Blockchain technology has been around for more than 20 years, and still, there are many people who’re not aware of what it is. However, this technology has seen resurgence in the last couple of years. Blockchain technology has started to penetrate mainstream industries after the integration with companies like UPS, Deloitte, JP Morgan Chase, Walmart and IBM. In fact, many well-reputed companies have begun to use blockchain technology to advance their business processes and systems further.
Industries that are influencing by the Blockchain Technology
The primary application of blockchain technology is in the form of Bitcoin in digital cash. The potential of blockchain technology rests in its versatility for a broad variety of applications across several distinct industries. Let’s have a look at some of the industries which are getting impacted by the Blockchain technology:
1. Banking
It is ironic that banks are now beginning to use blockchain technology, even though cryptocurrencies were primarily built to eliminate the trust on commercial delegates. As much as several would argue, commercial organisations will still play an essential part in our commercial system. Banks have intermediary to a bevy of commercial services over the world, and blockchain will transform the nature of various daily bank operations in the next decade.
By utilising blockchain, transferring assets in two parties that are placed on different sides of the globe work as if they were next to one another.
Blockchain technology could also help banks transfer currency internally in their private organizations. Banks could make their personal regulated cryptocurrencies to displace conventional dollars. Bank-centric cryptocurrencies would totally change the manner in which the world communicates with finance and money. An instance of a cryptocurrency that has been creating waves in the funding arena is Ripple (XRP), which has partnered with an exciting number of famous banks.
Nevertheless, banking regulation runs moderately, and it will apparently be some time before commercial institutions have the go-ahead to combine blockchain technology in their services.
2. Healthcare
Healthcare is a very complicated industry which includes various players with the health services supply chain. Medical data and client records are placed in different systems in the healthcare landscape, and obtaining those reports gets harder for both providers and users.
Blockchain technology provides the healthcare trade with an opportunity to save all medical data in one database. When patients change physicians or providers, the patient’s complete medical history would be collected in one specific and easily available system.
Blockchain technology could drive to a medical data storage system that pharmaceutical history could be carried down to later generations, which could drive to the latest medical inventions.
3. Sharing Economy
The sharing economy has started to be known in the last few years, but it is necessary to add it on this list because of the major changes that it will experience once thoroughly combined with blockchain technology.
The fledgling business of sharing economy will arise to impressive portions in the coming years. In the year 2014, the complete peer-to-peer lending market was estimated at 3.5 billion U.S. dollars. Later on, through research, it was expected to grow around one trillion U.S. dollars in 2050.
The two most common examples of businesses that have joined their dominance in the sharing economy are Airbnb and Uber. These businesses transformed their particular sectors by cutting conventional intermediaries like cab services and accommodations, thereby streamlining the user experience and earning profits. However, maximum P2P services still depend on a fundamental authority to promote transactions.
As the security of performing transactions by blockchain raises P2P platforms’ versatility, this industry will incorporate many more services that were previously managed by conventional business standards.
In a Nutshell
Blockchain is discovering new technologies in the tech industry with each and every passing day. But this technology is something which still requires time to be proven and improved upon. As it gets traction in a wide array of sectors, blockchain will change and modify as we discover new applications for it.
Numerous blockchain systems are currently in their initial stage, and it could be the fact that its implementation and performance in the market will surely look very distinct from its current state today.
Author Bio: Liza Kosh is known for her tremendous contribution as a senior writer who loves to share her views on topics covering upcoming technology and the market trends. She is currently associated with a cryptocurrency app development company based in the USA as a content strategist.
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