Blockchain is radically transforming the industry, improving the customer experience and revolutionizing trust among companies. The popularity of bitcoin and other virtual currencies is already proving the usefulness of blockchain in the financial and banking industries, but this distributed book technology doesn’t stop there. Let’s distill the top five industries in which Blockchain will make a splash.
- Banking, finance and insurance
Blockchain injects enhanced security and information sharing in the banking industry, which always needs the roof of a digitized and secure environment to be able to serve as critical warehouses and transfer centers of value. Blockchain in various ways really justifies its promising role in the financial services economy. Many banks have also embarked on this new technology, including the Swiss bank UBS and Barclays based in the UK.
- Retail and consumer goods
Blockchain products in the retail and e-commerce industries act as a hesitant for barriers and as a catalyst to increase the visibility of consumer products. By using a distributed and reliable database, blockchain solutions reduce barriers to business such as lengthy settlement processes and provide greater transparency through a common, immutable book that allows companies to establish concrete trust in areas such as invoicing and payments, supply chain, and global postage.
This disruptive technology increases the security, privacy, and interoperability of health data by keeping the patient-focused ecosystem in focus. This technology goes to the edges to provide a new model for health information exchange (HIE) making EMR electronic medical records more efficient, distributed and secured.
- Government services
The multiple robust functionalities of the blockchain have captured the eyes of governments around the world. Potential use cases where the government envisages the use of this hyper-regular technology are healthcare, tax and internal revenue surveillance, national identity management systems, secure banking services and an electronic voting system.
- Supply chain management
In the SCM industry, transactions can be documented in a permanent decentralized record and can be monitored more securely, while maintaining end-to-end transparency, which helps reduce time delays and human error. It can also be used to verify the authenticity and commercial status of products by following them from their shipping points.
In addition to this, hyperledger technology is consumed by the network industry, peer-to-peer ridesharing applications, cloud storage, the entertainment industry, messaging applications, real estate, critical infrastructure security, a multitude of assets and many more. But the five sectors we talked about above are still at the top of the scale.
Believing that a decentralized cryptocurrency can solve the world’s worst problems, any industry should welcome blockchain technology in its business and begin making transformations and future improvements. Hire a reliable blockchain application development company and start creating more value for your organization.