5 Industries that Blockchain Will Disrupt in Future
Almost every industry looks for efficiency after a certain period of its inception. Once in a while, technology comes to help businesses with proficiency in the way they function. Currently, every industry is turning toward Blockchain, and it is the most incredible idea to run behind it.
We are sure that you have heard of this technology at least once and it is because it is the hottest take in the market. If you are into cryptocurrency and bitcoin stuff, you must have a fair idea about this latest technology first introduced in 2008. Blockchain solutions are not only limited to secure transactions and exchanging cryptocurrencies is. With the help of a high-end blockchain development company, you can really tackle the current problems your industry faces and much more. In fact, it is a matter of time that Blockchain is about to disrupt five significant industries and make it more centralized, benefitting both the users and the companies.
Well, you know what they say, “The best things in life are free”, and so does the Blockchain because the creator of this fantastic technology is still unknown.
Before we move ahead with the primary purpose of this blog, which is looking at the significant industries whose future is in the hands of Blockchain technology and blockchain developers, let us look at the five benefits of transforming the industries. With some added information, it will also get more uncomplicated for you to understand how it can disrupt some significant sectors.
Top 5 Benefits of Transforming Your Industry
1. Enhanced Security
Enhanced security is one of the significant benefits of implementing blockchain technology, and that’s why it is pretty standard in crypto development. Many people in the past used to believe that it is another record-keeping system that offers layers of security that hackers can’t penetrate. But it is much, much more than that. Let us first talk about secure transactions.
Currently, the information regarding the transaction is stored on a single server. Before transactions are agreed upon before they are recorded, once they are approved, it is encrypted and linked to the previous transactions. There are many layers that hackers can penetrate and get the data because eventually, data is saved on a single server. With the implementation of Blockchain technology, the information is stored across a network of computers, making it difficult for hackers to compromise the transaction data. Blockchain is instrumental in changing the complete picture of how critical information is shared and preventing unauthorized activities.
2. Better Transparency
Thanks to Blockchain, we are witnessing better transaction transparency. Blockchain works as the distributed ledger, which means the transaction record would require the alteration of all subsequent documents and the collaboration of the entire network. It makes Blockchain more accurate, consistent, and transparent, which pushes to paper-heavy processes.
3. Increases Efficiency and Speed
When you use the current or traditional methods, they are time-consuming, prone to human error, and require third-party inclusion. With Blockchain, you can centralize and automate the whole process making it fast and efficient. When all the parties have access to the same information, it becomes easier to clear and settle the payment.
4. Improved Traceability
If you’re into the supply chain and logistics industry, traceability can be improved using blockchain technology. Thanks to its centralized system, every exchange is recorded on Blockchain. You get an audit trail that shows where an asset/product came from or if it made a stop on its journey. Not only verifies the authenticity of products and also helps in preventing fraud.
5. Reduced Costs
As you know, every business’s priority is to reduce costs. And with Blockchain, this is possible in almost every industry. This Blockchain removes the need for any third-party leverager or intermediaries from the process. And these people are replaced by data on the Blockchain.
Industries That Blockchain Will Disrupt in Future
Blockchain is undoubtedly the most significant advantage to the Banking industry. If you invest in the stock market, cryptocurrency, or use online payment, you already know that Blockchain is disrupting the banking sector and will be in the future in better ways. If you do not know, then let us tell you how Blockchain is helping you save money as well.
Pretend you send $200 to your friend through a conventional bank. As you already know, that bank charges you around $15 fee as you will end up sending only $185. If your friend is overseas, you need to pay any hidden costs. Even the process is time-consuming, expensive, and not 100% secure.
With the implementation of Blockchain, you get a peer-to-peer payment system with high security and low fees. Since there is no central authority in between, you do not need to pay one to transfer money to your friend. The plus is that your transaction to your friend is recorded in a ledger that is viewed and reviewable by any cryptocurrency users, giving you complete freedom over your transaction.
2. Supply Chain Management
As mentioned in our previous blog, Blockchain can positively disrupt the supply chain. All the innovative companies have already implemented Blockchain to centralize the system. Because it helps companies provide the best customer experience, for instance, the authorities of the company from whom you have ordered can gain insights through blockchain ledger and find out where the order went wrong or displeased you in the supply chain. So, we can say that Blockchain technology provides the permanent transparency and validation of transactions with other supply chain partners.
Now and then, we hear about these massive cyberattacks and the loss of the economy. Even if we remove the economic side, the more important thing in the hands of hackers is the data. Look what happened to the data when Equifax had a mega data breach in 2017 that affected 143 billion consumers. But Blockchain can eliminate such nightmares and secure all the data against any kind of unauthorized access.
Since Blockchain is a decentralized system, it is perfect for systems that require high security. All the info is stored on a bitcoin or another blockchain network is verified and encrypted using a cryptographic algorithm.
Blockchain offers a secure and transparent way of recording transactions without sharing private data with anyone by eliminating a central authority.
The storage of people’s health data is a severe problem in the modern world. Almost anyone who wants and knows a few ways of the internet can get access to this private information as it is located in central files. With blockchain technology in the healthcare industry, it eliminates the need for a central authority which helps in enabling rapid access to data. Once again, an elegant method of Blockchain where each block is connected to another block and distributed across the blockchain nodes, making it impossible for hackers to corrupt or hack the data.
Blockchain can even control another significant problem of healthcare which is counterfeit medication. Counterfeit medications are difficult to distinguish from the real ones. Using the supply chain blockchain method, the medicine’s provenance can be traced. United Healthcare, known for providing financial strength to patients, has improved its privacy, security, and interoperability of medical records using blockchain technology.
Although blockchain technology can be intimidating, you may be stunned to know it can help the government. Well, the government first needs to be honest about that. Jokes apart! Blockchain technology can end voter fraud. Usually, in the traditional voting process, voters are asked to cast votes or send in mail votes then counted by a local authority, and you may know it can be quickly scrambled. But using blockchain technology, people can vote online securely and without revealing their identities to the government or anyone else.
Officials can also count votes accurately, knowing that each ID can be attributed to only one vote. It decreases the chances of blockchain technology, and once the vote is added to a ledger, it can’t be changed or erased. Overall, Blockchain can increase transparency and security in governmental bodies.
This is everything about the Blockchain and the five industries it will disrupt in the future. Hiring a Cryptocurrency Development Company is the best idea if you also run a business, especially related to crypto. We hope you will find this information useful.