The blockchain technology is the decentralized or distributed ledger technology used mainly to trade without any loses or the middlemen. The blockchain technology in the financial sector uses cryptocurrencies in order to perform a glitch-free transaction across channels and with any number of traders. There are many different cryptocurrencies like Ethereum, Bitcoin, Ripple et cetera that traders use and there are 700 more virtual currencies being traded around the world currently. As per actual practice, the following industries can employ blockchain technology to make the most out of this cryptocurrency surge.
Banking Sector
With the use of blockchain technology in the banking and payment sector, billions of people can get easy access to the financial opportunities. Even those who don’t currently have access to the traditional payment options can utilize blockchain technology to trade. Across seas and nations, blockchain technology will help traders make business at extremely very low fees. Since the transactional data backed up with blockchain technology is highly encrypted and tough to track, this is one such secure way to trading.
Supply Chain Management
Transactions using blockchain technology can be entered as a non-removable/permanent decentralized record. Can be monitored securely and transparently. This can keep us off time lag and human errors. Predominantly used to observe costs, labour, and waste management and emissions at every step of the supply chain. This will greatly help to understand and control the actual environmental impact caused by the products. Can also be used to verify the originality of products by tracking them from the inception day.
Storage on Cloud
Data stored on a centralized server is naturally prone to hacking, loss of data or human error and interventions. Blockchain technology will allow cloud storage to be more secure and essentially fight against data breaches.
Charity
Inefficiency and corruption are the common complaints within the charity space. Which basically prevents money from getting to the appropriate person. Using blockchain technology will help us track whether or not the donations are going to the right individual/association. Bitcoin-based charities like the BitGive Foundation uses blockchain’s secure and decentralized ledger providing donors with the information that the intended party has received the funds.
Election
One of the most important areas of society that the blockchain will do actual good to is electoral reforms. The recent past 2016 US election is not the only time parties were cited for controversial election results. Blockchain technology can be used in future for voter registration and identity verification. Also for electronic vote counting to assure that only valid votes are tallied. Creating a publicly-viewable ledger of legitimately obtained votes would be a huge step toward making elections more democratic.
Further, if you have any other verticals that you think blockchain technology can disrupt or leave a mark, mention them in the comment. And if you’re ready to head to hit ‘go’ for a blockchain backed business, mail us to [email protected] or talk to us on +91 638 266 5366
