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Organizations are looking for secure and robust platforms to transparently share the information and build absolute trust for the end user.<br>Blockchain can help organizations maintain transparency through Decentralization with added security.<br>Adopting Blockchain can have certain challenges such as high energy consumption, integration issues, privacy and security issues.<br>To overcome these challenges blockchain testing is important to implement
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Contents About Us The Need for Blockchain What is Blockchain Testing? 7 Industries that need Blockchain Testing • Supply chain management • Retail • Entertainment Rights • Industrial IoT • Infrastructure Security • Healthcare • Insurance
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The Need for Blockchain • Organizations are looking for secure and robust platforms to transparently share the information and build absolute trust for the end user. • Blockchain can help organizations maintain transparency through Decentralization with added security. • Adopting Blockchain can have certain challenges such as high energy consumption, integration issues, privacy and security issues. To overcome these challenges blockchain testing is important to implement.
Blockchain Market “ Per a report by the International Data Corporation (IDC), the calculated global spend on blockchain will hit a whopping $9.7 billion by 2021. “ “ The global blockchain market is expected to grow from USD 212.12 million 2016 to USD 8,682.82 million by the end of 2024, at a Compound Annual Growth Rate (CAGR) of 59.04% – ResearchAndMarkets.com “
What is Blockchain Testing? Blockchain applications demand standard testing such as functional performance, integration, and security testing. In addition, testing teams must have these specialized testing capabilities. Specialized Testing Capabilities: • Smart Contract Testing • Node Testing
7 Industries that need Blockchain Testing • Supply chain management • Retail • Entertainment Rights • Industrial IoT • Infrastructure Security • Healthcare • Insurance
Supply chain Management Supply chains are a series of transaction nodes used to move a product from one point to another. Blockchain helps to make these transaction decentralized records. Blockchain can create a traceability system for better customer experience. This reduces the overproduction of products, removes third-party involvement and saves space.
Retail • Blockchain directly connects buyers with sellers eliminating third-party. • Using any of the cryptocurrencies customers can purchase products and sellers get paid in Bitcoin. • The data related to the transactions get distributed across the global network.
Entertainment Rights • Increasing number of artists have begun accepting cryptocurrencies in their online store. • Blockchain connects fans directly with the artists keeping the channel secured. • Music industries use Blockchain to make their work easy and safe.
Industrial IoT • Internet of Things is a system of interconnected devices having the ability to transfer data across the network without human intervention. • Blockchain manages the data transfer with a secured channel for the transaction. • Blockchain creates a decentralized network for IoT devices so that the devices can communicate directly with each other.
Infrastructure Security • Organizations with huge infrastructure are connected to sensors such as powerplants and transportation are still easy to hack. • Using Blockchain, organizations can exchange the data securely across the network. • Adopting Blockchain’s cryptographic techniques reduces the rate of phishing attacks
Healthcare • It is difficult for the healthcare sector to share private data while maintaining the integrity of data. • The Collaboration of accurate data leads to better diagnoses, the higher rate of success in treatments, and reduced costs.
Insurance In the insurance industry, Blockchain has excellent potential. Generally, in an insurance contract, there are several parties. There are parties like insurer, third-intermediary, and customers. Their databases may not be up to date. But Blockchain takes care of this issue. All the data and transactions have validation from all the parties. This includes those parties also which are not part of an insurance contract. Using Blockchain Powered Smart Contracts, the Insurance process can be swift, easy and rewarding for all parties involved.
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