Blockchain is renewing industrial sectors by presenting new opportunities to everyone since 2008. Blockchain is a sophisticated technology that allows cryptocurrencies to handle the transactions effectively. This means that the transactions are carried without the assistance of banks.
Blockchain transactions move the data incrementally in peer to peer networks. Added, the transaction records are kept in transparent ledgers.
This blog will provide you with an idea of how the blockchain industry is reshaping the market. We have discussed initially what the largest industries use Blockchain.
Blockchain in Software Industry:
The year 2017 brought a wave of Blockchain research and development across industries. One such scheme is the Proof of Concept (PoC). This PoC is a software implementation or prototype to test the feasibility of the system.
Moreover, companies have also been signaling interest in Blockchain Technology through strategic investments. In 2016 & 2017, AirBnB, Daimler, Rakuten, and several other Blockchain startups made profits.
Companies are curious about Blockchain technology could bring in new capabilities. While, yet another software technology called Artificial Intelligence is joining in hands.
Thus, the software industry is moving towards the way for a revolutionized future. Here are some applications of Blockchain in Software Industry:
The motto of Blockchain Technology is to bring in high-end security for businesses. The Blockchain is impossible to hack since the further layers are much secure. The incredible progress made by Blockchain guarantees Blockchain secure application deployment.
Blockchain consists of the decentralized ledger to perform transactions. All these decentralized ledgers are being encrypted. Hence the data in these ledgers can be accessed only with keys.
- Efficiency in the Payment Systems
The Payment Gateway is an important process of any on-demand startups. The credibility of the enterprise depends on how the users make use of the platform. While Blockchain technology has enhanced the efficiency of Payment Systems in recent years.
Blockchain along with cryptocurrencies can make transactions more reliable. Thus, when comparing to the traditional payment methods they are cost-effective.
- Enhancing Customer Support
Most of the software companies have started to create CRM software to take care of customers. With Blockchain in place, the users can make their own personal blocks. This helps the business to focus on the right customers effectively.
Blockchain in Healthcare:
For the past 30 years, the Healthcare industry is moving with centralized systems. The repositories which process the information owned by healthcare providers don’t interact. By implementing Blockchain in Healthcare, one can eliminate the factor of interoperability.
Blockchain has made progress in developing efficient healthcare record systems in the industry. The scope of Blockchain Technology in Healthcare is immense. The Blockchain Development in Healthcare managed around $34.47 million in 2017. It is expected to reach around $1415.59 million in 2024.
Here is how Blockchain in Healthcare works:
- Data Provenance & Integrity
With an ongoing increase in patients, healthcare providers have to manage health data.
As the data volume increases, it becomes harder for hospitals to handle & process the data. Added, storing the information can also be a daunting task.
The data here refers to,
- Patient Health Information (PHI),
- Electronic Health Records,
- Medical insurance claims, etc.
Blockchain provides a more secure way to protect data than ordinary encryption. This technology allows the new standard in managing all these data. It excludes intermediation in data sharing when using Blockchain Technology.
- Data Transparency
Blockchain technology provides a decentralized register of ownership by recording each transaction. It stores the complete details in the ledger. It includes:
- Formation of a data block,
- Details of the digits related to the specific transaction.
- Minimizing the Paperwork
By implementing Blockchain technology, providers and hospitals can reduce the paper-based documents. With Blockchain, one can eliminate the need for providing additional documents.
Added, Blockchain In Healthcare can provide one with the following set of benefits:
- Drug Traceability
- Data Security in Clinical Trials
- Patient Data Management
Blockchain in Taxi Service:
Blockchain technology doesn’t just stop with the Financial and Healthcare sectors. But also every other industry which involves transactions like Taxi service. Centralized Taxi Companies like Uber, Lyft have recently brought revolutions in the industry.
Previously, they were suffering from problems with centralized systems. This resulted in high fees for the intermediary involved. Additionally, the system encountered a lack of transparency as well.
By utilizing Blockchain in Taxi Service, here are the benefits for businesses:
- Cut Downs the costs
With Blockchain, you don’t need any middlemen or third-parties for the operations. You can trust the data on the Blockchain as well as your trading partner you have chosen. Hence riders can directly connect with the drivers through the decentralized platform. This reduces additional costs involved with an intermediary.
- Enhanced Transparency
Blockchain has the ability to offer transparency. Hence riders would able to know how cab company functions. While the price of the ride will also be fixed with the Smart Contracts on specific criteria. This can enhance trust & transparency for the customers.
The rule in smart contracts could find if the driver has encountered any criminal cases. In accordance with this, it generates ratings for the customers. This will help the riders to decide if they want to take a ride or not.
Blockchain technology holds a promising future in the upcoming years. There is no limit to how Blockchain can provide a better way to make things happen in Finance, Banking, etc.
Finding success with Blockchain technology is a matter of finding the right solution for providers to make it happen. We people at Zab Technologies excel in delivering Blockchain solutions for industry verticals. Our team of Blockchain Developers has a sound knowledge of Blockchain. Our experts know how blockchain can revamp industries to the next stages.
If you are looking for one such solution, we are readily available to assist you. Get in touch with us!