The idea of distributed peer-to-peer network comprises of blockchain technology. The importance of blockchain technology has been recognized by many industries. Blockchain technology provides a completely different protocol communication which has led to more than 80% banks to develop their personalized blockchain channel.
This technology is so powerful that it is changing the entire way an industry works both internally and externally. Here are some of the industries that blockchain technology is going to disrupt.
- Financial corporation: Blockchain provides tamper-proof ledger and decentralized system at a fraction of a cost which was an expensive deal in the traditional way of banking. There are some companies which are already creating blockchain banks which helps to cut down on the chain of bank transfers and lets you transfer in a matter of seconds.
- Voting system: There has been a lot of controversies about the way people vote and how it is counted leaving doubts in the mind. However, blockchain technology in the picture can be the future of the way we conduct elections around the world. Blockchain helps to authenticate identity of every single voter restricting a voter to vote more than just once. Once the vote has been given it cannot be altered either which brings in genuine voting case.
- Music streaming: Record labels do take up a fair share of profits from the artists which not only ruins the hard work behind it but is a financial hassle for various artists. It’s estimated that more than 86% of profit is lost with the recording company which means a big lose for the artist. Blockchain technology does exactly the contrary by eliminating the channel of a record company. The artist can sell their music directly on a common platform and can be assured about music authenticity through blockchain.
- Supply chain management: Earlier, the transactions that were documented in a supply chain business were monitored however, not in such a secure manner as expect. Since the arrival of blockchain technology many aspects of supply chain management has changed. The distributed ledger in a blockchain helps to authenticate every single transaction that comes it way which means transparency and security.
- Healthcare: One of the biggest issues that a company faces is the lack of security to share and store data. Whether it is for tracking a medicine or a patient’s report, healthcare faces a lot of issues in the healthcare industry. Blockchain technology allows hospital to store data on a whole new platform. The speed of diagnosis and accuracy increases using this technology.
Hiring a blockchain application development company is the best outcome when you want to development a highly efficient and secure application. In order to find a development company that uses blockchain, you need to research thoroughly for it. Ensure that the company has the right knowledge about blockchain since it is a fairly new concept for many companies to understand.