All discussions about blockchain generally tend to include Bitcoin and other cryptocurrencies. Because of the currency value of Bitcoin, the technology Blockchain is sometimes sidelined. The Blockchain is a magnificent technology by itself. The technology simply relies on spreading the data across in plain sight in a distributed ledger. The simplicity of this technology makes the data extremely secure.
Benefits of Blockchain in Industries beyond Cryptocurrency
Business units around the globe are working hard to adapt the blockchain technology in their day to day operations. Features like the cryptographically secured shared databases, quicker access to transactions and the high level of transparency make it a good technological platform. The blockchain is widely used in many sectors other than cryptocurrencies and blockchain blockchain application development company is in boom. Some industries which have come up with innovative uses for blockchain are
The Banking industry faced its first challenge with the digitalization of the financial services. Monetary transactions have seen an exponential rise with the innovation of financial technology services. Every user with a smart device and access to the internet can enter into financial transactions with ease. The daily volume of transactions has increased manifold. Blockchain technology can be greatly helpful in handling this surge. In fact, almost all the major banks around the world are actively researching the different uses of Blockchain.
Blockchain has a security feature which makes all the transactions public. Banks intend to use this feature to increase accountability for their employees. This makes it impossible to fudge transactions without leaving traces. This feature is also greatly helpful for reviewing and monitoring transactions. Instead of providing auditors with large chunks of data, it is easier to simply give them access to the blockchain network. This would not only reduce the paperwork but also makes it convenient to securely search for data with the click of a button.
Blockchain makes it much more cost effective to create fintech applications which would match up to consumer needs. The banks can cut down on costs like issuing debit cards and maintenance cost for ATM’s. This innovative technology is also being tweaked so as to handle foreign exchange trades.
Blockchain has also revolutionized supply chain management. Supply chain management deals with monitoring the product logistics. It has made it easier for businesses to track a variety of activities ranging from planning, executing and controlling the product flow. Some of the ways by which blockchain contributes to supply chain management are
- It is easier to record the movement of goods. The Blockchain will store all the details of the number of products which are in transit between two supply chain nodes.
- Blockchain technology makes it easier to track product movements. All trade-related information like purchase orders, shipment details and receipts can be found on every link on the blockchain
- Blockchain also makes it easy to share the product information with the suppliers and the vendors. The company simply has to give them the access to the Blockchain network. The cryptography feature of the ledger systems ensures data security and integrity of data.
In the recent years, Healthcare industry has seen a wave of federal regulations and oversight for effective patient health management. Healthcare sector has tremendous uses for the Blockchain technology. Blockchain offers solutions that can improve medical data management. Details about the medical history of a patient, diagnosis of current illness, lab tests and reports can be recorded and saved in the network blocks. Data security offered by this technology assures the confidentiality of medical records.
Blockchain can also be used by healthcare providers in maintaining billing and invoicing information. Additionally, modules can also be used to keep track of insurance background and medical claims. Higher efficiency can be attained by sharing the blockchain network with the insurance company to speed up claims handling processes.
Telecommunications has seen rapid growth in the last two decades. Many new service providers have entered the telecom sector and the consumer base is ever growing. Blockchain has a great potential for adding value in this industry. Information from a diverse network of vendors, distributors, customers, and other network providers can be stored and accessed effortlessly.
The technology can be seamlessly implemented to create a database for the business support system and operating support system. Billing cycles can be easily managed. An additional block can be added to the network for each cycle. The number portability databases can also be housed in individual blocks on the network. If a customer chooses to change the network provider, then the customer information can be easily shared by granting access to the blockchain.
Blockchain can also add value to other revenue generating products offered by the telecom industry. It has made it easier for buying digital assets. Music, games, software applications, loyalty credits, and gift cards are examples of digital assets.
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