Blockchain is radically transforming industries, improving customer experience and revolutionizing business trust. The popularity of Bitcoin and other virtual currencies has already proven the usefulness of blockchain in the financial and banking industries, but this distributed ledger technology does not stop there. Let’s distill the top five industries where Blockchain will make inroads.
- Banking, Finance and Insurance
Blockchain injects enhanced security and information sharing into the banking industry, which always needs a roof of digitized and secure environment so that it can serve as critical repositories and value transfer centers. Blockchain does justify its promising role in the financial services economy in a number of ways. Many banks have also embraced this new technology, including Swiss bank UBS and UK-based Barclays.
- Retail and consumer goods
Blockchain products in the retail and e-commerce industries act as a barrier-reluctant and a catalyst to increase the visibility of consumer products. By using a distributed and trusted database, blockchain solutions reduce barriers that hold businesses back, such as time-consuming settlement processes, and provide greater transparency through a shared, immutable ledger that allows businesses to establish concrete trust in areas such as invoicing and payments , supply chain and global delivery.
- Healthcare
This disruptive technology enhances the security, privacy and interoperability of healthcare data, keeping the patient-centric ecosystem in focus. This technology is cutting edge to enable a new health information exchange (HIE) model by making EMR electronic medical records more efficient, disintermediated and secure.
- State services
Blockchain’s many robust functionalities have attracted the attention of governments around the world. The potential use cases where the government foresees the use of this hyperledger technology are healthcare, tax and internal revenue monitoring, national identity management systems, secure banking services and 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, thus helping to reduce time delays and human error. It can also be used to verify the authenticity and commercial status of products by tracking them from their shipping points.
In addition, hyperledger technology is used by the networking industry, peer-to-peer ride sharing applications, cloud storage, entertainment industry, messaging applications, real estate, critical infrastructure security, crowdfunding and many others. But the five sectors we discussed above still top the charts.
Believing that decentralized cryptocurrency can solve the world’s worst problems, every industry should welcome blockchain technology into their business and start making transformations and future improvements. Hire a reliable blockchain app development company and start creating more value for your organization.