Blockchain is radically transforming industries, enhancing the customer experience and revolutionizing confidence across businesses. The popularity of Bitcoin and other virtual currencies is already proving the effectiveness of blockchain in the finance and banking industries, but this distributive sector technology does not stop there. Let’s cut to the top five industries Blockchain will create a stimulus.
- Banking, finance and insurance
Blockchain is injecting increased security and information sharing in the banking industry that always needs a roof over a digitized and secure environment so that it can serve as a critical storehouse and transfer value to the service. Blockchain truly supports its committed role in the financial services economy in a variety of ways. Many banks have also adopted this new technology, including the Swiss bank UBS and the UK-based Barclays.
- Retail and consumer products
In the retail and e-commerce industries, blockchain products are acting as a deterrent to barriers and as a catalyst for increasing consumer product visibility. Using distributed and trusted databases, blockchain solutions reduce barriers to timely business processes and ensure greater transparency through a shared, unchanging ledger that enables businesses to have a strong trust in areas such as shipments and payments, supply chain, and Global Shipping.
This disruptive technology is increasing the protection, confidentiality and interoperability of health information by focusing on patient-centered ecosystems. This technology is on the verge of providing EMR with a new model for Health Information Exchange (HIE) by making electronic medical records more efficient, chaotic and secure.
- Government services
The multifaceted effectiveness of the blockchain has brought tears to the eyes of governments around the world. The government is predicting the use of this hyperlighter technology in healthcare, tax and internal revenue monitoring, national identity management systems, secure banking services and electronic voting systems.
- Supply chain management
In the SCM industry, transactions can be recorded in permanent decentralized records and monitored in a more secure fashion while maintaining end-to-end transparency, thus helping to reduce time delays and human errors. It can also be used to verify authenticity and business status by tracking products from their shipping points.
Apart from these, hyperlighter technology is being swallowed up by the networking industry, peer-to-peer riders apps, cloud storage, entertainment industry, messaging apps, real estate, critical infrastructure protection, crowd funding and much more. However the five sectors above we have discussed at the top of the chart though.
Believing that decentralized crypto-currencies can solve the world’s worst problems, every industry should welcome blockchain technology for their business and begin to transform and advance into the future. Hire a trusted blockchain application developer and start building more value for your organization.