According to a report by Diar, Blockchain investments were raised by 280% in the first three quarters of the year 2018 as compared to the entire of 2017. The worldwide cryptocurrency market cap has reached an all-time high by the end of the last year, i.e. $3 trillion. Given the circumstances, it is fair to assume that blockchain technology and its products will influence the business world more and more as the days go by.
Blockchain Technology – An Overview
While popular cryptocurrencies, such as Bitcoin and Ethereum have already captured the market, more new cryptocurrencies are getting introduced now and then. Nevertheless, it is imperative to understand that blockchain technology and its associated products create a substantial impact than the mere handling of cryptocurrencies.
The great thing about blockchain technology is that it is a decentralized technology. Therefore, it can be used for several applications in sectors, like healthcare, voting, insurance, gambling, welfare benefits, and artist royalties. As this technology now influences global business practices and society on multiple levels, most large companies worldwide are developing products and services that incorporate and use blockchain technology in diverse ways. Blockchain-based platforms can benefit all companies and industries that handle transactions of different kinds.
Future of Blockchain Technology – Industry-wise
Let’s look at the future of blockchain technology and understand what it has in store for us.
# Financial Industry
One of the areas in which blockchain technology will have a significant influence is the financial sector. Multiple apps and programs have developed to transform how human beings handle money at different stages. Whether it comes to cross-border payments or converting digital assets into easily usable currency, blockchain technology can use several protocols to manage payments instantly and securely.
According to a survey conducted on 8 banks by Accenture Consulting, Blockchain Technology Could Reduce Investment Banks’ Infrastructure Costs by 30 Percent.
Blockchain technology can be integrated into the banking system so that digital assets can be converted into currencies. Some applications work with blockchain technology to come up with payment infrastructures. By working with payment processors, these applications can facilitate smooth online payments. They can be used to deliver non-banking financial services. The great thing about blockchain technology is that it is transparent and can enhance the security and reliability of financial services. By securing and simplifying money transfers and ensuring direct payments that do not involve high fees, blockchain technology can help small businesses to have the resources they need for their operations. Blockchain technology can also greatly minimize the chances of scams and frauds.
# Real Estate
For the longest time, transactions carried out in the real estate industry have been expensive and highly dependent on paperwork. They also require the participation of agents every step of the way. All of that will be changed by the introduction of blockchain technology. Blockchain technology can use the process of tokenization to help people find and buy real estate properties. With blockchain technology in the real estate sector, it is possible to manage transferring of properties between buyers and sellers without a middleman. Blockchain technology also minimizes the chances of fraud and errors with the help of a digital ledger. Additionally, the transparency and security of the market can be enhanced through blockchain technology.
# Healthcare Industry
Another industry that stands to benefit from blockchain technology is the healthcare sector. Blockchain has an open and secure nature making it perfect for boosting operations in the healthcare industry. With the help of blockchain technology, it is perfectly possible to store all types of patient information within a transparent, secure, decentralized, and incorruptible database. It means patients and healthcare providers can benefit from such a decentralized database. Apart from protection and preservation of the medical data, blockchain technology can help in point-of-care genomics, electronic management of all healthcare data, and personal handling of medical data. Through blockchain technology, medical data can be made more user-centric than ever before. Blockchain technology helps to empower the cybersecurity systems used in the healthcare sector.
# Legal Services
One of the ways the legal service industry will benefit from blockchain technology is that it can help in the creation of smart contracts and validate all types of ownership documents. Blockchain technology has great potential to improve functional efficiency and transparency within the legal system when used for securing, authenticating, and validating the processes within it. Through smart contracts, the whole system of digital contracts can be enhanced, and it helps in the automation of the codes written in them once they have been categorically met with. Only people with appropriate permissions can view the results of the smart contracts.
# Modern Businesses
Probably no other sector is influenced by blockchain technology as the business sector. The whole idea behind using blockchain technology in business is that it can minimize costs and boost revenue margins. Blockchain technology can also ensure better usage of time at every step. Currently, many companies are working on creating programs that use blockchain technology to manage and work with large-scale blockchain-based networks.
According to Statista, Consumer Products and Manufacturing is the largest sector to implement blockchain technology – 33% of companies. It is followed by Life sciences industries – including medical devices, pharma, and biotech with 23% of companies already. Many apps like Spotify and others these days use blockchain technology to manage their online payments and offer their services. Blockchain technology can help companies prevent counterfeiting and the tracking of goods.
Without a doubt, blockchain will transform businesses and organizations in the coming years, similar to what the internet did in the 90s and early 2000s. Though, still in the starting phase but it is among those new technologies that will take a little more time to gain traction. The pros of a blockchain are hard to ignore, the tech will indeed help verify the data that goes through blockchain systems will be prevented from several adversities.
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