Blockchain is radically changing industries, improving customer experience, and transforming trust in businesses. 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 itself here. Let’s break down the top five industries that Blockchain will do.
- Banking, Finance, and Insurance
Blockchain injects enhanced security and information sharing into the banking industry which always needs a roof over a digitized & secured environment so that it can serve as critical repositories and value transfer hubs. Blockchain has truly justified its promised role in the financial services economy in a number of ways. Many banks have also started using 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 reluctance to barriers and as a factor in increasing visibility of consumer products. By using a distributed and reliable database, blockchain solutions can reduce barriers that hinder business such as time-consuming settlement processes and ensure greater transparency through a shared, immutable ledger that enables businesses to establish concrete trust in areas such as invoicing and payment, supply chain. , and global shipping.
This disruptive technology enhances security, privacy and, interoperability of health data by keeping the patient-centered ecosystem in focus. This technology goes to the extent of providing a new model for health information exchanges (HIE) by making EMR electronic medical records more efficient, intermediate-free, and secure. .
- Government services
Blockchain’s many powerful functions have caught the eyeballs of governments around the world. Possible use cases where the government predicts 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 can be monitored more securely while maintaining end-to-end transparency, thus helping to reduce time delays and human errors. It can also be used to verify the authenticity and trading status of products by tracking them from their dispatch points.
In addition to this, hyperledger technology is used in the networking industry, peer-to-peer ridesharing apps, cloud storage, entertainment industry, messaging app, real-estate, critical infrastructure security, crowd funding and many others. But the five sectors we mentioned above are on top of the chart though.
Believing that, decentralized crypto-currency can solve the world’s worst problems, every industry should welcome blockchain technology in their businesses and start making changes and improvements in the future. Hire a reliable blockchain app development company and start creating more value for your organization.