Blockchain has been usually associated with bitcoin and digital currency in the recent decade. With the advent of digital transformation and the latest technological advances, It’s being increasingly used in different industries.
Early adopters have started enjoying the perks of blockchain solutions with -
- Smart contracts
- Asset management and tracking
- Digital identity
- Distributed storage
- Payments
Deloitte Survey Speaks,
There will be a significant increase in the implementation of blockchain in the coming years. Market leaders have started adopting this technology for its long term potential already.
A major transition is observed in the way industries plan to invest in blockchain technology. Retail and eCommerce businesses spend 21% and plan to grow higher in this stream. There is a 49% surge when it comes to the media, technology, and telecom industries' contribution. Financial services aim to invest 5% more than what they used to. Real estate and healthcare industries have taken the most advantage of blockchain innovation with not less than a 25 % hike in their investments.
We will take a look at the diverse business verticals that have and are looking forward to leveraging the benefits of this intuitive technology.
Automotive
Blockchain technologies are quite beneficial to the automotive industries, especially in the manufacturing of autonomous vehicles. The introduction of advanced features is an imperative aspect like autopilot modes and voice commands to name a few.
You can also enable the implementation of onboard computerization, inclusive of features like sending timely reminders for maintenance. Blockchain helps you optimize the usability of your infotainment system such as making emergency calls and advanced map search to choose the best route for your destination.
Finance
Blockchain is quite a familiar term when it comes to the bitcoin industry. Due to its structured processes and optimal performance, it has the power to revolutionize the finance industry.
Following are some of the features introduced in the fin-tech and finance sector:
- Asset Transfer
- Customer Knowledge
- Tokenized Assets
- Letters of Credit
- Trade Finance
Healthcare
Storing a huge amount of data, for example- health records can be quite a daunting task, especially in centralized authority systems in the healthcare industry. Gaining information for records can be time-consuming and has security flaws when sources search for alternative mediums to access this information, leading to data breach-and-theft.
Blockchain abstracts the need for centralized access and provides quick access. Since the blocks are linked to other blocks and shared across Blockchain nodes, it makes it difficult to hack the data. This, in turn, ensures data privacy.
Insurance
The insurance companies experience heavy counterfeiting, dual bookings, and premium diversions due to unlicensed brokers. Blockchain enables distributed ledger technology using which you can create:
- Automated insurance claims
- Smart contracts
- Shared databases
This creates more transparency and reduces the bottlenecks faced by the insurance sector.
Media and Entertainment
The media industry is quite diverse and it becomes hectic to manage many activities. Using Blockchain, you can manage several activities ranging from:
- Handling micropayments for content to track minute details on its consumption
- Manage content creators and ensure timely delivery
- Collect and distribute royalty payments easily
- Trace copyright material
- Restrict illegal distribution of Blockchain hosted content among consumers
Pharmaceuticals
Blockchain can significantly reduce medication forgery issues in the pharma sector. You can use supply chain management protocols to trace medication records and identify the current location of the medicines.
You can enhance the security and interoperability of the medical records, thereby reducing the number of instances of tampered medicines.
Blockchain can also help you:
- Reduce unwanted costs
- Track and trace serialization
- Eliminate data errors
- Real-time supply-chain clarity
- Improve security levels
Real Estate
Talking about Real Estate Industry Recent studies have suggested that individuals change their residence 10-12 times in their life while shifting out of their homes every 5-6 years.
Blockchain can bring about absolute transparency in:
- Managing the shifting process easily
- Accelerate the process of purchase and sale of homes
- Verify Finances
- Reduce the number of fraudulent activities
Supply Chain and Logistics
Multiple supply chain partner management is quite a tedious task. Blockchain streamlines the supply chain activities and brings more clarity.
For example, you order food from a restaurant and it is not quite up to the mark. The restaurant owner can trace what went wrong with the help of the Blockchain ledger. He can check the details of the ordered food, delivery status, and other minute details.
It also helps the owner to check the different cuisines ordered and offer customized discounts for the customers. It also helps trace customers and develops different discount strategies for them.
Thus, Blockchain can bring about a radical change in enhancing the supply chain and logistics.
Walmart used an application on probation to track pork in China and manage production in the US. This application helped the giant retailer to verify transactions and provide streamlined and efficient record-keeping abilities.
A budding, popular UK brand invested US$800,000 in blockchain technology. This advanced technology helped the brand trace food demands across different geographic locations. With the help of pilot technology use, the brand identified tuna demands in the South-East Asian supply chain.
Yet another prominent entity replaced a traditional solution of spreadsheets with blockchain technology to track internal and external samples.
Travel
Travel and Tourism have taken a backseat due to the Covid-19 pandemic. But once the pandemic subsides, it is bound to be a booming market again.
- Blockchain can abstract concerns related to forex-issues.
- It can acquire travel details for desired locations.
- More clarity can be found in hotel and flight bookings.
- It will minimize manual intervention and share the most relevant information.
- It provides a decentralized travel ecosystem to connect service providers, airlines, and hotels.
Food
Blockchain brings ultimate transparency in supply chain management and helps avert food safety mishaps.
It helps trace food consumption, utility, and eventually reduces the wastage of food apart from ensuring fresh produce on the shelves. It can restrict fraudulent activities, human errors, hacking, and similar issues.
That way, it streamlines the entire food supply chain vertical. A recent Walmart study points to this. Walmart, a pioneer in the food and grocery chain business, sells 20% of the food consumed in the United States. It conducted 2 pilot projects in blockchain and could subsequently provide food supply chain information in 2.2 seconds.
Summary
Therefore, we see an exponential rise in the way Blockchain is used in industries spanning the globe. With the future holding much promise for the evolution and spread of this cutting-edge technology, it is poised to be a game-changer. Keen on knowing what Blockchain can do for you! Get in touch with our experts.
