How Blockchain Technology Is A Game ChangerLast edited on 13/09/2017
The year 2017 for the business world is all about how are various entrepreneurs and business heads talking blockchain. For quite sometime, blockchain technology is known to be the backbone of bitcoin. Blockchain technology does affect many industries by providing more security and transparency in business.
There have been various questions about what blockchain truly is however, there have been conflicting reports how this technology is disrupting every single industry it is touching. Blockchain’s unique capability of creating non-refutable and unbreakable record of data is mostly used by banks to have their own digital currencies, trading and remittance which has made this technology very demanding in the banking sector as well.
Here are a few industries that blockchain will disrupt: -
- Voting: The voting has been untouched and remained unchanged for centuries. With blockchain technology in the picture, voter. Creating an immutable, more secure and transparency in voter registration, identity verification and electronic counting which helps ensuring legitimate votes only.
- Networking: There is a new concept in the IT industry known as ADEPT which is build on the grounds of blockchain technology through a decentralized network of IOT devices. With the help of these two technologies, the devices can communicate with each other and monitor any bugs and update softwares.
- Supply chain management: Through blockchain transactions can be documented in a permanent network which is decentralized record and monitored securely. Through blockchain technology, the impact of products and business control improves to a great extend.
- Healthcare: Another highly impacting industry since the time blockchain has come into existence. Blockchain technology in healthcare has immensely helped in ensuring that patients and doctors can communicate through a more clear channel. Right from securing medical data to the confidentiality of protected health information and from hacking attacks.
- Food industry: The food industry has become more aware about quality of food there are offering in the market. Using blockchain technology helps you to upgrade your food delivery business as it is inter-relate to what type of quality you are expecting.
- Banking and Finance: More than 80% of banks are developing their own blockchain strategies to meet up with the level of security and efficiency in a the bank. The feature of tamper-proof technology helps in making blockchain banks a success. This technology makes it so much simpler for any transaction within the bank to be executed within seconds.
- Logistics: Blockchain technology has helped the logistic industry to focus on the financial aspect of the business. The global logistic market is looking at a potential $8.7 trillion of gain in the next 3-4 years using this technology. Blockchain helps to give this industry a platform that helps in cutting down cost without compromising on resources and quality of a business.
Blockchain technology has scattered its presence to every time of industry. This has made hiring a blockchain application development company as an important part of running a business. This helps in building mobile and web portal using the best blockchain implementation. Not every developer can build a blockchain application, for that you would require specific mobile application development company which truly understands the meaning of blockchain.