The blockchain is an open and distributed database of transactions where endless possibilities lie in order to make everything we do faster, more efficient and secure than ever. Nowadays this technology has emerged in the business world immensely. Implementation of this revolutionary technology offers abundant benefits to various business sectors. Especially the financial sector is considered as the foremost one to get benefit from this technology. However, there are some other sectors too where blockchain has started bringing superb transformation.
Today, I will talk about five such business industries that have started receiving revolutionary changes due to the implementation of the blockchain technology. So, without further ado, let’s start the discussion.
- Financial Industry
Gone are the days when the financial industry used to depend on intermediaries to meet the demands of the investors for a set of products worldwide. Now after the introduction of blockchain technology, the use of decentralized ledge has been started. It enables cross-border direct trading and settlements, which reduce the overall costs and unnecessary delays while improving data accuracy. Its use also simplifies the process of retail bank payments.
The stock market and insurance sector have also been benefited by blockchain. When it comes to stock market transactions, blockchain minimizes operation cost and transaction time effectively. On the other hand, in the insurance sector, it reduces the fraudulent activities and helps in product innovation.
- Health Industry
Blockchain helps in keeping and managing patients data such as prescriptions, test reports, doctor visit records, insurance information with complete security. People often change doctors throughout their lifetime. Blockchain helps them have a seamless network of safeguarded records that can always ensure them that their data travels with them, as long as they live.
This system can help you in some other health-related situations as well. If you need any emergency doctor assistance but unable to communicate with the doctor about your previous health records, there is nothing to be worried about. Now with centralized health record database, the doctors can access your health data regarding your blood type, allergies, any prior severe disease, genetic information etc. that may help them diagnose and treat you more accurately.
- Real Estate Industry
We all know that the entire process of buying a house includes quite a few steps that need time and patience. For a beginner, it may appear really a tedious job. But now the introduction of blockchain technology has certainly brought significant potential to conduct instant and secure transactions in the real estate industry. You can do the whole process online with complete security, and all at once. The property owner can transfer the legal documents securely and the buyers can send the money through cryptocurrency. This technology also offers a way to send the property records to the right government organization.
- Transportation Industry
Blockchain has started leaving an impact on the transportation industry too. There are some taxi ride-sharing companies that offer a centralized network, an app, through which the customers can find the drivers. In this process, the ride-sharing firms act as middlemen between the passengers and the drivers, getting a particular amount of share of the fares.
But with blockchain, the riders can go past the ride-sharing companies and find drivers as per their choice. LA’Zooz, a ride-sharing startup organization, has already started harnessing the benefits of blockchain and allowing their riders to choose their drivers. The organization is decentralized, similar to the technology it utilizes to process payments.
Also, the freight transportation is also looking for the wider implication of blockchain. Be it the monitoring capacity, making payment process secure, or doing theft protection and fraud detection, blockchain has a lot to offer to the freight transportation industry.
- E-commerce Industry
Blockchain is a decentralized and digitized ledger of all cryptocurrency transactions. And this cryptocurrency has dramatically revolutionized the e-commerce industry by making online transaction safe and easy. Day by day the number of people, choosing e-commerce websites to buy things online, is increasing. They choose digital currencies to make the online payment because these currencies keep track of their payments and help them save additional banking charges (if any). Also, the consumers do not have to include their names and credit card numbers while making the payment; this helps in fraudulent activity prevention and anonymity maintenance.
In the future, these industries will certainly have more positive impacts from blockchain. Not only these five industries, there are other sectors as well that will eventually need this revolutionary technology. Blockchain has made the future of businesses wide open and brought endless opportunities. So, be prepared to adopt this new technology to the fullest and cherish its benefits to boost your business.