People are usually appalled with technological developments, so they resist any such kind of change, without considering how the new technology will improve their future. One such emerging technology that is exciting and about to bring innovation is blockchain. Most of us denote “blockchain” technology with crypto-currency and finance but the technology has already extended its reach far beyond these domains.
Though blockchain is an integral part of the cryptocurrency world, its concept has been adopted in many other industries. Blockchain is a digital decentralized ledger used to record transactions in an immutable way. It is thought to impact the way transactions are being saved and businesses are being done across the globe. Blockchain technology can be used in multiple ways that are completely unrelated to Bitcoin or other types of cryptocurrencies.
Blockchain in Finance Industry
The most popular application of blockchain technology is none other than financial industry. Banks and financial institutions store money for their customers, handle the transfers and securely record the transactions. To offer these seamless services, the financial institutions charge heft amount. On top of service charges, customers have to pay additional taxes and fees for making transactions.
It is not wrong to say that blockchain wallet can solve significant problems faced by the banking sector, which are powered by blockchain technology that can significantly cut out the need of middle man from financial transactions. Furthermore, you need low processing fee to complete the transactions as compared to centralized ones.
Blockchain in Healthcare Industry
The healthcare industry has been in need of a decentralized system when it comes to sharing and storing medical data and patients’ records. The potential for data theft, record error and lost records has already created mistrust between consumers and healthcare providers. All these problems can be resolved with blockchain technology.
Blockchain technology can help healthcare sector regain this trust by storing medical records accurately and safely transferred to all the doctors, the patient wants to see. It is an excellent platform to save record and help in authorization and authentication of records. Moreover, medical experts can keep their research data safe and secure on this network.
Blockchain in Supply Chain Management
Another potential application of blockchain technology is in supply chain management. The supply chain industry has been facing a number of issues in regards to product cost, production or manufacturing cost and having an efficient process of supplying products to retailers and customers. And its value is estimated in hundreds of billion dollars worldwide and is set to grow as demand and orders increase.
Blockchain technology can help entrepreneurs and vendors for order acceptance and processing. For instance, overproduction can waste precious resources and space – eventually becoming a waste item. Smart contracts can be used for order processing to make sure everything is done specifically. Blockchain technology would eliminate the worry of overestimating demand and resource usage and therefore has the potential to transform the industry.