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Blockchain is a revolutionary technological concept that will disrupt almost any industry in the future. Let's look at the top industries that will be changed due to the arrival of Blockchain technology solutions.
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Top 5 Industries where Blockchain Can Make The Difference BlockChain, the name is new but not unknown. Most of you would have heard this name in cryptocurrency development since the beginning. Even though, now this technology is being primarily used in various industries and software development. According to Statista, global spending is expected to surpass 15.9 billion by 2023 for blockchain solutions. Currently, the accounting status of the financial sector is 60% of BlockChain's market value worldwide. Undoubtedly, Blockchain is increasing exponentially across the market. But here's the question arises! What kind of industry can take benefit of blockchain development?
Can you guess any industry? No! Well! This blog will briefly examine the industries that will get changed due to Blockchain-enabled technology solution's arrival. Which Industries Blockchain Can Revolutionize? Blockchain in FINTECH As per the Grand View Research 2019, BlockChain is among the Fastest-growing part of the fintech industry. It's worth $70-$75 million in 2018 and growing at the rate of 50% CAGR. Blockchain technology is widely used in the solution department of fintech. According to MarketsANDMarkets, Fintech Blockchain's market is expected to grow to USD 6228.2 Million by 2023, at a 75.9% compound annual growth rate(CAGR) during the forecast period. Financial businesses are quite excited to deploy more integrity, transparency, and security in money transfers. Hence, the usage of Blockchain is growing exponentially. There will be no need for the central authority to take out the transactions once after the arrival of Blockchain in the fintech. Hence, power will not be vested to an individual authority to claim ownership of financial assets. Blockchain's distributed infrastructure provides secure and shareable information and distributed records can take over functions executed by a central authority.
Image source Furthermore, You can see the arrival of the following aspects in the Fintech Industry: ● Usage of digital identity in financial matters ● Smart Contracts ● Shared trading ● Faster digital transactions & payments ● Usage of cryptocurrency in online shopping Also, crypto trading and ICOs would get famous. People will do more digital transactions, and money will become a superior digital entity, and more protection will be imbued in Online Transactions. Blockchain in Healthcare Healthcare is currently one of the fastest transforming sectors, as many new technologies and software programs are introduced to this sector to improve the Healthcare industry. But! How could Blockchain help in it? Let's find out the reason for improving the healthcare sector with the help of Blockchain.
According to a study by Johns Hopkins, Over 250,000 people die because of the error in medical aspects in the United States. Errors like these can be reduced with the help of Blockchain as it can eradicate mistakes in medical data. Image source The Blockchain can help in keeping the medical data of every patient, which can be very beneficial in the future for the patient's treatment and care. The physicians can access the data anytime and get to know everything about the patient, and it will also reduce the error in the treatment. Furthermore, errors in the quality and storage of drugs can also be kept under precise surveillance with a Blockchain distributed ledger system. Take a look and find different ways of Blockchain helping in the healthcare sector: ● Blockchain can be used to control the cost of patient treatment & care. ● It can help in preventing and managing pandemics in the future. ● Eradicate breaches in doctor-patient confidentiality. ● Enhance Research in Medicines and Medical treatment
Blockchain in SupplyChain Does Blockchain really affect the supply chain industry? Well! Blockchain can be very beneficial for this industry as it has the potential to keep track of every single good in the supply chain process. Image source It can track every step of the supply chain from placing of order to final delivery. Traveling of the goods from the company to vendors place, Trucks who carried the goods stops of order, everything will be traced easily to the distributed ledger with just blockchain development. It is advantageous as it can find that anything goes wrong with the goods and help find the glitches. Blockchain allows permanent clarity and validation for financial transactions & goods mobilization among many supply chain co-workers. Let's look at the ways Blockchain can change the supply chain industry. ● Blockchain can help ensure that no two similar pieces of inventory can be placed at the same time. ● No-one can harm the data or delete the data if mentioned once. ● Cost and inefficiencies of the supply chain can get reduced by a Blockchain distributed system. ● Goods can be tracked to all single nodes of the supply chain.
Blockchain for Government & Public Benefits Government tasks are enormous. They need to handle several policies and projects such as voting, distributing goods to the poor, road construction, and many other welfare schemes. The Government needs to manage numerous data of each citizen of the country. In such a case scenario, errors or glitches in data are expected. Blockchain development in the government sector can help in keeping their record secure. Image source
All residents' data stored in Blockchain will help count votes preventing glitches and provide public well-fare benefits to each beneficiary. Moreover, Blockchain can offer more transparency and safety in the government's work. Some ways of how Blockchain development can help the Government. ● Glitch-free vote-counting & voting system ● It provides the allotting of well-fare benefits by tracking characteristics of people by Blockchain. ● It permits tracing feedback of people and their position in various locations. ● It imbues more clarity in digital asset registries. ● It allows transparent & quicker tax payment and the prevention of scams. ● It can also enable glitch-free, faster, and transparent audits. Blockchain in Online Music & Entertainment Industry Are you wondering? Why have I named this industry at the place? The fact is that music is one of the industries' Blockchains that can boldly and radicalize the end-user experience. Let's learn how. Actually, the music & entertainment industry is endless beyond our thoughts, with much succulence to provide a full splendor to the audience.
Image source Various startups are coming forward with modern musicians to earn money from their fans quickly. This way, they are avoiding sharing the percentage of sales to both the companies and platform. Presently, Ujo Music and Mycelia are startups that covered blockchain development technology for producing a futuristic solution for the music industry. Isn't it an innovative way to eliminate licensing issues in the music and entertainment industry? Wrapping Up Blockchain is an advanced technology concept that will disrupt nearly every industry in the future. Indeed, its infusion in apps would have a positive impact on the end-user experience and market.
Moreover, data security & transparency will turn out a blessing for businesses if you practice blockchain development. At the same time, several glitches may be restricted in terms of fraudulent & data lost activities. This will let the central authorities to have a minor role in the numerous transaction, as all transactions & data would be decentralized. Original Source: https://medium.com/geekculture/top-5-industries-where-blockchain-can-make-the-difference-bc61 8df6d824
