Exploring Blockchain Applications Across Industries
Posted By Asha Devi | 30-Aug-2018
Blockchain is transforming businesses by digitising the workflows. You are able to redefine your business processes with a smoother and better transactions. Here is a quick rundown of the disruption[s] caused by blockchain in varied industries.
The Blockchain is a shared technology ledger poised to bring the much-needed transformation in the business transactions.
The traditional transactions include an order, payment, tracking of accounts, and, etc., that are generally maintained in a ledger. These multiple ledgers created by multiple individuals are prone to human errors, inefficiency, frauds, validation process, delayed submissions, and, etc.
But, with blockchain, it is possible to reduce these vulnerabilities and bring transparency in end-to-end transactions. The Blockchain is nothing but a single, shared, and tamper-proof ledger where the transactions are recorded with consensus from the involving parties over the network.
This simple procedure reduces the paperwork, increases the speed of the process efficiently. The transacted data get recorded in a block, get connected with the previous and next blocks, and are distributed throughout the network making it impossible to edit or delete.
As the transactions are distributed, authenticated, and secure, it is gaining traction in almost all the industries. It helps to create new and secure business models, streamline the business process and eliminate inefficiency or uncertainty.
Let us investigate the blockchain applications in varied industries.
Blockchain in Banking and Finance:
Blockchain helps for regional and cross-border payments through an integrated network on real time within seconds. It facilitates the banks and financial institutions to settle payments securely across the globe by eliminating the multiple intermediaries, reducing the cost and time, making the process less complex.
The higher visibility of transactions is lessening the disputes and reconciliation necessities. It is supported across the destination, origin, asset, or size.
Blockchain in Insurance:
Insurers deal with sensitive personal and financial information wherein multiple parties are involved. Blockchain helps the multiple parties to exchange data on the permanently shared ledger with required transparency and security.
The writings could be automated with smart contracts, accelerate the claim settlements through easy data verification, reduce fraud and abuse with tracking in real-time. Further, it facilitates change by responding to the customer expectations.
Blockchain in Retail Industry:
There always occurs friction especially in this retail industry, owing to lengthy invoicing and payment process, blockage of visibility across a supply chain with a disparate system between the suppliers, processors, logistics, distributors, retailers and the consumers.
Blockchain delivers a comprehensive transaction methodology which is visible and enables the retailers to gain insights into customer preferences as per location and demographics. It helps quicken the settlements between the vendors and purchasers, eliminate any disputes, promote marketing and qualifying sales.
Blockchain in Government:
The Government faces issues that are enormous. It faces issues in the supply chain as it has a large-scale of purchasing systems; record and track assets like homes, cars, businesses, and so forth; fraud and data privacy issue for voters list or any public records.
With blockchain, the government is able to create single identity documents, cryptographic shared ledger, link the ownership for an asset, and, etc. This helps the government to meet the citizens’ needs through an immutable and trusted record keeping.
Blockchain in Healthcare:
As blockchain can decentralize the healthcare information, it brings in a new ecosystem in the industry. The patients are able to have a control over their medical records in order to manage their health. Moreover, the genomics data and diagnostics help for future medical research.
Electronic data capture facilitates the aggregation of the clinical data automatically, duplicate and distribute to the researchers and practitioners, quantify the medicare in terms of cost and results. Further, it simplifies the medical claim processing, share information with the partners, pharmacies, payers, to make a smooth transition of the business.
Blockchain in Travel and Transportation:
The Travel industry is one more sector where huge data gets transmitted every second. It involves booking agents, credit card companies, handling of tickets and identification of passengers, exchange rate fees, bank transfer fees, catering, shuttle-carts, cargo, housekeeping, regulations, warranties, accident claims and insurance, and, what not? The list is long.
Here comes the apt role of the blockchain. Verifiable, authenticated and trackable data on a decentralized ledger accessible through computers and mobile devices support the business operations through digitization and sharing.
Blockchain could be used for roadways, airways, or waterways to streamline the operations involved in all these and more, eliminate the middlemen and frauds, and speed up the process with accuracy.
Blockchain in Media and Entertainment:
With the help of smart contracts, it is easy to update and track content usage, royalty settlement, settle contracts with the companies and the candidates, agencies creating ads, digital content monetization, loyalty programs for cross-marketing, and, etc.
In the case of siloed distribution systems, tracking is difficult. Blockchain makes this digital transaction foolproof and create a trustworthy ecosystem, opens opportunities for new learnings and inventions, monetization, and deliver better portfolio and experience for the content owners, contractors, and, the consumers.
The contributions of blockchain do not end here. It has laid its influence in Real Estate, Automotive, Manufacturing, Pharmacy, Agriculture, and, any industry you name.
It’s bringing the much needed digital transformation across the industrial segments. If you are interested to know how blockchain can transform your industry and see the change through implementation, you may get in touch with our blockchain developer experts.