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What are the Potential Applications of Phoenix Global’s Blockchain?

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Phoenix Global’s Blockchain is a next-generation enterprise blockchain that streamlines business processes at scale. As a permissioned blockchain, Phoenix Global suits corporations’ needs better than other permissionless networks, limiting data visibility to a chosen group. 

Enterprise blockchains have grown significantly over the years, with enterprises taking a considerable interest in blockchain technology. Distributed ledger technology improves efficiency, allowing enterprises to focus on the influential aspects of their business. Here are some of the potential applications of Phoenix Global in real life:

Financial Services

The financial services industry has seen the most adoption of enterprise blockchain. For instance, know-your-customer is a manual procedure that can take a while to complete and leaves no margin for error. Also, several reviewers need to verify whether the subject should be allowed to handle vast sums of cash. 

Adding all KYC information on Phoenix Global will help scale the process. The system will have transparency, not need to check information as often, and most importantly, deliver a much better experience for the customer.

Another potential use case of Phoenix Global in the financial services industry is cross-bank and cross-border transfers. When users transfer funds to another country, they need to complete lengthy processes, intermediaries, and paperwork. Because of this, the process is prolonged. With Phoenix Global, users can transfer funds with just a click of a button. The blockchain eliminates intermediaries, making the transferred instant. 

Media & Entertainment

Have you ever wondered how your favorite artists are rewarded when you stream one of their songs online? Several intermediaries and media firms are participating. 

Revolutionizing the entertainment industry, Phoenix Global can reward artists automatically through smart contracts. Integrating music streaming apps to the Phoenix Global eliminates intermediaries involved, and fan-to-artist direct payments distribute rewards transparently and fairly.

Phoenix Global is also effective for concert tickets. When ticket prices rise for popular shows, buying concert tickets from third-party vendors can be a nightmare. Worst-case scenario, you end up as a victim of ticket fraud. Additionally, event organizers experience frustrations with third-party ticket sellers. With smart contracts and complete transparency, Phoenix Global can stabilize ticket prices for buyers and give event organizers details of the event-goers to provide customized and relevant experiences. 

Health & Life Sciences

Maintaining the drug labeling process on prescriptions can be complicated. Depending on the region where the drug is marketed, the requirements will be different. The process involves several experts who write down the different aspects of the drug label. Because of this, they use prolonged reviews and multi iterations to have the label verified. 

Phoenix Global provides a network where all the concerned parties can impart facts and provide a permanent review of the label, making the process quick, easy, and cost-effective to update and maintain drug labels. 

Also, Phoenix Global can help with patient health records. Every time you change your health provider or doctor, you must fill in the same documentation. You may struggle to access all the required details to complete the paperwork.

Phoenix Global’s architecture provides a platform to share patients’ electronic health records across a distributed network of healthcare providers. Then, they can have a consensus among various Electronic Health Record Systems, access to immutable patient medical history, and secure access to the patients themselves.

Bottom Line

The core features of Phoenix Global are decentralization, transparency, immutability, and automation. These aspects are not just limited to the sectors discussed above, which creates many applications. Phoenix Global is built with both the enterprise and consumer in mind. Because of this, decentralized consumer apps, which are built to scale and fit within the existing customer experience, can be rapidly developed and deployed.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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