How Is Blockchain Technology Reinventing Various Industry Verticals? In the last decade, the blockchain technology emerges after cryptocurrency- bitcoin and Ethereum increased their token value in the market (though it fluctuates a lot these days). Thereafter, the industry leading enterprises and SMBs have started warmly-embracing the hottest technology trend to get the solution integrated into the business DNA that keeps records and transfer of data secure, transparent and resistant to outages with decentralization and immutability.
Blockchain’s potential to leapfrog the technology advancements in the emerging markets can be leveraged by the industries to accomplish the business, social and economic objectives and bring winning upshots, as stated by Gartner. Take a look at how the budding technology is all set to transform the industry processes, people and platforms: BANKING AND FINANCIAL SERVICES The unique capabilities of blockchain revolutionizing the banking industry by decentralizing the central repositories and exchanges, which enable transaction settling instantly and securely through a network of computers and excellent data management without wasting the time in redundant processes. The ATB Financial and Fintech startup Ripple are the best instances of financial institutions that have adopted the blockchain model to enable currency-less international transactions in a matter of seconds, which earlier took 2 to 6 business days. LEGAL SERVICES Additionally, in order to protect the public benefits that suffer largely from bureaucracy, blockchain technology can be leveraged to streamline and secure the public benefits distribution by assessing, verifying and then distributing the welfare.
FOOD INDUSTRY To reduce the food safety disasters, it takes days to trace the food going from farms to the retail market, which is quite high and in the meantime, the food may get spoiled. Here, with blockchain technology to the rescue that enables tracing in a couple of seconds effortlessly and thus, food safety can be achieved Today, in the food industry, the data compliance audits by third-parties and the data is stored either on paper or in a centralized database, that’s highly prone to error, vulnerable to inaccuracies, intentional errors with a fraudulent mindset and time-expensive process. HEALTHCARE Blockchain technology is giving a facelift to the healthcare industry with transparent billing management, secure medical record storage and sharing, and streamlining the data. In healthcare, it provides a system which enables data exchange in the real-time that’s irreversible and cryptographically saved. SUPPLY CHAIN MANAGEMENT Blockchain technology is a one-stop solution to all the challenges. All the transactions during the supply can be easily documented, securely stored and monitored in a transparent manner, which minimizes the probability of human errs or untimely delays. INSURANCE Incorporating blockchain in the insurance industry means reimagining the trust of the bond by digitizing and decentralizing the paper documents that are used in the myriad of insurance activities such as payments, claim to handle, the disclosure of accurate data and capital. Source BY: - Blockchain Technology Reinventing