How blockchain can be used in different industries – Cryptopolitan
Since 2008, the birth of blockchain technology, blockchain has gained a lot of popularity with bitcoin, a blockchain-based cryptocurrency. Over the past few years, blockchain technology has become a red-hot topic across the country. Many people talk about what blockchain is, how it works, and what are blockchain benefits in different domains. It all started with the popularity of bitcoin and after some time it became the common business application as a meta-profit trading app for many investors and crypto traders. Blockchain completed its difficult phase now ready to use a full-fledged form to earn the many benefits. At the moment, blockchain technology is still far from mature, but its application is potentially growing across various sectors, far beyond virtual currencies.
In this article, we will highlight blockchain advantages, and how blockchain technology can be used in various industries. So read it and find and stay connected with us if you want to get more information about how we can help your startup using blockchain benefits.
Blockchain benefits: industry sectors
Some of the benefits are highlighted below to understand how blockchain technology can be used in different industry sectors;
- The banking and financial sector.
- Health technology.
- Cyber security.
- Information and communication technology.
- The banking and financial sector
In the banking and finance sector, blockchain provides tons of benefits in terms of security, transparency, maintenance of documented records and many more. It comes with a complete solution for various banking purposes, which include anti-money laundering, fraud prevention or client onboarding process. The essential use of this technology is for surveillance, as blockchain’s main goal is to provide transparency, better traceability and fast analysis speed.
Another option is to share distributed ledgers with regulators and remove the need to prepare reports, helping to verify risk quickly and efficiently. Use of blockchain supports automation resulting in cost reduction and speeding up decision-making capabilities.
- Health technology
Blockchain benefits the healthcare industry by providing complete step-by-step verification that is simple, fast and accurate. The global blockchain in the healthcare sector will reach around $5.61 billion by the end of 2025 according to BIS research report. All the healthcare sectors are implementing blockchain technology with the ease of use of this invention. Implementing blockchain could help cost hundreds of billions of dollars annually.
- Cyber security
In 2020, it was estimated that approximately 1.7 MB of data was generated by one person in one second, this means that one person can add more than 2.5 quintillion bytes of data per day. We store a lot of information and data, thus making it vulnerable to a security breach with complete security. An estimate shows some of the significant sources of security breaches;
- Human error up to 95%
- Hacking up to 45%
- Malware up to 17%
- Phishing up to 22%
Costing businesses more than $75 billion annually to recover from ransomware attacks, in all these scenarios blockchain technology has answered all the questions that would be a boon for cyber security.
- Information and communication technology
The advent of information and communication technology has revolutionized all aspects of society and business with hundreds of time-saving benefits. The global ICT market size was approximately $5.5 trillion by the end of 2022. During the Covid pandemic, every sector used ICT and various industries adopted it to work remotely. The arrival of 5g technology, web3, artificial technology and metaverse has created new opportunities and has created more problems and concerns while dealing with this new era of technologies.
Various business and government officials and agencies have created roadmaps for a digital strategy that will help how society and the economy will evolve and evolve for future revolution.
Major Blockchain Benefits
The major blockchain benefits are mentioned below;
- Safety
Blockchain is a good choice compared to other record keeping systems or procedures that keep your data safe. Every single piece of your data is crucial, sensitive and important and should be encrypted.
- Transparency
Blockchain makes all transactions more transparent compared to other platforms. The reason for this is that blockchain uses a distributed ledger, data and transacts all information that was recorded and stored in several places in the blockchain.
- Traceability
In a complex supply chain, it is more difficult to track the product where it is right now or to track the product’s position of origin. If your data cannot be traced to consumers, it will directly affect your workflow and down your name in the market.
- Increase efficiency
If you work in the same old traditional pattern which is paper based work, you work harder and in the future it will not be efficient for you to get more. Old pattern papers require more time and manpower, and you cannot track important information efficiently and timely.
- Automation
Your transaction can be automated through “smart contracts”, increasing the speed and efficiency of your process.
The bottom line
In conclusion, using a blockchain created more opportunities in industries as well as small startups. It has many advantages that fulfill the needs and requirements over time. In short, blockchain has the potential to grow in all industry sectors. Several industries use blockchain technology as their mainstream and in the future blockchain will become an industrial revolution in the digital world. Moreover, blockchain also uses various platforms to trade crypto-assets such as Bitcoin.
