Blockchain Technology – A game changer for many industries

4 min read

Overview:

You’ve probably heard a lot about blockchain technology in recent times. It is one of the best inventions in the field of technologies so far since the internet itself. Blockchain not only powers myriad cryptocurrencies but is now becoming the foundation for many applications within enterprises while transforming the way industries operate.

The blockchain is disruptive! It is hailed as the new ‘cloud’ because of its underlying functionalities to make the industries more secure, agile, transparent, and fit for the digital era. Today, in this post we will see how blockchain can redefine the global business landscape and take it to another level.

How will blockchain change the majority of the industries?

The blockchain is known for its decentralized ecosystem which has opened up a lot of opportunities for industries to grow and innovate. This newest technology also has the potential to unlock efficiency in service delivery for a wide range of applications across various sectors, previously unseen level of democratization, can help remove the need of trusted third parties in the logistics ecosystem.

The distributed ledger nature of the technology has profound effects in securing transactions within large financial institutions. Offering much more than its use currently, blockchain is designed to improve businesses around the world.

Impact of Blockchain on industries:

  • Banking and Financial

    With growing incidences of fraud, counterfeit medicines, meddling with ingredients, and more, healthcare sector is going through a lot of complex challenges. And blockchain is the only technology that can fix the Pharma industry and address all the pain-points including lack of data standardization and fragmented interoperability. It has the potential to secure critical information like clinical trials data, electronic health records, patient data, and immutable ledgers and so on.

    Beyond cryptocurrencies, over the coming years, we will see a significant financial shift while enabling automation in so many different areas. Blockchain-powered transactions offer efficient and personalized user experience, can eliminate the middleman fees, infrastructure as well as compliance cost making it cheap for the end user. By digitizing payments on a secured network, global economies can adopt modern banking making it seamless for money to pour in and out of countries.

  • Healthcare

    With the invention of new technologies over the years, banking and financial services have changed a lot. But what has not changed is its lack of operational transparency, ability to process payments, handle settlements, and lack of accessibility. The blockchain is the fundamental key to alter the dynamics of the finance industry and solve problems like fraud, over expenditure, and more. Currently, many banks are integrating this technology into their systems to manage complex transactions easily and provide a better service to their customers.

    The decentralized eco-system of the technology holds together the fragmented data and helps maintain a trackable, transparent, and unalterable track record. Blockchain-based applications are beneficial for both service providers as well as patients as it will make data access secure, quick, and easy.

  • Gaming and Entertainment

    The current gaming, music, and entertainment industry is not decentralized. Issues like copyright and piracy are a major threat to the global entertainment ecosystem. Blockchain offers one of the best functionality like Smart Contracts which could help entertainment businesses to securely manage the access rights to their owned content.

    With blockchain-powered platforms musicians can share their music without the need of a third party. It also offers a digital public database to securely store all the encrypted records of ownership. Also the use of cryptocurrencies eliminate all the middlemen by securing payments, reducing transaction costs, as well as making it simpler to honor licensing agreements.

  • Real Estate

    Blockchain also has the capability to disrupt the real-estate sector in a way like never before. Buying or selling of any property involves lack of transparency, enormous amount of paperwork, middlemen fees, and several other negotiation transactions.

    This new age technology can help eliminate all the problems. Smart Contracts offers a secure and efficient way of bridging the gap between the property owners and buyers. It seamlessly helps fulfilling all the legalities of the transaction and disbursal of funds. This helps in eliminating the middlemen fees while bringing down the additional cost. Blockchain-powered applications can improve property search process, make lease decisions smarter and expedited, make payments as well as other financial process smoother and secure.

Conclusion

Blockchain technology has the ability to unlock massive opportunities for several industries other than these industries mentioned above. And if you are not adopting the power of decentralized ecosystem at this point, your business is definitely missing out on the ability to function independently, transparency, traceability, security, as well as interoperability at any cost.

The world is at the cusp of a revolutionary transformation, and those enterprises who have the required skill-sets to capitalize on the emerging technology will be the ones to benefit the most!

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