Best use of Blockchain Technology in Different Industries
As blockchain technology progresses, multiple industries are poised to take the benefit of this cutting-edge distributed ledger technology.
Derek Martin, cloud solution architect at Microsoft, in a recent event held at Microsoft Ignite in Orlando says that Blockchain technology could transform the way business is conducted across different industries, but it isn't essentially appropriate for every business.
Blockchain, initially developed as a supportive technology for cryptocurrency named Bitcoin, is a distributed ledger that tracks transactions, linking them to other nearby transactions by encrypting the information securely. This inevitable ledger technology has ascertained to be the larger value of cryptocurrencies, with implications for almost every industry, not just simply tracking digital currency.
The business advantage of blockchain is anticipated to grow above $176 billion by the year 2025, and to surpass $3.1 trillion by the year 2030, according to Gartner (prominent American research and advisory firm).
Check out the four major industries that have the best blockchain use cases as the technology now stands-
Blockchain technology has many use cases in the era of financial industry, which includes redesigning the costly legacy workflows, progressing liquidity, and free up capital. This technology can also assist to increase transparency, reduce infrastructure costs, reduce frauds, and also enhance execution and settlement times.
Several governments in small countries are also scrutinizing blockchain's potential usage for replacing physical national currency.
2. Retail and Manufacturing
This incredible technology can provide the retail and manufacturing industries better supply chain management, smart contract platforms, digital currencies, and better cybersecurity options.
For example, growers, processors, suppliers, distributors, regulators, retailers, and customers could potentially attain permissioned access regarding the origin and state of food products in their transactions, and can simply trace out the contaminated foods to their source.
This similar process can also be implemented to manufacturing, to quality control parts of buildings. This all encompasses Internet of Things (IoT) sensors and data science as well.
Blockchain technology could certainly allow people to have access to their healthcare records, and let people access or retract a person's access from their healthcare records, and certainly have their complete data anchored, encrypted, and secured on blockchain.
Making use of this inevitable technology can even remove third-party verifiers like health information exchanges straight by linking patient records to medical and financial patrons. This technology also provides fast, secure and authentic access to personal medical records through healthcare administrations and geographies.
4. Government Sector
Blockchain technology could enhance the transparency and traceability of how currency is spent in government sector. It could even track asset registration, like vehicles, and lessen fraud and operation costs.
As said by Martin, blockchain might not be the right choice for each industry or individual business. If your business requires an application that will be merely accessed by the business, usage of this technology won’t make any sense. Moreover, blockchain is not a database, and if a company's use case calls for one, it would definitely need changing the way blockchain operates to be fruitful.
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