8 Industries that Blockchain Technology is Transforming
Blockchain technology, in the past few months, has reached the radar of a wider audience in the world. Almost every person, both as a businessperson and as an individual, have been appreciating this technology for its impressive characteristics like transparency, immutability, and security.
All are taking time to go through a comprehensive guide to Blockchain technology and keeping themselves updated with what’s new in the Blockchain era. They have been acknowledging the fact that Blockchain is the future of the Business world and are sharing the common benefits. But, do all know the advantages of technology for every industry particularly?
Knowing the answer is ‘Maybe’, we will discuss what changes Blockchain will bring in the popular 8 industries in this article.
So, here we begin with the Healthcare industry.
Blockchain is poised to bring major disruption in the Healthcare industry. The technology will empower hospitals, patients, payers, pharmacists, and other parties to connect on the same platform, exchange information including the medical reports and papers, and look forward to gaining higher insights that can be further employed for processing. And that too without compromising on the data privacy and security considerations.
The task of finding/selling a house, apartment, or building has always been a pain, especially because of lack of transparency, errors in public records, a huge amount of paperwork, etc.
Blockchain, in this context, add ease and value to the real estate processes by taking all the paper-based record-keeping process onto the decentralized database. The technology makes it possible for all the stakeholders to see the data, verify and approve every change at their end at any point in time, which ensures improved efficiency and reduced cost of transactions.
Supply Chain Management
One of the most popular industries that are looking forward to investing in Blockchain development services is the Supply chain.
The Supply Chain business vertical is presently facing various challenges including higher time delays, extra production, human errors in payment and shipping process, etc. Blockchain. In this scenario, is helping in managing the whole Point A to B supply process at lower cost and time in numerous ways. This includes keeping complete track of every transaction and movement made in the whole manufacturing and shipping process. This will help you have a sustainable supply chain management system that demonstrates the whole past history of every product with a single scan. It will predict the upcoming issues in the working of involved machinery, determining and preventing the over-production scenario, etc.
Ride-sharing apps like Uber, Ola, and Lyft are currently working with a centralized approach, where an admin regulate the interaction between drivers and passengers. But, with the advent of Blockchain technology, the business model will be shifted to a decentralized approach. The drivers will be able to communicate with their passengers directly, fix their own rates, deliver a user-centric experience, and even create its own community of drivers for reaping higher benefits. This implies the technology will put the foundation of a more consumer-driven, value-oriented marketplace.
Another industry that is flourishing exponentially by investing in Blockchain development services is Retail. The technology, as seen in the case of OpenBazaar, is providing a decentralized platform to connect buyers and sellers without involving an intermediary. It is making it possible for businesses to record every transaction on the cloud and check it at any point in time, implying adding transparency to the whole process. This is not only reducing the risk of fraud and errors but also improving the trust level in the retail industry – bringing better profits.
Internet of Things
Blockchain technology is acting as a catalyst in the IoT (Internet of Things) era. The technology, as Blockchain of Things, is helping the smart technology to mitigate privacy and security concerns and deliver a fully-connected environment.
The technology is encouraging the idea of storing the data on a decentralized database so that every entity on the network could access the data and execute their tasks quickly, securely and effectively.
Digital Identity Management
Currently, the industry is dealing with various cyber attacks, resulting in higher data leakage and lower customer trust. Blockchain, in this scenario, is acting the right solution by offering the right amount of privacy and security facilities. The technology, as seen in the case of SelfKey, is empowering the companies and individuals to store their identity-related papers including their bank account details, citizenship papers, investment, passport, residency papers, etc. It is helping them to check their details at any point of time and regulate who can access them and for what time. In this way, they can manage their digital identity and reap higher benefits from the opportunity.
Blockchain technology comes up as a great tech solution for the challenges associated with Human Resources/Recruitment industry. The technology will enable the candidates to store their personal and educational data onto secure and distributed ledger and share them with different recruiters easily. It will provide them with an escape from the worry of getting their data misused or misplaced by offering them the whole ownership of their data.
Besides, it will make the recruitment process simple, seamless, and effective for HRs by making verification of employee data, setting up a bank account, and other such tasks achievable in lower time and efforts.
Though Blockchain technology is still in its nascent stage, it shows the traits of transforming the entire business ecosystem one or the other. In such a scenario, keeping yourself updated with what’s happening in the Blockchain world, what will be its impact on your niche industry, and how to embrace the technology is the need of the hour. So, do not limit your knowledge to this blog. Learn more about the technology and even consult with the best Blockchain application development companies to be “Blockchain-ready”.