Almost every business vertical is foreseeing a profitable investment into blockchain development. With this technology, industry giants are striving to shift the current reality and make it more data saving and secure.
You would have probably heard about blockchain implementation across various industries. From healthcare to finance, businesses are manifesting various applications of this technology and developers are working to align with those notions.
Fundamentally, there are several chaos and challenges that surround its utilization and implementation across various industries. Though, the question is what is making these industries so inspired and driven to adopt blockchain into their systems.
Well! there are thousands of reasons that boost this urge of industries. Though, certain are more igniting just like security and open access. Let’s understand those aspects that are driving this trend in the contemporary industry space so faster.
Blockchain – A Boon For Business
In the recent decade, the hype around blockchain has increased and now you can find its mention on the thousands of lips around the world. The first recognition it received was from the emergence of bitcoin. When this digital cryptocurrency came in the market, every expert was keen to know the mechanism that is straightening this concept.
Since then, blockchain has gained huge significance across the world, now every industry is looking forward to employing this technology to ensure growth and success. In recent couple of years, several blockchain concepts and end-to-end solutions have entered into the market that are gaining huge recognition.
In fact, this is an amazing technology that underlies cryptocurrencies. From recording transactions on a public, distributed ledger to eliminate the need for a third party in most cases. This technology is moving various industry operation and infusing ease. With its unmatched potential, it is bestowing businesses with the most incredible and splendid solutions of the age.
Take a glance over the industries where this technology is being tested and deployed.
Blockchain For Healthcare
The data is the most critical aspect throughout this industry. Most of the healthcare institutions face difficulty in securely sharing data across different platforms. Blockchain can help in infusing better collaboration between data providers that could ultimately surge the chances of accurate diagnoses, effective treatment and increases the overall ability of healthcare system by just providing access to a secure network for data sharing.
Gem Health Network has also provided a blockchain network that enables secure and universal data-sharing infrastructure.
Banking With Blockchain
Banking is just beginning with blockchain. The deployment is still under testing and analysis. Basically, banks serve as critical storehouses and indulge in transferring heaps of value. It is a secure, digitized and tamper-proof ledger, it could make bank process more effective by injecting improved accuracy and information-sharing into the ecosystem of financial services.
Besides, it is also able to reduce the cost of cross-border transactions. Altogether, a number of cryptocurrencies are being created with this technology that can somehow change the financial market.
Blockchain For Voting
The utilization of blockchain in voting can be revolutionary. As we know that voter’s identity authentication is very essential during the election, besides record keeping with security and trust tallies are important. This technology can create a fundamentally strong and secured infrastructure for tracking, casting and counting of votes. Besides, it can potentially remove the need for recounting in case of foul and fraud.
Besides, blockchain enables the capturing of votes as transactions. It means governments and voters will have audit trail that will be easily verifiable. Altogether, it will ensure no votes can be changed or removed and no illegitimate votes can be added. There is a one blockchain start up named as Follow My Vote, which has been released the alpha version of its stake-weighted blockchain voting solution.
Blockchain In Education
Could you think about the this technology’s utilization in the education industry? The most important aspect of this industry is that academic credentials must be verifiable and recognized universally. In almost every education institution especially, primary/secondary and university environment, the process of verifying credentials is mainly manual.
The blockchain technology can streamline verification procedures throughout the education system, which would result in reduced fraudulent claims of un-earned educational credits.
Apart from these, there are many other industry verticals where this technology is being integrated. Here are some of the industries that are testing the implementation of this technology. Critical infrastructure security, internet identity &DNS, ride sharing, internet advertising, crypto exchanges, car leasing and sales, cloud storage and many more.
The Contemporary Blockchain Adoption
Among the PwC respondents, businesses executives with technology responsibilities, a majority of them said that “trust” could be the major roadblock in the global adoption of blockchain.
Though, according to the PwC, companies are confronting various trust issues at every turn. As challenges and doubts around blockchain’s speed, scalability, reliability, and security are major aspects.
The adoption is growing and even high profile investors like Warren Buffett and Jamie Dimon have been publicly talked about the challenges of investing in cryptocurrency, they’re unaware of its underlying tech.
Even market giants including Amazon, Microsoft, and Facebook are also working on finding the use cases of this technology. In May, Facebook announced that it is going through a reorganization that will work on a blockchain effort. Besides, IBM, Deloitte, Accenture, JP Morgan, and HSBC are also among the companies that have initiated blockchain integration.
Though the respondents at PwC registered various uncertainties such as “ability to bring the network together,” ‘compliance concerns’, and even concerns related to intellectual property. Which are being considered as key obstacles for blockchain adoption.
Altogether, Blockchain’s potential also has been compared to the internet. With the growing interests, as per Cowen estimated that this adoption will take 5.9 years to grow globally and permeate throughout the world.
From now, it would be clear to you how this is changing the world around us. Besides, its utilization of blockchain is growing in mobile applications. Mobile application development companies like LeadMuster also exploring its uses in apps to provide people with high-grade applications. To know more, stay tuned.
