4 Industries That Are Making The Best Use of Blockchain Technology
As new technologies are developed and spread among the people, industries and businesses are kind of pushed into adapting them however let’s face it, many people are resistant to technological changes in both their personal and office lives. But what they cannot see is how that new technology can change their businesses positively in a few years and how it can help their business grow and expand which might not have been possible without it.
Technological innovation has the ability to disrupt entire industries. It has happened a in the past a number of times and it is still happening. This time the technology that is quickly making its way into businesses and is becoming the next major disruption is blockchain technology.
Blockchain which was originally developed as a supporting technology for the cryptocurrency Bitcoin is actually a digital ledger system used to securely record transactions. The business value-add of blockchain is expected to grow to more than $176 billion by 2025, and to exceed $3.1 trillion by 2030, according to mobile app developers dubai.
Blockchain is said to impact the following four industries with its full strength:
Blockchain technology since it began through a financial purpose can be of great use to finance industry. They can use blockchain to improve the entire systems, redesign costly legacy workflows, improve liquidity, free up capital, remove hurdles in transactions and make transactions much faster than before. Blockchain technology once incorporated in financial sector can help reduce infrastructure costs, increase transparency, reduce fraud, and improve execution and settlement times.
Retail and Manufacturing
Stepping out of the financial sector, blockchain is more than just the Bitcoin and has the potential to overhaul retail and manufacturing industry as well. It can offer the retail sector better supply chain management, smart contract platforms, digital currencies and tighter cybersecurity for example growers, suppliers, processors, distributors, retailers, regulators, and consumers can get permissioned access to the origin and transport of food and other items (transactions) and can easily trace them too. This same process can also be applied to manufacturing, to quality control parts of buildings.
Patient’s data is personal and extremely private and it is meant to stay that way so that it isn’t misused by anyone even by any medical officer. Blockchain can allow people to have access to their medical records at hospitals and clinics. It will only be by their choice and will that they choose to give access to their records to someone else. Patients’ data and information stored on blockchain is anchored, encrypted, and protected which ensures patients’ privacy and safety. Blockchain also vows to remove any third party verifiers such as health information exchanges by directly linking patient records to clinical and financial stakeholders.
Removing third party interventions from transactions of all sorts provide the biggest advantage of a transparent system which is highly needed in governmental institutes around the world. Blockchain could increase the transparency and traceability of how money is spent in government. The technology also allows tracking asset registration by the government and reducing fraud and operation costs.