Blockchain For Different Industries 2595 Views Oct 05, 2018
Blockchain, a future-vision technology, works in the distributed environment and on the highly-secured platform with a huge amount of information across the network. Blockchain is a road that connects the world to crypto. And, as we know, with improved technologies- industries & business across the worlds also get affected! Following the trend and popularity of Blockchain, our experts have also started to offer blockchain services such as testing, technology advisory, development services and other related services across different industries and some of them are: Real Estate Industry Banking Industry Healthcare Industry Legal Industry Retail industry Insurance Industry As our team has worked and delivered a good number of blockchain driven & cryptocurrency based projects across different verticals, we can give you a clear vision of how blockchain can impact different industries.
- Real Estate Industry: If you have ever bought or sold a property then you might be aware of the paperwork involved in such procedures. Blockchain is able to store all the documents & transaction records securely in a virtually hack-proof ledger where all the data or records will be encrypted. To add more transparency, you can take advantage of the smart contracts that will release the fund without any manual intervention but, only if the conditions are met.
- Banking Industry: Blockchain is a secure platform. Finance means transaction and transaction always need security. Blockchain is a platform that can store transaction records securely and speed up the transaction process but at a cheaper rate. Cross-border payments and trading, global remittance, peer-to-peer(P2P) transactions, corporate trade & settlements, commercial insurance management- Blockchain can provide the solution in each of these fields.
- Healthcare Industry: Blockchain increases privacy and interoperability of the patient’s electronic medical records and maintains regulatory compliance. It allows patients and organization to share sensitive data across networks without compromising security & integrity. Blockchain technology helps the patients to get effective treatments and the organizations also get an opportunity to deliver cost-effective treatment. Not only this, but Blockchain also maintains the trust between the patients & healthcare providers by securely storing the medical records which can be accessed only by the authorized people. Right from the patient enrollment to initiating claims- Blockchain can cover all the aspects of clinical trials in a cost-effective manner and help people related to the healthcare industry by providing a reliable solution.
- Legal Industry: We already mentioned the term ‘smart contracts’ for real estate industry but that one is useful for the legal industry too because this type of contracts can be made between relevant parties as it minimizes lawyer involvement. In fact, Blockchain protects your intellectual properties such as images, videos, symbols etc so that nobody can use your properties without your permission. Moreover, a digital ledger is really useful in case if a lawyer wants to preserve any crucial evidence and that will remove the need for testimony!
- Retail Industry: Cryptocurrency is volatile but you just can’t ignore the advantages of Blockchain just for this reason. Blockchain allows a customer to track a product in the supermarket. Blockchain technology provides a complete transparency between the retailers and consumers and this, in turn, increase the level of trust between the customer & retailer. Besides this, retailers can also set up authentication or verification of products at every touchpoint, track the temperature of a container during shipping and ensure the safety of the food supply chain. The real estate asset management system concerns itself with reduced risks and promoting valuable improvements.
- Insurance Industry: ‘Smart Contract’ again comes here. So what is the use of smart contracts in insurance? Let’s have a look here.
- Death benefits: A smart contract can be made between the insurer & the insured person where the beneficiary will get the death benefits upon the death of the policyholder.
- Notification to the insurer: If a smart contract is connected with the death registry, then the insurer will get notified once the person is dead. Once the verification is done, depending on the policy claims can be initiated and claim settlement can be completed without any hassle.
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