Meet the Top Five Industries Unlocking New Values From Blockchain
The blockchain is radically transforming industries, enhancing customer experience, and revolutionizing trust across businesses. Bitcoin and other virtual currencies’ popularity are already proving blockchain’s usefulness in finance and banking industries, but this distributed ledger technology does not stop itself here. Let’s distill the top five industries Blockchain will make a foray in.
- Banking, Finance, and Insurance
Blockchain is injecting enhanced security and information sharing into the banking industry which always needs a roof of a digitized & secured environment so that it can serve as a critical storehouse and transfer hub of value. Blockchain is truly justifying its promising role in the financial services economy in varying ways. Many banks have also embarked upon this new technology including Swiss bank UBS and UK-based Barclays.
- Retail And Consumer Goods
Blockchain products in retail and e-commerce industries are acting as reluctant obstacles and as a catalyst for increasing the visibility of consumer products. By using a distributed and trusted database, blockchain solutions are reducing the barriers that impede business like time-consuming settlement processes, and ensuring greater transparency through a shared, immutable ledger that enables businesses to establish a concrete trust across areas like invoicing and payments, supply chain, and global shipping.
- Healthcare
This disrupting technology is increasing the security, privacy, and, interoperability of health data by keeping a patient-centered ecosystem in focus. This technology is going to the edge to provide a new model for health information exchanges (HIE) by making EMR’s electronic medical records more efficient, disintermediated, and secured.
- Government services
The manifold robust functionalities of blockchain have captured the eyeballs of governments all over the world. The potential use cases where the government is predicting the use of this hyper ledger technology are healthcare, tax and Internal Revenue Monitoring, National Identity Management Systems, Secure Banking Services, and an electronic voting system.
- Supply Chain Management
In the SCM industry, transactions can be documented into a permanent decentralized record and can be monitored more securely while maintaining end-to-end transparency, hence helping in reducing time delays and human errors. It can also be used in verifying the authenticity and trade status of products by tracking them from their dispatch points.
Other than this, hyper ledger technology is being consumed by the networking industry, peer-to-peer ridesharing apps, cloud storage, the entertainment industry, messaging app, real estate, critical infrastructure security, crowdfunding, and many more. But the five sectors we have discussed above top the chart though.
Believing that, decentralized crypto-currency can solve the world’s worst problems, every industry should welcome blockchain technology into their businesses and start making transformations and future advancements. Hire a reliable blockchain app development company and start creating greater value for your organization.
