Blockchain is radically transforming industries, enhancing customer experience and revolutionizing business trust. The popularity of Bitcoin and other virtual currencies is already proving blockchain’s utility in the finance and banking industry, but this distributed ledger technology doesn’t stop there. Let’s distill it down to the top five industries blockchain will make a foray into.
- Banking, Finance and Insurance
Blockchain is bringing enhanced security and information sharing to the banking industry which always requires a digitized and secure environment roof to act as a vital storehouse and transfer center of value. Blockchain is indeed proving its promising role in the financial services economy in several ways. Many banks have also adopted this new technology, including Swiss bank UBS and UK-based Barclays.
- Retail and Consumer Goods
Blockchain products in the retail and e-commerce industry are acting as a catalyst for increasing the visibility of consumer goods and a reluctance for disruptions. By using a distributed and trusted database, blockchain solutions are reducing barriers to business such as time-consuming settlement processes and ensuring greater transparency through a shared, immutable ledger that enables businesses to establish a level of trust in areas such as invoicing and payments, supply chain by doing , and worldwide shipping.
This disruptive technology is increasing the security, privacy and interoperability of health data by putting a patient-centric ecosystem in focus. This technology is moving to the edge to provide a new model for health information exchange (HIE) by making EMRs electronic medical records more efficient, discrete and secure.
- Government service
Blockchain’s manifold powerful functionality has caught the eye of governments around the world. 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 systems.
- Supply chain management
In the SCM industry, transactions can be documented in a permanent decentralized record and monitored in a more secure fashion while maintaining end-to-end transparency, thus helping to reduce time delays and human errors. It can also be used to verify product authenticity and trade status by tracking them from the point of dispatch.
Beyond that, hyperledger technology is being used by the networking industry, peer-to-peer ridesharing apps, cloud storage, entertainment industry, messaging apps, real-estate, critical infrastructure security, crowd funding and more. But the five sectors we have discussed above the chart.
Believing that decentralized crypto-currencies can solve the world’s worst problems, every industry should welcome blockchain technology into their businesses and start transforming and advancing the future. Hire a reliable blockchain app development company and start creating more value for your organization.