraud risks and the sheer number of intermediaries involved.

"Consequently, for these processes, significant business benefits can be achieved with relatively simple, non-disruptive blockchain implementations," Everest Group Research wrote in a recent report: "Unblocking Blockchain Adoption – a Prioritization Framework for Business Processes."

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