While some industries incorporated Blockchain into their business models at an early stage, others are still grappling with determining the role of the technology in their domain and the types of funding that can be obtained.
Let’s go over the industries that have been transformed by this technology and the impacted through various business intelligence consulting followed by the types of industries that are most likely to answer why use Blockchain in the future.
When it comes to blockchain and economic development, the first industry that comes to mind is banking and finance.
In many ways, the combination of Blockchain and Fintech has simplified banking processes:
Furthermore, the convergence of the two, which has resulted in decentralized finance, has led financial software development firms to automate banking and accounting processes – from organizing spreadsheets to effectively filing all tax files.
Blockchain is revolutionizing real estate. Technology has made it possible for potential investors all over the world to invest in the real estate market. Some of the industry benefits of Blockchain include authenticated digital transactions, reduced siloed databases, and instilled trust in all property buying and selling solutions – both commercial and residential.
Blockchain technology has proven to be more than just hype in the healthcare industry. It benefits healthcare organizations by improving data collaboration, which increases the likelihood of accurate diagnosis and improves treatment level.
The use of Blockchain in the healthcare and pharmaceutical industries has also sped up the supply chain and medicine verification processes. It enabled medical domain stakeholders to make payments with cryptocurrency wallets, change the drug design model, and provide a personalized yet trustworthy experience to both patients and medical practitioners.
While learning app development was responsible for transforming education from traditional classrooms to real-time mobile access, Blockchain has taken it to the next level.
The process of keeping records and verifying certificates has been simplified by technology. It introduced the idea of verifiable open badges, which allow students to keep a permanent record of their certificates and other documents and share them with potential employers. It also streamlined government assistance for both students and families.
Sony Global Education is one company that has come up with the right answer when it comes to why use Blockchain in Education. With the assistance of IBM, the brand has developed an educational platform that uses Blockchain to securely store and share student records.
By reducing the interference of third-party intermediaries, blockchain has bridged the gap between buyers and sellers. The technology, in the form of Blockchain wallets, has made peer-to-peer payments easier. Furthermore, it has added a layer of security and transparency by utilizing the Smart Contracts concept.
Blockchain technology has also shown the potential to transform public transportation and the ride-sharing economy.
On the one hand, blockchain-powered applications have encouraged users to use public transportation in exchange for rewards in the form of crypto-tokens; on the other hand, the technology has decentralized the On-demand ride-sharing economy, i.e., Uber and Lyft. They have introduced new options that allow drivers and riders to set their own rates, offer additional services such as roadside assistance, and, in the end, create a more user-driven, value-oriented market. Or, to put it another way, technology has introduced protocols that remove third parties from the equation and make processes faster, more efficient, and seamless.
Blockchain also improves the logistics and supply chain management scenario. Companies can use the technology to record every transaction and process – from manufacturing to sales, storage, and shipment – in decentralized blocks. As a result, the risk of time delays, human errors, and associated costs is reduced.
Walmart’s food supply chain and safety system, developed in collaboration with IBM, demonstrates the true impact of Blockchain on business technology.
Blockchain has introduced a decentralized mechanism in agriculture that makes it easier to trace crops and other products. It builds trust between merchants and farmers without involving third parties, which speeds up transactions and reduces associated costs.
Blockchain technology is also gaining traction in the field of cybersecurity. The sector perfectly fits the textbook definition of blockchain technology’s impact on business.
It enables users to keep track of their unique and immutable identity records, which cannot be accessed or interpreted without their permission. It also protects against DDoS attacks and adds an additional layer of security to private messages.
With the incorporation of Blockchain into their processes, the gaming and video streaming industries will also see rapid growth.
The distributed ledger technology enables users to exchange assets across the digital world, be rewarded, track their uploaded data, and more.
When it comes to how Blockchain will change our lives in the field of politics, technology will provide a solution through improved infrastructure for casting, tracking, and counting votes.
Using the characteristics of immutability, transparency, and authentication, the technology has introduced the concept of capturing votes on Blockchain as transactions, thereby eliminating the risk of fraudulent voting.
Cryptocurrency exchange is another industry that has seen optimal growth in its operation. The technology has simplified the process of switching from one cryptocurrency (or crypto asset) to another and takes into account all relevant factors.
In the crowdfunding and venture capital domains, blockchain has introduced the concept of Smart Contracts. This has aided every associated entity in gaining a better understanding of individual campaigns and dealing with the risk of fraud in this sector.
In other words, it has introduced authenticity and trust into the spectrum, making it easier for startups and other businesses to obtain funding quickly and effectively.
As detailed in our blog on the role of blockchain in government, the technology has reduced the use of paper-based processes, reduced the risk of fraud, increased accountability in the domain, and much more.
When it comes to the scope of technology in this sector, Samsung is incorporating Blockchain into its infrastructure to assist the South Korean government in providing better public safety and transportation solutions.
Through security, transparency, available data, and control, blockchain’s distributed ledger approach can improve the media supply chain and reduce copyright infringements.
Although blockchain is new to the media and entertainment industries, companies are collaborating with blockchain to provide better service to users. Comcast and Spotify, for example, use blockchain to better plan and target their audiences while also providing artists with transparency in their tracks.
As we have seen thus far, Blockchain is proving to be a game-changing technology that is shaking the foundations of various business verticals. However, the potential of blockchain technology and its economic impact are not limited to this.