Blockchain Technology is a decentralized system, and there is no need for third-party involvement, which means less money spent on intermediaries and more money saved by the end-users.
Furthermore, all transactions made through Blockchain are safe, secure, and transparent, as any network member can easily see records. There is also the feature of smart contracts, which will ensure that both parties stick k with their part of the contract without any hassle.
Since blockchain technology involves cryptography, it makes all transactions safe and impossible to hack. Furthermore, with Blockchain, all record-keeping is done in an orderly manner.
Hence, a waste of time on unnecessary things ensures efficiency, resulting in better productivity for companies/organizations/businesses using this technology.
Blockchain technology can be used for various purposes like tracking supply chains, issuing digital certificates, preventing product recalls, etc., which makes it a very versatile technology.
Blockchain is one of the most talked-about topics when it comes to disruptive technologies. This technology is still in its nascent stage, but it can revolutionize many industries. So, in the future, what industries do you find Blockchain disrupting?
Here is a look at the top 5 Industries that Blockchain will disrupt in the future.
Banking & Financial Services:
One good news for Crypto enthusiasts, banks are looking forward to adopting Blockchain technology. According to research by IBM, 15% of Banks will be using Blockchain by next year. With this technology, Banks can easily trace the money transferred and even check if the transaction is valid or not. Even some countries like the USA are trying to adopt Blockchain into their system where they are thinking of using it for voter’s registration.
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When buying an insurance company asks for more documentation than needed, why? Because insurance companies need to be sure that you are who you’re claiming to be. But with Blockchain Technology, Insurance companies can verify your identity more efficiently, which will reduce fraud cases.
Another use case of Blockchain in the insurance industry is the automated claims process. Blockchain allows data sharing among different participants on a network which means less time for the insurer to do manual checks, and you get money back at the right time.
Insurance app development companies are using Blockchain that also helps improve transparency and trust between the insurer and the insured.
Blockchain Technology can create a permanent ledger for transactions, even we can say it as a registry of ownership of property or land.
With this technology, buyers and sellers can feel secure that they are engaging with each other on a trusted platform. There is no need for intermediaries, which means more money saved by both parties.
Also, Blockchain can put an end to fake housing schemes prevalent in developing countries like India, where people invest their hard-earned money into such schemes/projects.
Still, due to the unavailability of records, these projects turn out to be a scam that leaves crores of rupees losses for the general public. Intelligent Contracts using Blockchain will help in preventing such scams.
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Blockchain technology can track the entire supply chain process from production to delivery. This will help in reducing wastage and increasing efficiency.
Another use case is that of product recalls.
When a company needs to issue a product recall, it is a complicated process in the present scenario. But with Blockchain Technology, companies will be able to track down faulty products quickly and efficiently.
It will also allow customers to know where their products are coming from and under which conditions they were made.
The education sector is plagued by many problems like fake universities, forged academic certificates, etc. But with the help of blockchain technology, these problems can be solved quickly.
One good example is a project by MIT called Blockcerts, which has already started issuing digital certificates to students. This will help increase credibility and make the whole process more secure.
Blockchain will also be a significant disrupter in this industry. It will be easy for universities to issue degrees without any hassle with blockchain technology. The technology will also reduce time consumption and give learners more control over their data.
The healthcare sector is one of the most critical sectors but is also vulnerable to data breaches and cyber-attacks. But with Blockchain technology, these problems can be solved quickly. Blockchain will also be a significant disrupter in this industry.
It will be easy for universities to issue degrees without any hassle with blockchain technology. The technology will also reduce time consumption and give learners more control over their data. The potential of blockchain technology is enormous, and it will disrupt many industries in the future.
Blockchain is a compelling technology that can make many industries more efficient, secure, and transparent. If appropriately implemented, Blockchain can solve most if not all problems. But with this great power comes great responsibility; we should use Blockchain Technology wisely and carefully to get positive results.