The blockchain technology is a robust technology which bears resemblance to the internet of the 90s era, however, it is designed to impact the way we live, we function and the way we interact. Originally created for the regulation of digital currency such as Bitcoin, it is basically a digital, decentralized public ledger for all the cryptocurrencies. One of the unique aspects of Blockchain technology is that digital information can be distributed not copied, creating a backbone for a new type of internet. Presently, this technology is being primarily used to verify transactions, within the digital currencies; nevertheless, the tech community is finding other potential uses for the technology.
How will Blockchain technology impact other industries?
The popularity of virtual currencies is proving Blockchain’s usefulness in finance, but industry experts believe that blockchain can transform more industries. Since blockchain operates through a decentralized platform which requires no supervision, it is extremely resistant to fraud.
Interestingly a lot of start-ups are deploying Blockchain in an effort to strive for greater transparency and accuracy across the digital information ecosystem. By switching to the blockchain, they are boosting awareness in other sectors ranging from infrastructure to public policy. Following are the different industrial segments which are harnessing the power of global blockchain:-
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Banking Sector
Since blockchain uses a secure and tamper-proof ledger, it could serve the same function by injecting enhanced accuracy and information sharing into the financial services ecosystem. It can be modified to provide financial services to billions of people around the world, including to those who are living in third world countries who don’t have any access to a traditional form of banking. The UK based Barclays and Swiss bank UBS have already started experimenting with blockchain technology to accelerate the back office tasks, which could cut up to $20 billion in middleman costs. Banks are currently exploring and investing in Blockchain start-ups such as R3 CEV, who are currently working along with banks, financial regulators and technological partners in developing Corda, an exclusive blockchain platform designed specifically for the new operating system for financial markets.
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Real Estate
Often the real estate segment gets a bad rep due to the lack of transparency during and after the transactions, large amounts of paperwork, fraud and unwarranted human errors in public records as well. But Blockchain offers a distinct method to reduce the need for paper-based record keeping and speed up the transactions, thus assisting the stakeholders to improve the efficiency and help in reduction of transaction costs at all sides of the transaction. Real estate Blockchain applications can help in recording, tracking, transferring of land titles, property deeds and even ensure that all the documents are accurate and verifiable.
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Supply chain and Logistics
Using this technology financial transaction can be well-documented in a decentralized record and monitored separately. One of the advantages of using Blockchain is that it provides secure remote and transparent monitoring of transactions. This will reduce the potential time delays and removes human errors. Aside from that, it can also be used to monitor costs, labour and even emission control at every point of the supply chain. Blockchain’s unique distributed ledger system can be used to verify the authenticity or the trade status of products by thoroughly tracking them from their origin. Provenance, Hijro, SKUChain and Blockverify are some of the reputed blockchain companies currently working in this segment.
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Education segment
We are all aware of the strict regulations that the present day educational institutions follow in order to be universally accepted and verified. Despite the progress made in recent year’s verification of academic credentials still remains largely a manual process. Instilling blockchain solutions in the academic process could help in streamlining the verification process, thereby reducing fraudulent claims of un-earned educational credits. Recently Sony Global Education has developed a new educational platform in an exclusive partnership with IBM that uses Blockchain to secure the student records.
Future application in different segments
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Healthcare Segment
Healthcare institutions are presently suffering from an inability to share data securely across platforms. Blockchain technology could allow hospitals, payers, patients and other parties in the healthcare value chain to share access to their networks compromising on the data security and integrity.
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Entertainment and Music Industry
Entrepreneurs from the entertainment industry are switching to Blockchain to make content sharing fairer and easier for contracts who are using smart contracts. Thus the revenue from purchases of creative work can be distributed automatically according to the pre-licensing agreements.
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Stock Trading
Companies have been working for years to ease the process of selling, buying and trading stocks. But now they are focusing on the Blockchain based start-ups who are looking to automate and secure the entire process more efficiently than any other past solutions.
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Forecasting and Market Research
Since more and more industries are adopting Blockchain technology in a more holistic way, Companies which are more specialized in areas of research, analysis and consulting are also being rattled up by this technology. The foundations of Blockchain are unshakable and are apt for accurate transaction record supporting the data analysis. Forecasting and predicting operations will have a strong foundation for using machine-generated algorithms to inculcate targeted predictions and insights.
Final Thoughts
There is an increased interest from entrepreneurs in Blockchain technology over the recent years due to its well defined, transparent, highly secured work process. To survive in this tightly knit competitive environment one must adapt to the latest technological advancements and right now Blockchain technology is definitely pointing to the future. we are one of the best technology company to develop decentralized applications development using blockchain technology.
