May 20, 2022
Blockchain is acquiring center stage in the business and technology domain with each passing day. Industry leaders are realizing its incredible potential for resolving real-world challenges.
As the concept of smart contracts, distributed ledgers, and secure transactions began to unravel, enterprises acknowledged them as promising replacements for conventional practices.
Yes, there are industries that are striving to align this new advancement with their processes. Meanwhile, many success stories from early adopters are paving way for the proliferation of blockchain technology solutions.
Looking at the current expansion in the scope of its applications and the rise of blockchain development companies, it is apparent that blockchain will have cemented its place in every sector sooner or later.
For now, we are focusing on the top 5 industries that seem to benefit tremendously from the deployment of blockchain solutions. Let us not forget that there are many industries that blockchain can transform apart from the ones mentioned below.
Maintaining patient information is a critical task for healthcare organizations. Although the methods of documentation have evolved from manual to electronic systems, data security and misinformation largely contribute to the chronic pain areas of the industry. Patient records like medical history, credit card information, test reports, prescriptions, etc., are managed by centralized systems which are susceptible to duplication issues.
Furthermore, the unsecured state of inter-hospital communication poses a high risk to privacy, often leading to medical mishaps.
With the implementation of blockchain applications, data can be encrypted and stored on a highly secure network. You can create a decentralized log of patient data that is publicly accessible yet unbreachable. This will single-handedly address the security, privacy, and communication dilemmas prevalent in the healthcare sector.
Real estate is a vast industry with an equally vast number of stakeholders involved. Starting from the sellers, agents or brokers, to the banks, buyers, and lawyers, every participant is attached to an exhaustive trail of paperwork, payments, and process. All this is regulated via an expensive, time-consuming chain of transactions. Manipulation of property records is also rampant in the sector on account of ineffective sharing of information.
With blockchain products, publishing property information can be decentralized which can save a lot of time for the intermediaries. Real estate assets can be digitized and every succeeding transaction will get stored for future reference to curb forgery or selling fraud.
Governments across the world rely on a genuine voting process. Transparency in the voting process lays the groundwork for good governance. Lately, the authenticity of electronic voting devices has become a matter of debate.
The manual voting process is arduous, sluggish, and extremely time-consuming.
Introducing blockchain mechanisms into the voting process can deliver results accurately within the stipulated timeframe. Voter privacy and data can be encrypted to conduct free and fair elections.
The supply chain industry is characterized by an extensive trail of paperwork. Manual or system errors committed at any stage of the process derails the entire chain of activities. A major part of the supply chain cycle involves manual documentation. This is often subject to delays, fraud, overhead costs, and performance inefficiencies.
With blockchain technology, all the products can be tracked in real-time. All entities in the supply chain viz., raw material suppliers, manufacturers, distributors, vendors, and retailers can keep track of things simultaneously.
The impact of this provision will be improved productivity and reduced fraudulent activities. In short, blockchain can correct any leaks in the supply chain and enable its smooth functioning with reduced costs.
Documentation, contracts, and written statements make up most part of the legal industry. There is an overwhelming amount of paperwork generated and stored on a daily basis.
It holds a lot of sensitive information that demands privacy. Any sort of negligence in the data accuracy heralds serious repercussions.
‘Smart Contracts’ being one of the top features of blockchain technology, an agreement of ‘trust’ between two or more parties can be carried out without a lawyer.
Smart Contracts are nothing but a few lines of code programmed to perform certain actions. These lines of code once stored on a blockchain cannot be altered under any circumstances. Also, decentralization of documents will build trust and transparency among the members.
As mentioned earlier, the scope of blockchain applications is not limited to these industries. Every sector is warming up to the power of blockchain technology. Its solutions are implemented worldwide across a diverse range of industries. Blockchain technology could very well shape the course of technological advancements in the years to come.