Blockchain is radically transforming industries, improving customer experience and revolutionizing trust across businesses. The popularity of Bitcoin and other virtual currencies already proves the usefulness of blockchain in the financial and banking industries, but this distributed ledger technology does not stop there. Let’s break down the top five industries where Blockchain will make a splash.
- Banking, finance and insurance
Blockchain introduces enhanced security and information sharing to the banking industry which always needs the roof of a digitized and secure environment to serve as critical repositories and value transfer hubs. Indeed, Blockchain justifies its promising role in the financial services economy in various ways. Many banks have also ventured into this new technology, including Swiss bank UBS and UK-based Barclays.
- Retail and consumer goods
Blockchain products in the retail and e-commerce industry act as both a barrier-breaker and a catalyst for increasing the visibility of consumer products. Using a distributed and trusted database, blockchain solutions reduce business-disrupting barriers such as time-consuming settlement processes and provide greater transparency through a shared, immutable ledger that enables businesses to establish concrete trust in areas such as invoicing and payments, supply chain, and global delivery.
This disruptive technology increases the security, privacy and interoperability of healthcare data while keeping the patient-centric ecosystem in focus. This technology goes to the edges to provide a new model for health information exchange (HIE) making EMR electronic medical records more efficient, immediate and secure.
- Civil services
Blockchain’s many robust functionalities have caught the eye of governments around the world. Potential use cases where the government envisions using this hyperledger technology are healthcare, taxation and internal revenue surveillance, 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 trade 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, the entertainment industry, messaging applications, real estate, critical infrastructure security, crowd funding, and more. But the five sectors discussed above top the list.
Believing that decentralized cryptocurrency can solve the world’s worst problems, every industry should welcome blockchain technology into their business and begin transformations and future advancements. Hire a reliable blockchain app development company and start creating more value for your organization.