5 Industries Where Blockchain Technology Can Bring Great Results

The success stories of blockchain are not foreign to us. Some of the industries find blockchain to be a more effective method than the measures they have taken now. Blockchain helps people to meet be important things within seconds. You are doing business in a huge marketplace, you should know about the important finding of the market. There are so many myths of decentralized bitcoins for understanding the market properly.

But, first, let’s discuss the five industries where blockchain is creating a major impact.

The 5 Industries where blockchain is creating a major impact

Healthcare

On today’s date, maximum people are facing different kinds of health issues.  These account for valuable medical data that is stored online. Literally, anyone can access these files and hack into the private and important data from the central location.

“When anyone asks for someone else’s information, first it takes multiple hours to reach the data ad second it opens these data to breaches, losses, or theft.” 

This is the reason people are choosing blockchain in the medical industry to safeguard the data from others.   The role of blockchain technology here is to remove the need for the central authority and allow access to the data rapidly. The blockchain is designed in such a manner that the blocks of data are connected with other data blocks. The data is distributed across the blockchain nodes, which makes it difficult for a hacker to breach the data or hamper it.

Banking

Suppose you decide to send your daughter through a conventional bank say, $1000. First, you will have to pay the bank a sending fee say, $50 that makes a total of $950 reaching her. If she is staying oversea there will be further charges levied and she will be ending up only receiving half of it or even less. This is also, not a very secure process, as often banks servers get breached and information gets leaked.

Using blockchain will allow you to conduct a peer-to-peer transaction where you can use cryptocurrency like Bitcoins or the others. You will be able to make a safe transaction without any hidden cost deductions.

Managing a Supply Chain

Blockchain technology enables the supply chain management to keep track of each and every supplier to the receiver. Suppose you had ordered a product, on delivery you found out that it was not up to the mark or the product doesn’t meet your expectation. This is when your complaint will be filed within the ledger of the supply chain management blockchain.

The person in charge can go through the blocks connecting the person supplying the raw material, to the next supplier, producer, and manufacturer, and so on and forth. That person can raise a question on everyone to find out who made a mistake. In short, the blockchain will keep everyone playing a part in the supply chain as a block to reach as fast as you want.

Government

The government can end voting issues and frauds once they use blockchain. The traditional voting process is when a person individually comes to cast their vote or sends it in an enclosed mail. Then, the votes are counted by the local authorities. The votes can be cast using online means but, since it will use one central body for casting the votes there are risks of fraud.

Here blockchain technology become the most efficient tool for voting. The people can cast their votes keeping their identities anonymous when using blockchain. Blockchain technology will also help the authorities to count these votes accurately, knowing that each ID casts only one vote.

Cybersecurity

Cyberattacks are of the unanticipated threats that humankind is going through. Equifax’s big data breach in 2017 had affected 143 billion customers, this flipped our heads. One question remains will this happen with us as well? It most necessarily doesn’t have to. This nightmarish devil and be put to sleep when we use blockchain.

As blockchain is a decentralized system you can live free from any kind of breaches. This also suits the best for the high-security institutes that cannot afford to get breached. Here all the information will be stored in forms of bitcoins or other blockchain networks. This data will be encrypted with a cryptographic algorithm that leads to zero entry points.

Also, Read Everything you need to know about blockchain