October 9, 2019
5 Industries transforming through Blockchain: The blockchain industry is way past being just digital currency. It’s now clawing its way into various industries where blockchain has enormous potential to address some of the complex challenges. Blockchain uses distributed ledger technology, a ledger-based system that works on a decentralized distributed database to track all transactions.
Blockchain, as the name indicates, is the formation of a chain that has the historical data of the records in the blocks. Because the information is decentralized and distributed, it’s not controlled by any single entity and removes the potential pitfalls of central control. Any changes to the ledger can happen only by verifying al blocks in the chain. This process maintains the sanctity of the data. Also, it eliminates any intermediaries as the technology builds trust from the system.
The security of the data is one of the main reasons why blockchain technology is quite popular. Security is the crucial reason for many industries showing tremendous interest in blockchain adoption. Many banks are now acknowledging the blockchain concepts and developing their blockchain technology. Similarly, other sectors have demonstrated an interest in adopting blockchain.
Here are some of the industries that blockchain is disrupting.
Blockchain can alleviate some of the issues seen systematically in real estate. Real estate is an exciting field with lots of players, buyers, sellers, agents. Real estate increases the complexity and slows the transactions. There is a massive amount of paperwork in these transactions. Blockchain can complete disrupting the working of this real estate, building trust in the purchase and reducing risks
Smart contracts can help in creating a robust system to handle the release of escrow, property records, track the title, and so on and completing the sale process.
Banks have started embracing blockchain recently. Barclays, JP Morgan Chase, Goldman Sachs, and others have adopted blockchain. Blockchain’s system is inherently secure and is capable of handling multiple transactions, which make it the right fit for the Financial institution. Blockchain allows sending money anywhere in the world instantly and at low fees. Many banks like Barclays, JP Morgan, have started adopting blockchain to make their business operation faster.
The healthcare industry is another major one that can benefit from the blockchain. One of the centerpieces that can benefit from the blockchain-based system is the way a patient’s data records are managed. All data from a patient’s medical history, surgeries, drug history, genetics history can all be securely stored and operated with a blockchain-based system. It also ensures the records are safely transferred and accessed by authorized personal only. The data cannot be manipulated, cannot be lost; privacy can be maintained and can be kept transparent during treatments. This also ensures the healthcare professionals have the most current and accurate data. Smart contracts can be used for claim processing, reducing processing errors, and faster actions.
Another potential impactful place where blockchain’s model can be valuable is in the pharmaceutical industry. This industry is a billion-dollar industry, and one of the biggest challenges is the counterfeit drugs. Blockchain can help in combating this and save millions of lives. Using blockchain, one can track the drugs, origin of the drugs, movement in the system adding verifiable information, and thus preventing any tampering. Blockchain also can help in drug trials and making it more transparent for the results. It can also ensure that the data in the trial are secure, and the privacy of information is not compromised.
Supply Chain Management
The supply chain is another industry that involves many parties between the buyer and seller. Managing the transfer of supplies from the seller to the buyer achieved through smart contracts can simplify the SC management system and add transparency, reduce cost, and expedite the movement of goods. Blockchain can help to track the origin of the products, track its progress in the system, and build transparency.
Another exciting industry looking to overhaul its practices by using blockchain is the online music industry. Blockchain can create a straight path for the music to reach the music lovers from the musician directly without the need for the records companies. Smart contracts can be used to ensure the licensing is maintained and charging is transparent.
5 Industries transforming through Blockchain is not the limit; it’s just a small subset of what blockchain and potentially achieve. We are yet to see how blockchain will be used to solve issues and bring in changes to everyday life.