10 Sectors Actively Using Blockchain Technology
Growing List of Applications of Blockchain Technology
The Blockchain or Distributed Ledger Technology (DLT) technology is powering the digital currencies. The growth of bitcoins and cryptocurrency is supported by blockchain technology.
Blockchain technology is a shared database with entries confirmed by peer-to-peer networks and then encrypted for data protection.
Blockchain technology in real life has multiple applications
International Payments
The ability to make a tamper-proof log of sensitive activity makes it a perfect choice for international payments and money transfer applications.
Block helps in automating the transaction process eliminating intermediary processes and initiating same-day international deposits.
Capital Markets and Trade Finance
It helps in streamlining the stocks and capital market through boost the processing and transparency.
It helps in easy consolidation of audit accounts and traction’s, enhance share distribution and settlement operations.
Cross border Trade Financing can be easily coordinated using blockchain technology. It helps in reducing the paperwork and documentation to track the transactions generated through high volume trade.
Hence, it helps companies to easily trade with international markets.
Insurance Claims Processing
The Insurance industry is an ever-growing sector which is a vital sector worldwide. Despite the growth, the sector relies heavily on traditional record-keeping and a lot of process and human verification of claims and policies.
Adopting to the Blockchain technology helps insurance companies to avoid fraud, enhance tracking abilities, and efficiently process request.
It will accelerate the entire process of insurance claim redressals, claim issuance, policy renewals, new accounts, etc., using the digital contract system powered by blockchain technology.
Smart Contracts
Blockchain-based smart contracts work on decentralized systems between the permitted parties.
It a secured way of computerized transactions. The digital contract will enable enhanced management and eliminate any human error.
It helps in improving the efficiency of the traditional process of contract management, tracking, and security.
Blockchain Identity
The face identity challenges can be eliminated to a great extend using blockchain and image recognition technology. Creating digital IDs with help in streamline user account opening for many sectors especially banking and finance. It also helps avoid any identity theft and fraud.
Managing the Internet of Things
The wirelessly connected devices emit, store, and process large data daily. To avoid hacking into such systems and monitor the data processing and storage, blockchain technology helps in a great way.
Blockchain Application in other Business sectors
Supply Chain Management
Blockchain can be applied to supply chain operations in real-time tracking of goods.
It helps in efficient tracking of the shipped items, queuing of items in the warehouse, etc. It helps in an organized way
Healthcare
Medical history, base patient information, immunization history, etc., could be added to a single patient database as connected information points on a shared blockchain.
It will help to connect the latest medical devices to the blockchain network to conduct an advanced medical diagnosis.
Real Estate
The buying and selling will be transformed with blockchain integration. The entire purchase history and documentation about a real estate property would be made available to the buyer.
It helps in reducing the frauds and offers transparency through the selling and purchase process.
Media
The global market for blockchain in media and entertainment is estimated to reach USD 1.54 billion by 2024 — Business insider
Media companies are adopting blockchain technology to avoid fraud, copyright claims, reduce the content production cost, and protect content-copying -like music records, scripts, film master copies, etc.
Stay tuned for more technology trends….stay safe!
