Blockchain technology got its fame with cryptocurrency deals. While the public ledger gained credence with bitcoin transactions, the technology is now set to prevail across other industries. It is geared to become a logical influencer for retail logistics. Various eco-systems have been created to adopt this innovative digital tool. It may be difficult for smaller retailers to understand but the bigger ones like Walmart chain have already steamrolled these processes Blockchain technology is driving international companies and their business via e-commerce. It is logical that both these factors will continue to improve offerings for hailing cabs or even for enforcement agencies. What’s more, the need to have transparency without central monitoring will be appreciated by users.
Let’s get to the bottom of the multiple functionalities of this public ledger system. It is proving to be a game changer for many other sectors.
Future possibilities of the public ledger system
The primary reason why Blockchain technology could be useful across industries is the high levels of veracity it produces without a regular centralized and controlled watch over digital transactions in many locations. This could possibly be the best way to restrict any fraudulent activity. Entrepreneurs are already working on the endless possibilities for it to work in other industries.
Its usefulness can be tapped in the following industries:
- Messaging Apps
- Supply chain management
- Cloud Storage
- Retail industry
- Industrial IoT and Mesh networking
- Manufacturing and 3d printing sector
- Energy sector
- Hedge funds
- Sports sector
- Stock trading
- Real estate industry
- Banking systems
- Education and other academic institutions
- Cab hailing and sharing public transport
- Car leasing and sales
- Creating identities for voters & DNS
- Healthcare sector
- Wills and inheritance
- Security of sensitive installations
- Law enforcement
- Tracking of guns and licenses
- Advertising on the internet
- Government and public records
- Future Cryptocurrencies
- Forecasting and Predictive analysis
- Protecting rights of entertainment industry and music
- Human resources
- Business and corporate governance
- Credit histories
- Crowdfunding, Public assistance
- Video streaming
- Food safety and deterring outbreaks of diseases
Benefits of Blockchain technology in myriad sectors
An emerging trend that is capable of transforming or disrupting the existing system will be accepted universally and that seems to be the case of blockchain technology (BT) and its success in the financial industry. The idea of using any new technology is to keep data safe, have transparency and having solid proof of activity which cannot be re-written or tampered by rogue administrators or hackers. BT seems to fulfill all these criteria and works on all locations simultaneously. What more could one want? Just to elaborate on the potential benefits take for example data that needs to be protected at all costs and timeframes. Normally a protective wall is built around sensitive data by the companies. But the data is still exposed to admin and has an access point which can be weakened or compromised. When BT is used, the digital transaction once done cannot be re-written-on all the connected computers. This is done presuming no other computer ‘disagrees’ when a transaction is being done. This activity ensures that everyone knows a change is being made in the public ledger. No one will be able to do any ‘backdoor transactions’ and chances of fraud are almost nil. This is one big benefit to any company which is seeking to safeguard data even from internal risks.
Blockchainencryption is secure
The database is public and distributed across many public computers. Hence, it is encrypted to make sure that data remains in the public eye without possibilities of tampering. Even the operators are not able to breach the security. The earlier admin who has access to data could quietly make changes without any suspicion being cast on them. Now the entire community/company has visible data which can be cross-checked. Of course, this would need more teams working on the system. The hardware is also safe from tampering. The success of this system in the cryptocurrency sector has fuelled the possibility of its usage in other sectors. For example, in the healthcare industry that has several records of patients, this is a secure method to safeguard data. Digital signatures can be used to ensure that the records and clinical reports are not corrupted. Other than the records, the payments made to hospitals, doctors, nurses and other medical utilities can be checked. It reduces the fraudulent elements.
How do you think, this technology can improve the health of your enterprise?