How Blockchain Technology is Transforming Major Industries?

Blockchain Development Company
Blockchain Development

According to Statistica.com, industries spending on Blockchain solutions in the year 2018 was 1.5 Billion and it is expected to grow up to 11.7 Billion by 2022. Huge Industrial giants are excited about the concept with the use cases, proof of work and fully-fledged businesses based on Blockchain principles. Here is the list of industries which are transformed with Blockchain Technology!

Blockchain Technology in Banking

Blockchain Technology has started reshaping the Banking Industry. Blockchain can solve a lot of problems faced by Banks and financial organizations nowadays. Blockchain Technology provides a high-level of safety in storing and transmitting the data with a low cost of operations. Moreover, Blockchain makes it possible to limit the timeframes like the time taken for the approval of cash, loans, transactions, etc.

For now, 69% of Banking organizations are experimenting on this. While 90% of American Banks and European Banks are planning to invest in blockchain since they estimate Blockchain Technology could save them a total of $8-12 billion annually. Therefore, large Banks are increasingly conducting tests of decentralized asset technology and implementing Blockchain Technology in their processes.

One more thing is, Banking and financial activities are directly dealing with loans and deposits. Even developed countries struggle with unreliability and vulnerability. Thus, with Blockchain Technology, loans and deposits can be decentralized and protected.

In addition to these benefits, Blockchain Technology can create a Client Identification System based on the distributed ledger. This is highly beneficial since all the bank and financial organizations have to perform KYC process while processing transactions. With Blockchain Technology, users can be identified easily and information is also stored securely.

It is expected that Blockchain could have a  drastic impact on Banking procedures such as managing the cash, optimizing the assets, and other business processes. Businesses will definitely benefit from the near future by adopting blockchain technology for their process.

Real-Time Industrial Examples

  • Barclays.
  • Augur.
  • Maersk.
  • Bank of America.
  • Industrial and Commercial Bank of China.

Blockchain Technology in Healthcare

Healthcare is the pillar of a national economy. According to Hyperledger’s survey, 42.9% of healthcare startups are looking for interoperability factor in Electronic Health Records. Interoperability in healthcare represents the ability to communicate and exchange data between healthcare applications and software. Most of the experts say Interoperability is a huge problem in the Healthcare industry. Ineffective interoperability can lead to trouble in identifying the patients and would lead to critical results.

Thus, with Blockchain Technology, data can’t differ across the database since there is a single record. This also eliminates issues with redundant or duplicate data and makes the data more accessible. Moreover, copies of the database are kept in multiple places by eliminating the need for an administrator or third-party and making the information more secure.

By having a commonly distributed ledger, people can share and keep track of their data happening in the system for additional security and integrity. With smooth sharing of data between healthcare solution providers, it can provide accuracy in diagnosis, powerful treatments, and Cost-effective solutions.

In addition to these benefits, most of the Healthcare organizations will come forward and accept the mode of payments through Cryptocurrencies as well! With this, Blockchain Technology in Healthcare is expected to rise around 5.6 billion by 2025.

Popular Industrial Examples

  • Gem
  • SimplyVital Health

Blockchain Technology in Real Estate

We know how hard it is to manage the paper works involved while buying and selling land. To make this as a painless task, Blockchain solutions handle this process much smoother. The registration of the property has got simplified and smooth without the involvement of any papers. Most of the popular Real Estate industries have started accepting Bitcoins and other cryptocurrencies in exchange for the property.

With Blockchain, it could enable direct transfer of assets between two parties without the involvement of any intermediary. Moreover, they increase the deal flow and access to deals, eliminating the time consumption, and minimizing fraudulent activities.

In the Traditional Real Estate process, the first step is inspecting the desired property. The next step is reviewing the legal documents such as ownership proof, historical details of tenants, repair activities carried out so far, and much more. Since they are physical documents, there are possibilities that they will sometimes be missing. With the Blockchain Technology, all the data’s will be stored in Digital Ledger with the elimination of third-party service providers.

Moreover, to reduce the complexity of the Real Estate lease system, Smart contracts can be involved. Managing the cash flow and payments are made much easier than traditional methods. It is expected that most of the real estate firms would gradually start adopting Blockchain Technology in the near future.

Popular Industrial Examples

  • Monaco estate
  • Rentberry

Blockchain Technology in Supply Chain Management

Keeping track of the information has become a tedious task nowadays. Supply Chain Management is the industry which focuses and manages the flow of business processes with smooth goods distribution. They operate like a “hall of mirrors” with a plethora of document copies duplicated between the parties. Tracking, resolving and verifying this torrent of inventory, purchases, invoices, bills of lading, shipments and receipts is highly challenging. Thus, Blockchain Technology has emerged to manage all these complexities.

By adopting Blockchain in Supply chains, scalability can be enhanced and fraudulent activities can be reduced. That is, it notifies the suppliers about product delivery with its location. Once the existing product is delivered, the supplier will get a notification to create a new one. This can bring forth an efficient supply chain undoubtedly.

With Blockchain Technology, traceability is improved by mapping and visualizing enterprise supply chains. Thus, organizations can engage consumers with real, verifiable, and immutable data.

So, it’s no surprise that supply chain managers are receptive to Blockchain Technology.  Its powers of automation and its status as a shared, distributed ledger could cut costs and establish real accountability.

Real-Time Industrial Examples

  • VeChain
  • ShipChain

Blockchain Technology in Agriculture

According to Statista.com, it is said that the Agricultural environment is expected to increase to $195.3 million by the year 2023. But there are issues surrounding the sector like the quality of food reaped, weather forecasts, etc.

On the other hand, consumers want to know the origin of food for which they pay for. Though they look into certifications and other such information, the trust factor isn’t efficiently filled up. With Blockchain Technology, data’s will be recorded initially which cannot be altered henceforth. Moreover, unstipulated price reduction or increase will be impossible which prevent fraudulent activities.

By using Blockchain Technology, farmers can get to know the information about weather conditions, quality of seeds, current market prices of the market, soli moistures, demand, and prices, etc. Blockchain Technology allows the farmers to directly get connected with consumers/retailers without a dealer/ middleman.

Addition to this, farmers supply their products and don’t need to wait for months to get paid. Since Smart Contracts are the written form of code which is automatically executed when specific terms are to be implemented. In the future, it is expected that all the agricultural process will adopt Blockchain Technology effectively.

Real-Time Industrial Examples

  • AgriChain
  • AgriDigital
  • Demeter

Blockchain Technology in Government

Governments from various countries have started adopting Blockchain solutions. They were looking for a secure, powerful and robust technology to safeguard tons of data. Apart from reducing the time and risk, Blockchain-based solutions can help Government agencies increase their transparency and establish clear audit trails.

Governments were expecting a decentralized system which can improve the way they deliver services, prevent tax fraud, eliminate bureaucracy, and reduce waste. Digital cash transactions can help reshape financial transactions between the government and its citizens. In the future, it is said that 90% of government organizations have planned to invest in Blockchain Technology.

Real-Time Industrial Examples

  • South Korea
  • Dubai

Wrapping Up

Blockchain solutions have now crossed its early stages and have started booming around the globe. In addition to the above industries, undeniably Blockchain has also footprinted in other domains like Education, Fashion, Entertainment, Tourism, etc. This Technology is expected to bring in positive changes to all kind of sectors and making the process smooth and efficient.