The blockchain is radically transforming the industries, enhancing customer experience, and revolutionizing the trust across businesses. Bitcoin and other virtual currencies popularity are already proving blockchain’s usefulness in finance and banking industries, but this distributed ledger technology does not stop itself here. Let’s distill the top five industries Blockchain will make a foray in.
Banking, Finance, and Insurance
Blockchain is injecting enhanced security and information sharing in the banking industry which always needs a roof of a digitized & secured environment so that it can serve as critical storehouses and transfer hubs of value. Blockchain is truly justifying its promising role in the financial services economy in varying ways. Many banks have also embarked upon this new technology including Swiss bank UBS and UK-based Barclays.
Retail And Consumer Goods
Consumer trust has become hard to earn and easy to lose.
With many retailers striving to establish, or having already established their place in the online marketplace, finding solutions to secure and maintain consumer trust and loyalty is an invaluable market advantage.
Similarly, the rise of e-commerce has challenged retail and consumer goods industries with issues such as security and complex processes for payments and shipping.
Blockchain, which has until now, primarily been a tool of the financial industry, offers a promise to update how consumer shopping is managed in a digital age. By using a distributed and trusted database, blockchain solutions are reducing the barriers that impede business like time-consuming settlement processes and ensuring greater transparency through a shared, immutable ledger that enables businesses to establish a concrete trust across areas like invoicing and payments, supply chain, and global shipping.
This disrupting technology is increasing the security, privacy and, interoperability of health data by keeping patient-centered ecosystem in focus. This technology is going to the edges to provide a new model for health information exchanges (HIE) by making EMRs electronic medical records more efficient, disintermediated, and secured.
The manifold robust functionalities of blockchain have captured the eyeballs of government all over the world. The potential use cases where the government is predicting 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 SCM industry, transactions can be documented into a permanent decentralized record and can be monitored in a more secured fashion while maintaining end-to-end transparency, hence helping in reducing time delays and human errors. It can also be used in verifying the authenticity and trade status of products by tracking them from their dispatch points.
Other than this, hyperledger technology is being consumed by networking industry, peer-to-peer ridesharing apps, cloud storage, entertainment industry, messaging app, real-estate, critical infrastructure security, crowd funding and many more. But the five sectors we have discussed above top the chart though.
Believing that, the decentralized crypto-currency can solve the world’s worst problems, every industry should welcome blockchain technology into their businesses and start making transformations and future advancements. Hire a reliable blockchain app development company and start creating greater value for your organization.