Top 10 Industries to Witness a Promising Future in Blockchain Technology
When we come across the word Blockchain, the first thing that strikes the mind is cryptocurrency or Bitcoin. Undoubtedly, Crytocurrency like Bitcoin was the reason why Blockchain Technology has gained immense popularity in such a short time. But cryptocurrency is just one example of blockchain application. Blockchain possibilities are yet to be explored.
Blockchain is slowly finding its usage in almost every sector — from Finance, governance, legal sector to education, healthcare and supply chain industry. Precisely, Blockchain Technology is immensely benefitting almost every sector. Many businesses looking at the vast possibilities with Blockchain, hire blockchain developer that can bring efficiency to their business processes.
Businesses can take advantage of Blockchain to ensure full security & privacy, reduce their costs and increase profits. Here are the topmost advantages of Blockchain Technology for businesses in 2020 and beyond:
Blockchains offers enhanced security to your business databases or record keeping. It ensures that all financial transactions must be approved by the network members and then is recorded. Blockchain facilitates that the information is stored across a network of computers instead of on a single server. This makes hackers nearly impossible to corrupt or steal the transaction data.
Blockchain is a distributed ledger where the network participants share the same data across all of their nodes. Only after the consensus is achieved i.e if all the members are agreed, the data is updated and again distributed across all the participants. On the other hand, to change a single record would require altering of all the subsequent records — eventually leading to the network collusion.
Cost reduction is the topmost priority for almost every business. Blockchain removes the need for third parties and thereby helping businesses save extra costs.
Increased Efficiency & Speed
Database management including bookkeeping is a very time-consuming process and are prone to human errors. On the other hand, Blockchain secured data is immutable and as it is approved by the network members there is zero chance of error. The speedy transactions are yet another advantage of Blockchain.
10 INDUSTRIES LOOKING FORWARD TO A GREAT FUTURE IN BLOCKCHAIN TECHNOLOGY
Blockchain Technology is the newest technology that is quickly becoming the next major revolution in many industries. The technology is poised to impact the way business is done across the globe. Here are the top 10 prominent industries that are witnessing a great future with blockchain technology:
1. Banking & Finance Industry
With Blockchain, you no longer need to rely on a third-party to ensure your payment transfers. The Technology offers the most trusted environment for money transfers in Finance industry.
Blockchain technology has the potential to resolve several significant issues faced by the Finance & banking industry today. Banking industry requires a full-proof security as it is purely based on storing money of their customers, and facilitate transactions when required by the customer.
Blockchain technology offers the most secure system and the capability to store permanent records of the millions of transactions taking place in the banking industry daily. The blockchain ledger system reduces the risk by providing the most secured records. In addition, blockchain decentralization feature allows money transaction faster and cheaper than the traditional method.
2. Healthcare Industry
The healthcare industry needs a significant solution when it comes to sharing and storing of medical data and records. There is a high chance of error, fraud, data tampering and lost records in the industry. This has created distrust between consumers and healthcare providers.
Blockchain in the Healthcare industry will aid in the authorization and identification of people. The technology can be seen as a promising technology that can revamp the industry by securely medical records and offering an automated environment where doctors and authorized staff can easily access and safely transfer the data to the concerned department.
3. Real Estate Industry
Purchasing & selling of property involves a lot of paperwork. To eliminate the same, Blockchain technology can be seen as a foundational pillar of the real estate industry. Blockchain technology will get rid of this overloaded paperwork of real estate transaction by offering a decentralized system where all of the documents and transaction records are stored securely at less cost with almost no paperwork involved.
The technology can create smart contracts that release funding only when the required conditions are fulfilled. Utilizing blockchain applications in real estate transaction &, escrow, helps in reducing fraud, increasing financial privacy & speedy transactions in the industry.
4. Legal Industry
Blockchain technology offers great help in the legal industry too by storing and verifying legal documents and data. Records such as wills, legal documents of assets, & other forms of data are stored on the blockchain & is quickly and securely verified. Any changes to the documents will be authenticated and stored.
The technology also eliminates legal issues dealing with inheritance, assets as well as lengthy court battles arguing over such matters.
5. Insurance Industry
Blockchain Insurance Applications has the capability to transform the entire insurance industry by optimizing business processes like sharing data in an efficient, secure, and transparent manner. Using blockchain revolutionize insurance policy systems onto smart contracts which in turn allows them to operate autonomously on peer-to-peer networks eliminating manual process of pen and paper.
6. Entertainment Industry
Entertainment industry also sees a remarkable future with Blockchain technology. Video & Music industry is predicted to take over 82% of all Internet traffic by 2021. In this, Blockchain may play a significant role by decentralizing the video encoding, storage, and content distribution. This will dramatically reduce the cost of video traffic by tapping into $30 billion in wasted Internet computing services.
Integrating blockchain technology in music apps will allow a paradigm shift that allows artists to control their musical work. From ownership rights, copyright claims to first edition rights & royalty payments, blockchain technology applications will greatly empower artists to extend their work ownerships.
7. Education Industry
The education industry is poised to notice a significant change utilizing an emerging version of the Internet that involves a combination of blockchain, cryptocurrency, and virtual reality.
The”3DInternet” for the education industry has the power to create a global classroom like never before. Many big companies are making big moves to make this a reality. There will be a global community of faculty, campuses, students, and curriculum and the students will encompass all ages, cultures, and locations.
Blockchain Technology with its Distributed Ledger Technology (DLT) feature is seen as a promising vehicle that will improve government services and foster more transparent government-citizen relations. The distributed Blockchain system can work to dramatically optimize business processes through more efficient and secure data sharing.
9. Internet-of-Things (IoT)
Blockchain technology offers a new concept that will help you remain connected to the world via Internet-of-Things. Statistics reveal that the internet-of-things market is expected to top the $1 Trillion mark in the coming years. This opportunity allows Blockchain & Internet-of-Things to step in and provide the ultimate system to track the unique histories of the billions of smart-devices coming online over the next few years.
10. Food Industry
Blockchain is already empowering customers with more data and tracking food frauds. The topmost problem hitting the food industry today is Food Safety, transparency and preventing fraud. Going into the deep:
- Food safety- Blockchain makes a supply chain more transparent & empower the entire chain to be more responsive to any food safety disasters.
- Preventing fraud- Current practices in the food industry are much more open to human error. Much of the compliance data is audited by trusted third parties and stored either on paper or in a centralised database, vulnerable to hacking. Blockchain technology provides a method with which records are kept permanently.
- Transparency- Data flowing through the blockchain network is easily accessible to everyone. There will be transparency in each step of food production, from the supply of ingredients to the manufacturing process to the quality assurance and consumer sales.
- Traceability- Blockchain can make food products to be traced at any time, from the very beginning to the end. This helps in reducing food waste. It has the potential to record where each ingredient came from, which batch used up which set of ingredients, which food products are found to be expired, etc. Immediate tracing of marketplace from where they come from can be facilitated. Furthermore, suppliers of fake/bad products can be eliminated, thus ensuring food safety at a much greater level.
So, now that you are aware of the powerful role of Blockchain technology into a wide array of industries, it’s high time to think about how it can positively transform your business.
Want to integrate this innovative technology to your business? QSS Technosoft is a leading blockchain development company offering a wide array of Blockchain services from crypto Exchange & wallet Development, DApp, Escrow, Faucet & Airdrop Solutions to Initial Coin Offering, Smart Tickets Development including Token Generation & Sales. Our qualified blockchain engineers are proficient in implementing blockchain solutions to a wide array of the business domain.
Let us know how we can help your business with our Blockchain solutions; request for a free consultation now!
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