Day-by-day the number of entrepreneurs are showing their faith in Blockchain technology. And they’re actually demonstrating that various industries can be transformed using Blockchain technology. Today, you can find a few business cases that have already started leveraging from this amazing technology, including supply chain management, fashion, and the publishing industry at the initial level. But these are not the only industries that can leverage the Blockchain technology! There are a lot of other industries that can get transformed using Blockchain. Let’s take a look at the different industries where Blockchain technology can be utilized to achieve desired results.
1. Banking Sector
One of the starting points for Blockchain adoption is the banking sector. If we look at the micro-level, a bank serves the role of a crucial storehouse and transfer hub for the value. And Blockchain technology does the same! As a digitized, secure and tamper-free technology, a Blockchain brings far improved accuracy and information sharing within the financial services. The numbers of banks, investing in the Blockchain technology, are growing exponentially as a part of financial services. And thus, it is quite clear that banking sector will be the first among all the industries to be affected and transformed using a Blockchain technology.
Well, after banking sector, forecasting is the most easily approachable sector when it comes to using Blockchain technology. A Blockchain technology can easily transform the way research, consulting and analysis conducted for the forecasting. You can also find many online platforms that are finding ways to establish a global decentralized marketing to predict things. It is quite easy to leverage such technology to monitor bids for almost anything, starting from sports and stocks to the election polls. And that too in a totally decentralized way!
3. Retail Business
Yes, a retail business can also get disrupted using a Blockchain technology. But it requires a middleman to get your order fulfilled and it is the backlog for its growth. Using a Blockchain technology, it is possible for the buyers to interact directly with the seller and get rid of additional fees as well as a headache to deal with middlemen. This way it establishes smart contract systems without breaking trust of the buyers. And boost up the security of exchange with the help of powerful reputation management.
When we talk about the government, we would recall it as one of the slowest and corrupted market segment. But using a Blockchain technology, it can be transformed into a system with improved security, efficiency, and transparency of various operations performed and executed by a government. It will greatly cut-off the concept of bureaucracy and improves the trust of the users in the government. The Dubai government has planned to roll-out document management using a Blockchain by 2020!
Like the government, the charity industry is also affected greatly by corruption and lack of efficiency. Due to the same, many people avoid going for a charity. This at the end restricts the flow of money for the needed ones. By implementing Blockchain technology, you can easily manage the funds received with the help of effective tracking tools. Moreover, it will be more transparent and distributed for the donors to track whether the money they funded are actually reaching to the needed ones or not.
Of course, Blockchain technology is in its very initial phase and industry experts are still evaluating its utilization. But one thing is for sure that Blockchain surely brings a plethora of opportunities for the individuals as well as for the enterprises to establish a sense of democracy and equality with its unstoppable capabilities and power.