Blockchain technology offers one of the most exciting possibilities for this powerful tech world. Though this technology is known as the underlying algorithm of cryptocurrency, it is now an appealing business resource. Evolved as Bitcoin technology, its potential made transactions more secure and reliable. Different businesses in the various industries are using Blockchain to record and verify every transaction. The decentralized characteristic of Blockchain makes business and enterprises transparent. The utility of Blockchain technology is helping in developing revolutionizing business models.
According to the report, blockchain adding value to businesses will exceed $3.1 trillion by 2030.
The concept of Blockchain enables participants to exchange value without any need for intermediaries. It also helps several sectors to create a transparent platform between the users and businesses. This is the reason why Blockchain is embraced by the various sectors as a digital currency (Bitcoin, transactions are done securely encrypting the information). The financial industry is the area to apply Blockchain technology the most. Thus, there are many companies taking innovative approaches to uplift their services using Blockchain. Industries from digital identities to smart city management are developing their business models based on Blockchain.
Five industries that are experiencing the Blockchain revolution are as follows.
- Finance Industry
Since fraud is a huge problem for banks and other financial organizations, blockchain is used in this industry. Businesses and finance expert believe that blockchain is a potentially ideal solution for security. Moreover, large corporations are looking forward to the strategies in order to utilize blockchain technology. The finance industry is exploring blockchain to rectify the concern of transferring money from one account to another. This shift in the industry has opened up a number of new opportunities for businesses to invest hugely. Apart from that, new job opportunities are also evolved to find new ways into the crowdfunding and investment markets. Blockchain has disrupted the field of digital security as it is always the most vulnerable point in any transaction.
- Real Estate Industry
The real estate industry can use blockchain to create transparency among the clients. Blockchain is utilized to make estimation much more accurate. The real estate industry illustrates the disruptive potential of blockchain technology in a unique way. New approaches involving blockchain can be achieved to access the data related to the real estate industry. The major concern in real estate is the transfer of real property. It is a too complicated and extensive process of transferring such vital data. Using blockchain technology can potentially allow property buyers or sellers to transfer property instantly. Apart from that, blockchain offers a simpler buying process that could potentially reduce the cost and hassle of buying a property.
- Videogame Industry
Presently, there are a number of video games that have already been built into Blockchain. And this trend is changing continuously. There are a variety of ways blockchain is being applied to the video gaming industry. The unique nature of Blockchain allows the utilization of SuperComputers in remote areas. This technology is used as a payment mechanism and gateway for game purchases. The programming of blockchain could be used to manage this backbone function of the games. Apart from that, it can be used to create and manage in-game currency accounts. There are advanced games such as crypto slot sites with the concept of rewarding players with Bitcoin in the form of coins, gems, and stones. Blockchain helps in the development of computer games and allows in the multiplication of Graphics with the Internet Server’s capacity.
The involvement of blockchain in healthcare, where the probability of data breaches is decreased. Blockchain is helpful in the encryption of all data related to the patients. Thus, this advanced technology can provide the healthcare sector with a safe platform to store patient medical history. It offers a more secure approach to maintaining patient records for future needs. The patient data can be accessed from anywhere at safe mode. Therefore, it reduces any possibility of misplacement or wrong diagnosis of critical patients. The reliable blockchain network helps to access the information with the security assurance.
- Travel & Hospitality
The travel industry can be stronger in defending a malicious cyber-attack using blockchain. The best part is that vital information can never be lost through accidental deletion with the use of blockchain. The businesses in Travel & Hospitality can use blockchain, ensuring travel transactions are always traceable in any condition. Blockchain in hospitality and travel tracking luggage using a decentralized database are much easier. The customer loyalty programs based on blockchain can be helpful in the distribution of tokens, as well as fraud prevention.
Blockchain technology is the buzzword creating new possibilities in every market sector. The applications based on blockchain technology are unlimited offering its benefits to almost every industry. This technology has revolutionized the marketplace. Blockchain is helpful in considering the modern business infrastructure that facilitates business models.
About the Author
Colleen Jansen is a digital marketing expert in Quy Technologies, a Top Mobile app development company in India which provides enterprise mobility solutions, iPhone app, Android app, unity3d app development services across the global.