If there’s one technology that is continuously taking the world and many industries by storm, it’s blockchain. When most people hear blockchain, they think of cryptocurrencies like Bitcoin and Ethereum and gaining profit from them through buying and selling on platforms like Vertex Market. If you’re more interested in making money with cryptocurrency, check out PayTM Bitcoin.
Although this is the major way for the common man to gain financially from blockchain technology, industries and corporations have other ideas in mind. Apart from cryptocurrency, there are other ways top industries are using blockchain technology and unlocking its values every step of the way.
#1 Banking, Insurance and Finance
The best way to start this list will be with the main industry that this distributed ledger technology is well-known for, and that is banking, insurance coverage, and finance. Cryptocurrency is already well-known in the finance and banking aspect, but this isn’t the only way blockchain technology is being used.
Blockchain has introduced improved data sharing processes and safety to the banking industry, which is one sector that is constantly looking out for a secured and digitize system to make its work easier. Blockchain is offering important storehouses for these banks. Apart from in the aspect of security, storage and enhanced data sharing, blockchain has proven itself useful in this industry in many other ways.
Important financial institutions like Barclays in the UK are already adopting blockchain technology.
The next industry on our list is healthcare although it might come as a surprise to many to know that blockchain is also impacting this industry greatly. The healthcare sector is already well-known to be highly progressive, so it comes as no surprise that it is also adopting blockchain technology and unlocking its values.
One way blockchain is useful to this industry is in the aspect of security and privacy. With medical or health insurance fraud becoming more widespread, it’s up to hospitals and other health centers to protect the information of their patients. At the same time, they have to make them available to everyone that needs access to the information. This does not only include doctors and nurses but also clinical trial staff and other relevant people.
Blockchain will provide an answer to this problem by allowing hospitals create a patient-centered ecosystem. It has already provided some systems for health information exchanges, and it is making electronic medical records more secured and accessible to everyone who needs the information.
#2 Supply Chain Management
Another industry that is leveraging the benefits of blockchain unexpectedly is the supply chain industry. Many people won’t expect that the supply chain management industry has need for blockchain, but from this it can be established that every industry can find use of this disruptive technology if they look harder.
In the supply chain management industry, blockchain is more useful in the documentation of transactions. It’s much better for transactions to be recorded in a permanent and decentralized system, which is basically the definition of blockchain. Not only this, but it’s easier for all parties involved, reduces human errors and saves time.
It also offers security and end-to-end transparency. Since all parties involved in the trade can view the information in the decentralized system, there will be no problems of one cheating the other. Each party can check the trade details and make corrections if there are mistakes. With topnotch security, no one except those allowed will be able to view the records.
Blockchain can be used in the supply chain management industry in checking the status and authenticity of products being traded from the moment they leave their dispatch points.
#3 E-Commerce and Retail
Next on our list is the e-commerce and retail industries which have also found important uses of blockchain. For one, there are many blockchain products in this industry that are pushing forward consumer products and making them more visible while reducing the obstacles that these industries usually face.
As usual, blockchain technology offers a permanent, distributed and secured database, and the e-commerce and retail industry can benefit a lot from this. It removes the obstacles that negatively affect their businesses, like settlement processes that take a lot of time and problems with transparency that reduce trust between the parties involved in the trade.
Blockchain technology can create a shared and unchanging ledger for businesses to use at both sides of the trade. It can include information about the payments, invoices, global shipping and entire supply chain, and create durable trust among the parties.
#4 Government Services
The final industry on our list is that of government services. Even the government and its departments can function more effectively, increase security, provide proper accessibility of information and track information while leveraging blockchain technology.
The world seems to know this as governments globally are already looking for how they can use blockchain to improve their overall processes and implement in their systems. The governments of the world are already using blockchain in the electronic voting system to discourage political apathy and in the Internal Revenue Monitoring and tax sectors, for better tracking of taxpayers.
The other sectors where the government can use blockchain technology includes the National Identity Management System, healthcare sector, secure banking and more. It does not only make it easy for the government sectors but also citizens who are trying to check information related to them.
#5 Blockchain is everywhere
Although these are the five top industries that are leveraging the use of blockchain technology and topping the charts, the list does not stop here. There are other industries and business sectors that are benefiting from this technology. They include the networking industry, cloud storage, messaging applications, critical infrastructure security, peer-to-peer ridesharing, entertainment, real estate, crowdfunding, and others.
It’ll only make sense now for all industries and businesses to unlock the values of blockchain technology and use it to their advantages. They can begin to achieve transformations and advancements that will put them ahead of the competition and increase their profit.
If you own a business, you can hire a blockchain system development company and figure out how you can make your organization better. As an individual, you can make a profit from blockchain through cryptocurrency. Learn how to sell bitcoin in India, as well as how to buy it and other cryptocurrencies, and start making a profit on your investments.