Digital transformation is something that every industry is experiencing today. Among all the technologies being implemented, blockchain is one of the most prominent names.
As all the industries are becoming digitally advanced, data security, automation, and promptness are a few aspects that are in high demand, and this is where blockchain technology comes to the rescue.
We will help you understand how blockchain technology is helping various industries, but before that, you need to understand what blockchain technology is.
What is Blockchain?
Technically speaking, blockchain is a public electronic ledger, which creates a record of unalterable and safe transaction records.
Every new block has a cryptographic hash of the previous block along with timestamp and transaction data, which makes the chain immutable. This unchangeable chain helps in keeping a safe and transparent record of a transaction between two parties.
How Does Blockchain Benefit Enterprises Across Industries?
Blockchain has found a myriad range of uses for post-trade settlement and digital asset creation. The secure structure of blockchain has gained the attraction of several leading financial organizations, conglomerates, and governments. After all, the benefits offered by blockchain are enough to magnetize any business.
A few benefits that every business can leverage by using blockchain technology are listed below:
Granular security controls and protected data coordination in blockchain offers advanced security.
Digital Asset Management
Creates and organizes digital assets and instruments promptly using blockchain technology.
Blockchain transactions are programmable and can be cleared & settled in real-time, which helps in streamlining the business processes.
Trusted Business Networks
Blockchain facilitates easy and faster deployment of permissioned networks with customizable governance and shared business logic.
Blockchain Technology for Various Industries
Blockchain technology can be said to be an innovative combination of transparency, automation, decentralization, and immutability.
To leverage all these characteristics of blockchain, a plethora of industries has put blockchain in use. Here, we are going to talk about a few of those industries. Let’s go.
The real estate industry is counted among those industries that involve tons of transactions and millions of paperwork. The real estate industry needs a revolution and that can be brought by blockchain technology. You don’t have to sit and hold your head with the stress of losing any record of a document or transaction.
No matter how many documents and transactions you have, blockchain technology offers safe record-keeping at lesser costs and efforts. There are some smart contracts created between the dealers. These contracts first check the conditions, if satisfied, only then the funding is released.
Blockchain technology eradicates the need for any middlemen between buyers and sellers. Now, you don’t have to pay hefty commissions to third-party because of enabled direct communication.
The major use case of blockchain in the government sector has been found to end voter fraud. The traditional vote casting process demands people to stand in line or send in mail votes. After this, a local authority takes the responsibility of counting votes correctly. This entire process has higher chances of fraud.
What can be the solution to this sensitive matter? Blockchain, of course. Using blockchain technology, people can cast their votes online, which does not require disclosing their identities.
One vote can be cast with one identity and votes can be counted with absolute accuracy, which reduces chances of fraud to nil. Also, no one can withdraw, change, or erase votes that are once added to the ledger.
The government also uses blockchain technology for digital asset registries for a faster and secure registry. You can now register your home, car, and other properties with blockchain without worrying about security.
Blockchain facilitates effortless audits, faster tax payments, and lower tax rates. Owing to all these expedients, the government of many nations is focusing to completely rely on blockchain technology for all the governmental functions.
Blockchain technology has immense potential to transform several industries, and the energy sector is not an exception.
The energy industry has always welcomed innovations with open arms, which has led to the application of blockchain in provenance tracking and renewable energy distribution.
Blockchain helps in tracking the chain of custody for the grid materials, which undisputedly enhances efficiencies for utility suppliers.
Many oil and gas companies are looking to reduce their costs and adverse effects on the environment. They are planning to outlay massive investments in the implementation of blockchain technology in order to maintain security and lessen costs.
As time is demanding environmental awareness, the investment in blockchain technology is to improve environmental sustainability.
Data privacy is of utmost importance for oil and gas companies, which is one of the reasons for blockchain technology adoption.
It offers advanced security so that only pre-approved parties can access the data. Even stakeholders can take benefits from better transparency without compromising on privacy.
Almost every one of us is fed up with paying banks extra charges for money transfer. Many banks have hidden fees that they charge.
Sending money overseas also costs an extra amount. Above all this, the process is time-consuming and not 100% secure. You can see that you are paying extra for a slow and risky banking process, which is not acceptable at all.
Blockchain technology has an upper hand here in the banking industry. It offers a peer-to-peer system without costing you hefty fees and risking security. It eliminates the need for a central authority, which again reduces overhead charges.
The application of blockchain technology in the banking system can be a great revolution for the entire industry. You can get faster transactions at lower costs with the highest security.
The healthcare industry is also counted among the industries holding sensitive information about people. The security of the data is the priority for the healthcare industry to retain the trust of their consumers. Blockchain technology can be a helping hand for healthcare organizations to store and share data safely.
Using blockchain technology, only the required authorities can be allowed timely access to the data, resulting in the establishment of the most secured data management system in a healthcare organization. The healthcare industry also utilizes blockchain for multi-source identification, authorization, and identification of people.
Every coin has two sides. As the digital world is growing, the threat of cyberattacks is also increasing. Hackers are coming up with advanced ideas for data breach and any such act can lead to major losses, which is such a nightmare. Now the world has a powerful weapon that can end this nightmare.
The weapon is blockchain technology. Using this decentralized system, the data can be stored safely and access to the data can be controlled strictly, reducing the chances of unauthorized access and tampering.
The cryptographic algorithm leaves no chance for a wide-scale attack and an attempt of malicious data attack can be easily identified.
Really? Does the transportation industry also use blockchain technology? But why? We are here to help you figure this out. Blockchain facilitates the transportation industry with lesser paperwork.
While passing through various checkpoints, you don’t need to stop and waste time in customs clearance. Smart contracts do it quickly and effectively without devouring your time and efforts.
Blockchain technology has use cases in almost every industry and sector. Here we have shown you just a glimpse of the big picture.
To stay ahead of the competition and serve well to the consumers, the adoption of advanced technologies, like blockchain, is very important for all the industries.
This technology is still discovering its innovative usages and with time, various other advanced uses of blockchain technology in all the industries are going to be unveiled.
- Using the Power of Blockchain in Different Industries - November 16, 2020