By Neha Baluni
By now, you must know what blockchain is. If not, then in simple words, blockchain is a digital ledger that records all the transactions without any central authority. It provides a peer-to-peer network and the entire data gets stored publicly. What makes the technology effective is its feature of immutability. Once the transactions are recorded within a blockchain, they cannot be changed or modified. As a result, it is a reliable and trustworthy technology.
Now, you must be curious to know that how and where blockchain can be implemented? In this write-up, I am going to mention some of the key industries that can be revamped with this technology.
1. Supply Chain Management
In supply chain management, you have to deal with different issues. One of the biggest issues is its inefficiency in tracking the products throughout the supply chain cycle. Apart from this, increases in the fuel costs makes the transportation expenses, and overproduction of products or goods wastes resources such as water and electricity, etc.
No matter what the problem is, smart contracts can help you out to resolve it. What if in an industry, let’s say automobile, the production would be done only when a specific request is received. By using smart contracts, the fund can be stored into a contract. The manufacturer would start the production only once a particular number has been attained. This would remove the tension of augmented demand and resource consumption. Moreover, the requirement of third parties would also be removed.
As we know, there is a lot of corruption happening within governments. As of now, there is no solution to stop it properly. However, with the deployment of blockchain in the government sector the situation can be entirely changed. With its core competence of offering distributed ledger, everyone can have the copy of transactions or other kind of information.
3. Internet of Things
With blockchain and artificial intelligence (AI), Internet of Things (IoT) is all set to amaze the world. Yes, we are soon going to handle Internet-connected devices in almost every industry. IoT makes it possible even for the fridge and car to talk to our smartphones. Generally, such a system is full of transactional issues and potential security. However, blockchain can easily resolve all these problems.
As there is no central system mandatory in blockchain, it would make the processing much simpler. IoT with blockchain would be able to handle the data in an encrypted form. Moreover, the tokenized system can easily monetize transactions between multiple devices. It can even seamlessly integrate different services. Not only this, it also possible to trace the products and asset ownership with RFID (Radio Frequency Identification) and blockchain. IBM and Samsung are also working together on a blockchain initiative known as ADEPT.
4. Real Estate
The whole process of searching for a house or apartment, handling security deposit, interacting with landlords, and establishing ground rules is long and painful. Therefore, everyone wants to make the entire process easy and quick.
A blockchain-based system is capable to handle all these problems. It will eliminate the unrecoverable security deposit, along with bidding wars with other tenants. Moreover, it removes the endless paperwork. With Blockchain, it is possible to connect with landlords directly, removing the need for brokers and their fees. Potential tenants, as well as landlords, can screen each other, create decisions, and offer payments.
This industry is a pillar of the national economy. In America, it contributes approximately $3.8 trillion of the national economy. However, the industry is tough to modernize on a huge scale and is prevented by obsolete procedures, outdated infrastructure, and data management systems.
The data of patients is an important part of the medical industry. Blockchain allows for data access and secure storage, which could save and make an effective diagnosis. There are probabilities for the healthcare industry to collaborate with the services of other companies, like insurance. ICX is functioning in developing an ecosystem where inter-industry collaboration can happen. The blockchain technology can help numerous nations to quickly modernize their healthcare systems. This will ultimately result in better patient healthcare. Moreover, the hospital would be able to generate higher revenue.
I hope from the above discussion, the potential of blockchain is now clear to you. So, don’t waste your time and get ready. No matter what your industry is, this technology will possibly have a role to play. Try to learn as much as you can about blockchain and ready to embrace the changes.