Five industries implementing blockchain
Blockchain technology has brought about a unique system that aims to solve many of the long-lasting problems faced by industries. It’s ability to address issues such as security, transparency, speed and intermediary-incurred costs has enticed many businesses across different industries.
Here are five of the industries implementing blockchain technology and how it would complement their industry:
Blockchain technology is employed in the heath sector to secure medical records, and add more transparency to the industry. In an industry where data loss or compromise can be gravely consequential leading to fines, and public mistrust, blockchain can be used to keep data permanent, decentralized, incorruptible and transparent. Diagnosis and care plans can be made and put together faster, with the use of blockchain’s encrypted database which creates a single source for the data of patients that can be referenced by the personnel requiring it. Doctors, hospitals, insurers and others can easily access exactly what they need.
Acquiring property can be a really long process, involving plenty paperwork, and exposure to the high risk of fraud. Blockchain ledger stores data that can be distributed among all parties involved in the transaction. It allows for transparency in the process of buying and selling, and saves the cost of middlemen that’d have been needed in the traditional system. Blockchain technology stores data transparently, therefore an attempt at fraud or falsification will be easily detected by anyone that can access the blockchain. Blockchain technology also attracts investors to the real estate industry, allowing more people to buy property-like shares.
The finance industry is one of the most common use cases of blockchain technology. Blockchain technology took the finance sector by storm, offering instant solutions to many problems revolving around security, speed, and efficiency. Transactions, payments, trading, and other aspects of banking have been improved by blockchain technology. International payments and transfers are processed in seconds, as opposed to the days it takes in the traditional banking system. Blockchain technology also has zero use for intermediaries and third parties, because the technology is decentralized and needs no authorization from government or middlemen to process transactions. Blockchain’s highly secure system also prevents fraud.
Furthermore, users can enjoy the use of powerful tools like Bit index AI to trade like a pro as they invest in top technologies for quality trades.
Blockchain allows for easy and accurate tracking of manufactured goods, throughout their entire path, from the factory to the manufacturers to retailers. The transparency of the technology makes it possible to distribute transaction data among all the people involved in the chain of production. The use of blockchain in the manufacturing industry offers options such as creating identifiers for goods that are difficult to distinguish, and this makes it easier to track the entire path of the product, from the manufacturer, all the way down to the consumer. Fraudulent activities associated with factories and distribution will also be curbed with the use of blockchain, as anyone with access to the blockchain can see all the data recorded.
With ever increasing cases of hacking, information theft and data alteration, it is no doubt that data security is one of the biggest problems of the modern day. Technology has evolved, enough for intruders to be able to steal information of almost any kind, but the use of blockchain in data security offers an effective solution to this problem. Blockchain is an encrypted ledger that will prevent data loss or alteration. Block-based cybersecurity, by authenticating every device on a distributed network, can hide all of these devices from attackers, hereby securing data.
The core characteristics of blockchain technology which are speed, security, and effectiveness are solutions to problems that have hindered industries from optimum performance for so long. It is no wonder why many companies from different industries are fast adopting the technology.