Blockchain is always a sensation in this 21st century. As this technological world is evolving with the help of data, the security of such has become a question mark. In that sense, Blockchain has come as a savior for the data handlers. Blockchain is used in a wide amount of industries at a preferable scale due to the encryption infrastructure.
Blockchain stores the information in a block format and hashes it on the particular blockchain address. The consecutive information will be stored as separate blocks and chained along with the previous information or data. So, it is an encrypted chain format of information that is unable to hack or breach.
The year 2020 has showcased the essentiality of the blockchain as the pandemic has taken over and every information is transacted from the insecure network. In that sense, Blockchain has come as a relief for storing and transacting information in an effective manner.
Banking is one such sector that has benefitted from the Blockchain technology companies. Banking Transactions during the pandemic have been conducted mostly from the online accounts and not all people are visiting banks to deposit or transact money. In that sense, the banking industry should take the necessary steps to protect the information of its customers and provide security to the transactions that are happening.
Yes, there are various banks that have adapted themselves to the Blockchain security but the Pandemic had attracted other such banks to move towards such an encrypted network to promote their banking transactions in a secure way.
To cut short, not only banking but all the financial industries are moving towards the blockchain technology to conduct their financial activities without being hacked or interrupted.
3-D Printing and IoT devices:
Yes, 3-D printing is an intensive process that requires the transfer of data for the manufacture of effective designs and it needs secure processing of data. As the 3D era is one the verge, the blockchain had taken the steering to protect the data transfer from one point to the 3D printer.
Also, the Internet of Things (IoT) devices also uses the Blockchain technology on a wide scale now. IoT also includes physical devices that work on computation methods with the assistance of humans. As the supermarkets are recruited by the IoT devices for the billing purposes for speedy transactions, the need of blockchain technology companies for the protection of data has become the priority.
No more hijacking of aircraft by the terrorist or by cyber attackers. Blockchain is for their rescue. Yes, the aviation industry is efficiently becoming strong because their data is being stored and managed by blockchain technology. Apart from security purposes, the interlinkage of functions in the aviation industry has become reliable due to the interlinkage functioning mechanism of blockchain technology. Like, the ticketing, managing, and other functions have become irrefutably easy and the information regarding those functions is stored in the ledger for easy monitoring.
Cloud computing and Management:
The essentiality of the blockchain is mainly for the storage and protection of data from being decrypted from cyberbullies. And cloud computing is the platform where all information is stored and maintained by the big industries and tech companies. In that sense, the demand for blockchain in cloud computing has become effectively large and necessary. This pandemic has further increased the demand as the startups and data processing traditional companies have also changed their mind towards blockchain.
Commodity based trading:
The docks where the commodities are being traded and transported involve complex processes like billing, Margin price-fixing, operational execution, Management, moving between geographical locations, etc. So, the interoperability of the blockchain can be used as an effective key for the management of such complex processes. This pandemic demands enormous trading of commodities to the people at doors and it needs blockchain technology to complete it fastly and accurately.
It is not to be regretted that the Hospital sector does play a critical role in using Blockchain. But the fact is, during the pandemic, it is only the pharma industry that has overtaken the priority of usage of blockchain than the Hospitals.
There are other such areas like Corporate Governance, Compliance mechanism, Crowdfunding, and Cybersecurity where Blockchain is efficiently used. But these above-mentioned areas are those which picked up more effectively during the pandemic.
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