The distributed ledger system behind blockchain, the technology used to secure cryptocurrencies, ensures that all transactions are validated and, importantly, that an immutable record is kept of these transactions.
The same type of process can also be used to automate other workflows because they follow a simple linear progression that if certain conditions are met, other actions are triggered. Blockchain can also be used to improve supply chain management by creating an immutable and chronological timeline of events and locations of goods, to prevent stock loss, theft, and so on.
This is particularly clear for financial services organisations, as they will be able to reduce fraud and keep improving, consolidated records of customers for better product targeting, cross-selling and upselling. However, the same is applicable to any business. Blockchain creates a record of transactions that cannot be questioned and can clearly indicate ownership of elements like land, property, or even digital real estate.