Top 5 industries that can benefit from Blockchain
Technology has always managed to steal the news headlines, and the recent buzz that is sending a wave of change across the different industrial segments is Blockchain technology. Designed to support the cryptocurrency exchange, this platform has now emerged as a panacea for many industries. Over the years, there has been a considerable increase in the demand for Blockchain experts and Blockchain professionals who can render assistance to leverage their skills and expertise, thus ensuring the integration of Blockchain with the current business platform.
So, what makes Blockchain such a powerful technology? It is said that necessity is the mother of all inventions. When the world got used to the internet and switched to the digital platform, it also witnessed a rise in data threats and breach cases. This resulted in a surge in the demand for a platform that is scalable and leverages the best services to ensure transparency and data security. The blockchain platform lives up to all such claims.
It is a distributed ledger technology that allows data storage chronologically. Every information is time-stamped and is added in a sequence. The Blockchain technology offers a multitude of features like:
· Immutability
· Data security
· Transparency
· Scalability
· Provenance
With these features, Blockchain not only becomes the most sought-after technology not for one industry but for all. Today Blockchain is omnipresent, from food to finance; every industry is reaping benefits from this technology. Let’s elaborate more on the key industries where Blockchain is making a significant impact.
Key industries where Blockchain is finding a multitude of applications are:
1. Finance- When we talk about Blockchain, we cannot skip talking about finance. Blockchain offers features that make it a useful technology for the finance industry, from promoting cross-border transactions without delays to ensuring faster transactions.
2. Real estate- Yes, this is another segment where Blockchain finds a wider application. Smart contracts that run on Blockchain have become an integral part of real estate operations. These pre-programmed contracts are easily accessible and are executed once the conditions of the contract are met.
3. Medicine and healthcare- Technology has proven to be extremely helpful in pandemic times. From tracing the supply chain to the diagnosis of disease, technology has come as an aid. To take things ahead, we have Blockchain, which, when combined with AI and other technologies, can make the tracking and tracing the medicine and medical supply easier and faster. It also reduces the probability of errors or flaws.
4. Data security- We cannot talk about Blockchain without emphasizing the data security aspect. It is one of the key concerns of modern times, but the fact is that with the help of Blockchain, we can easily overcome this issue. All the information of data on the Blockchain is encrypted cryptographically. Moreover, all the data is time-stamped and added in a sequence which reduces the probability of data breach. Although public Blockchain has its share of concerns, with the permission of Blockchain, we can easily overcome all these hassles.
5. Elections- Now, this might interest you. One area where Blockchain could have an enormous impact is voting. This technology can create a transparent and open voting system, which can eventually increase participation and thereby help strengthen democracy.
These are some of the key areas where Blockchain finds application, while this spectrum is not limited to these five industries. The demand for Blockchain experts across the different industries shows the growing importance and penetration of this technology. To become a proficient Blockchain expert and Blockchain developer, connect with the Blockchain Council today.
