The blockchain is an encrypted, distributed database shared across multiple computers that are part of a community or system. What makes it one of the most exciting technologies around is its ability to reduce the possibility of security breaches by even its own operators.
Across different industries from financial services to supply chains, healthcare and many other industries, innovators are exploring ways to use blockchain to disrupt and transform traditional business models. Industries have achieved significant business benefits, including greater transparency, enhanced security, improved traceability, increased efficiency and speed of transactions.
The financial services industry is leading in exploring the usage of blockchain technology for cryptocurrency transactions. Recording transactions through blockchain virtually eliminate human error and protect the data from possible tampering.
Blockchain has the ability to increase secure data exchange in other industries as well. It also has the ability to make that data transfer simpler and easier between entities.
5 Industries That Blockchain Will Transform
- Supply Chain Management
- Health Care
- Real Estate
- Digital Advertisement
Blockchain technology makes transactions fast and easy, and it has the potential to do more than just cryptocurrency. The blockchain has already changed the payments, and many banking services have started showing their confidence in the blockchain. Large banks are increasingly conducting tests of decentralized asset technology and implementing blockchain in business processes.
Blockchain technology provides a way for untrusted members to come to the agreement on the state of a database, without using a middleman. The growing popularity of cryptocurrencies and the ICO boom have shown the fact that many big financial organizations no longer deny the potential of blockchain technology.
Supply Chain Management
Due to the complexity and lack of transparency in the current supply chain industry, there are a lot of opportunities for how blockchains might transform the supply chain and logistics industry. It can be applied to many challenges of the Supply Chain industry face such as complicated record keeping and tracking of products.
One of the most appealing benefits of using blockchain for data is that it allows the data to be more interoperable. It became easier for companies to share information and data with manufacturers, suppliers, and vendors. Transparency in Blockchain helps reduce delays and disputes while preventing goods from getting stuck in the supply chain.
Medical error is the third leading cause of death across the globe and the main reason behind this problem is the tremendous lack of transparency between medical institutions and the inefficiency of hospital systems to safely and efficiently share data with one another. Blockchain can securely ease the transfer of patient records among health systems both nationally and across borders and boosts the coordination of member health management, lower transaction costs, and risks
Patients can benefit from supply data stored in a blockchain, also they can access real-time information about any drug from production to arrive at the pharmacy. This approach will also give patients diagnosis and treatment-related benefits and maintaining data security in case unintentionally share, or companies gain access to, more data than is desired or intended.
The real estate market has many limits, including a lack of liquidity, as well as a difficult ecosystem that could be smoother. As such, blockchain technology has the potential to unlock the future of the real estate market. Blockchain technologies are poised to transform the real estate industry by drastically reducing fraud, reducing paper waste, minimizing mistakes, increasing transparency allowing for better and more integrated records.
Due to the complexity and the associated lack of transparency, many real estate transactions cannot be realized without helpful middlemen. Smart contracts are increasingly reshaping in the blockchain industry. The function of smart contracts is to eliminate the middleman from the equation.
The world of advertising is worth billions of dollars and it has become an important part of any type of business available and plays a role in driving the data market further.
According to one recent study, up to 7.6 percent of all display ad impressions in 2017 were fraudulent. Currently, almost half of all ad traffic is generated by bots. A number of brands pay a lot of money to reach their potential customers, it does not guarantee that they will actually make any sales.
Possibly the most immediate impact blockchain will have is on digital display advertising, something that makes up a significant portion of all online marketing activity. With Brave and BAT, which is powered by blockchain technology, are aiming to break up the current holding on digital ads, however, there’s a real potential to change the way that people interact with these ads in the first place.
Almost everyone is aware of the blockchain technology due to its use with bitcoin and various cryptocurrencies. What the future holds for blockchain technology is uncertain. The possibilities are infinite and increase in popularity, poised to be used in a more innovative way to make human life safer & easier.